How did you manage to buy your house?

VintageBelle

Hi all


I'm in my 30's and still renting. My dream is to own a home but I don't have a deposit. I started saving years back but lost the money to a thieving ex and won't ever be able to recoup it (whole other story there that I don't want to go further into).
I felt like I'd lost all hope of owning my home and due to recent issues with my landlord I've reached the point where I'm completely fed up of renting.


My job is quite low paid but I have been looking for better paid jobs which will hopefulyl happen soon.


Therefore my reason for this post is to see how others managed to get on the property ladder with little to no savings? Is it really possible?


I've seen all these schemes to help first time buyers but they seem too good to be true?


I have a partner but he isn't really that bothered about owning a home but I might be able to get him on board.


Any advice would be very much appreciated.


Thanks

davidwood681

I never got financially involved with a woman until I got married so avoided those thieving ex's

HanPop

We were in your position renting and I thought we’d never own a home, but then we bought a shared ownership house and it was really good for us. Then you only need a smaller deposit depending on how much percentage you buy. We were lucky in that we recently received an unexpected inheritance and then bought out the rest of the house so it’s fully ours now. But anyway I personally have had a good experience with shared ownership so maybe that’s an option for you.

Hoploz

There's still time! Do look into the many schemes available.

I must say the 'partner' doesn't sound much use though. Joining up with another person is a great idea, whether it is this person or a friend or sibling. You just need to make sure you share the same exit strategy and get the paperwork drawn up properly.

lena_halo

Two salaries are better than one, but if you're alone you could do what I did and get a shared ownership property. I bought 40% of a two-bed new build flat, so I only needed 5% deposit (about £2500 at the time) and then stayed there for 5 years, sold it and then used the equity as our deposit on the house I bought with my partner this year. Shared ownership can really help you get onto the ladder, I never would have been able to save up the same amount as the equity as I had. Worth looking into what options are available in your area. And in the meantime save, save, save! Cut back on all luxuries and save as much as possible, if you're really serious about buying a house

ThePants999

Not going to be a helpful answer I'm afraid - BOMAD, like so many others!

Cakeguts

My job was not low paid but I still couldn't afford to buy in the area I worked in so I moved jobs to a cheaper area.

Roo89

We rented for 18 months and our landlord sold the property, my OH said he didn't want to be in that situation again, he spoke with my parents and we ended up moving back into my childhood home for 2.5 years, we both have good jobs, and my parents only charged us 10% of our monthly wage as 'rent' all the rest of our money has gone into savings, my Grandad passed away and left me 10k which has gone towards the house too.

We couldn't afford to buy near my parents house, and have gone south of the Thames instead, to get more for our money. We complete tomorrow, on a 3 bed house in south east Greater London. I can't wait. I'll be eternally grateful that my parents let us move in with them, but I will be so, so, so happy to feel like an independent adult again.

RubyHouse

Myself and my partner were renting a cheap house for three years while we saved up.
We saved enough for a 5% deposit plus something for fees and were granted a 95% mortgage on our home.

It helps that we live in the North East, we could not have afforded in many other areas of the country.

bouicca21

Lived with the in laws and saved like mad.

ruperts

Lots of sacrifices and then a small home in a cheaper area. It took quite a few years.

In truth most do it with help from parents and/or inheritances.