At what age did you buy your first home?

cz.art

NervousHomeowner wrote: »

My partner and I complete on our first property on Friday. We are 20 and 23 It is a 2 bed flat in Birmingham, it is costing us £122,000. We had a 34% deposit.

You will need at least a 10% deposit (If you can save more, that will help massively). My partner only earns £17,000pa and he was eligible to borrow £62,000 on his own. Depending on how long you have worked for and if you have parents who are eligible (Or willing to help you!) there are certain mortgages that will help you to increase the amount you can borrow by including a parent in the process.

Ah good on you! I'm a student (parents pay for uni fees), and I work freelance only with an earning of at least £13000pa, so I don't think being a freelancer would help me get a better deal since I don't have fixed income?

NervousHomeowner

cz.art wrote: »

Ah good on you! I'm a student (parents pay for uni fees), and I work freelance only with an earning of at least £13000pa, so I don't think being a freelancer would help me get a better deal since I don't have fixed income?

Ah, being freelance will make things harder because you're self employed. As far as I'm aware, you usually need 3 years worth of accounts if you are self employed, and they need to show that you have a fairly steady income. I'm not entirely certain on that, but I'm sure more knowledgable people will come along shortly to give you a better answer.

As your parents are obviously helping financially at the minute, do you think they'd be willing to go on the mortgage with you as a guarantor? This is what my partner and I did.

Out of interest.. are you in a design based field? My partner and I are too

bristol_pilot

I was 24 when I bought my first place, but I lived up north then. Couldn't have bought at 24 if I lived then where I do now.

sulphate

Husband and I just completed on first home last week, I'm 25 and he's 28. House bought for £137500 with 22% deposit

jgh

1992, aged 23, 11% deposit on £40,000 terraced house. No idea how much it's worth now.

seven-day-weekend

We bought our house in 1976 with a 40% deposit and help from the Bank of Relatives (which we paid back). It was £3k . We were 26 and 27.

Our son bought his £65k flat in 2012, with a 40% deposit and help from the Bank of Mum and Dad, at the age of 32 .

lemontart

aged 19 cannot recall how much but think was 26k

moneyistooshorttomention

The timetable in my head goes:

- Starter house in 20s
- Next house in 30s
- Final house in 40s.

(because that's how it was for my parents).

So ten years late is the answer to the first question (ie in my 30s).

Moving to the Final House 20 years late (ie in my 60s).

SG27

30 years old for £210,000 earlier this year. With a 50% deposit plus fees and contingency funds (1 years mortgage payments) took around 8 years to save in all.

SG27

moneyistooshorttomention wrote: »

The timetable in my head goes:

- Starter house in 20s
- Next house in 30s
- Final house in 40s.

(because that's how it was for my parents).

So ten years late is the answer to the first question (ie in my 30s).

Moving to the Final House 20 years late (ie in my 60s).

We skipped the starter home.