How long did you stay in your first property?

WorriedBorrower

How long did you stay in your first property before selling it to move up in the ladder?

A newbie question: do people move up in the ladder solely with the property valuation or also increasing deposits or overpaying the current mortgage?

somethingcorporate

Paying the normal mortgage (assuming it is not IO) will increase the equity in the property.

We moved after 3 years to relocate back up North for work and moved up the ladder in the process.

JB9302

Still in our 1st buy from 82 , cant see us moving tbh .

Thrugelmir

As prices increase then the gap will widen between the bands. So if you don't want to burden yourself with more debt. Then overpaying is the way forward. Also will help when interest rates rise from their abnormally low levels.

Mrs_Soup

16 years. Kind of moved up the ladder while there though as originally bought it with my sister then bought her out after 9 years - oh then my husband moved in so shared it with him guess that's back to square 1. Made it to mortgage ffree for about 18 months though before buying bigger place with mortgage to accommodate larger family.

SG27

Thrugelmir wrote: »

As prices increase then the gap will widen between the bands. So if you don't want to burden yourself with more debt. Then overpaying is the way forward. Also will help when interest rates rise from their abnormally low levels.

Yep there is only way to move up the ladder and that is find more money. Either save up, overpay or borrow more. The more prices rise the more extra money you need to find to move up.

sulphate

Less than a year so far!

In answer to your second question: all of the above, generally people's wages increase as they get older so they are also able to borrow more too.

andrewj42

Stayed 3 years but moved for work. First bought when interest rates were 15%, hard to believe now.
Kept payments high as rates reduced and thus reduced term BUT then got caught by the endowment rush and changed, should never have done so.
However, my point is that at that time people were buying, holding on for a couple of years then trading up as the equity accrued.
I guess this is possible in the South but elsewhere....?

Tiglath

Stayed 6 years in a one-bed flat I bought, sold and pocketed the profit, rented for a year in our current area to see if we liked it, then bought our current house.

SailorSam

About 2 or 3 years, Came out to work one morning and i had a parking ticket, i knew i had yellow lines but thought i'd be out and at work before the traffic wardens started. So i started parking around the corner in the next street. But again going to work one Monday morning my car wasn't there, it had been stolen over the weekend.
That was it i decided to move and top of the wish list for my next house was parking space outside the house.

BillJones

WorriedBorrower wrote: »

How long did you stay in your first property before selling it to move up in the ladder?

A newbie question: do people move up in the ladder solely with the property valuation or also increasing deposits or overpaying the current mortgage?

I was in mine about three years. It was bought while I was on a very low wage, and as I moved up the career ladder (into a different career, actually) I started saving and then extended my borrowing in line with what the new wage allowed. I've probably moved about every three years for the last fifteen now, upgrading as I went, interspersed with a few rentals along the way, at times when committing to a long-term debt did not look sensible.