How did you manage to buy your house?

comeandgo

Had very well paid job and property in area was cheap. Also worked evenings in bar to be able to save more money.

Computer_Beginner

I was never given any money by anyone.
But I was lucky in other ways, the friends I had etc. I didn't realise it at the time though. I just took what came along. Didn't really plan that far ahead.

I think it's a mindset really. I never felt "poor". I felt proud to be working and didn't want a flash car etc. It wouldn't have lasted long anyway! This was the days when cars really did have their wheels stolen. I know, because people would come to our garage looking for them to buy back!

I think a youngster could do the same today, but they would be looked down upon. My son spends loads of money on stuff like gym membership and holidays etc. But I think it's expected by his age group now, and especially the girls seem into looking rich. I never even thought of those things. It wasn't self discipline, I just wasn't interested.

Computer_Beginner

Just remembered, the first check I ever wrote was to buy my first house. It was a Post Office savings account.

moneyistooshorttomention

Very late (certainly by the standards of my generation - ie Baby Boomer) - so I was quite well into my 30's before I was able to buy the starter house.

As I was single and it's a dearer area - I only managed it then courtesy of a sheer stroke of luck giving me the deposit I needed to buy (ie because I needed a lot more than 10% deposit - with my salary being so low).

I had factored in having a stroke of luck and put to one side what money I could manage - so that I had money for legal fees/removal costs/etc and then waited for a "stroke of luck" thinking as positively as I could that I would get one. Fortunately - I did - as I very much doubt I'd have a house yet otherwise (and I'm now in my 60s!!!).

To move to a detached house - I had to move area to a cheaper area.

I'm hoping that there can be two "strokes of luck" in one lifetime - and then I'd move to another detached house (back in my own area again).

Unicorn_cottage

Do you rent a whole flat/house or could you rent a room (yes I know it might be a big ask). You could try Gumtree for people who are quite similar - maybe they just about afforded a mortgage and are now looking to rent a room to get a little extra in.

DD265

We've not done it yet, so the plan may well have to go on hold, but having found out at the beginning of August that our debt was not necessarily a barrier to getting a mortgage, we're on our way to a 5% deposit for a £150k property. Whether £150k is enough... maybe, at a push. We might need a bigger deposit to get a higher mortgage to afford a property in which case we may have to delay.

- stopped over paying the credit cards by £££, now just ££ instead
- pocketed the cash from somebody's car damaging mine
- cut back on non-essential spends
- flogging stuff
- help from family (£2k so far)
- lifetime ISA for the £1k bonus

We've got about £6k together so far. It's not happened just in the space of 6 weeks because we had £2k already (not earmarked for this though!), but somehow the money feels as though it's growing quite quickly.

If I'd known what we were going to do, I'd definitely have approached at least the past 12 months differently. I figured we were years off buying, and we'd have to pay the credit cards off first, and we'd go rent in the area we want to buy in instead when he changed jobs etc. Plus I'm just a bit naff at saving normally.

I think if you set your mind to it, it's definitely doable. Just make a small start and I think gradually you'll find ways to make bigger savings.

tiger_eyes

Bought a 50% share of a shared ownership flat after saving for a few years on a low wage. It's been a few years and I have no regrets.

Computer_Beginner

This was pretty much what my first house looked like when I bought it!

https://www.rightmove.co.uk/property-for-sale/property-55048944.html

goodwithsaving

I saved for years, even when in a very low paid job. I ate carefully, didn't go out much, never bought coffee out (still don't) and watched my money like a hawk. I moved around a lot to chase the salary, working horrendous hours with crazy ommutes on top, and living hundreds of miles from family and friends. I still do, but I like where I live now.
My first house, I bought with an ex when we were 26. He had inherited his share, I had saved mine. We separated and sold the house. We made a slight profit but it cost me a lot financially when trying to help him deal with his issues before we separated. Luckily I had looked after myself and stored quite a bit of money away in savings. Then I struggled but bought somewhere on my own which was a wreck, and did it up when I was 28. Then I unexpectedly had to relocate after health issues forced me to resign at 28 and I accepted the first job I was offered elsewhere in another part of the country because I had a mortgage that needed paying. I lost quite a bit when I sold due to mortgage redemption penalities and a purchase falling through.
Then I bought another place at 29 which is a huge project and I'm slowly doing it up.


Never moved back home, never been gifted any money from parents and never had inheritance, always had cheap phone contracts, never been one for drinking or takeaways and although I've had many payrises since my first job, I haven't given myself weekly budget increase since 2012 (although every now and then I let myself buy something such as clothes or a new gadget, but only with prior planning). I didn't go on holidays for years either.



So a lot of sacrifice, tears and starting over.......and over........

choccyface2006

I saved for 8 years for a 10% deposit but I wasn't in a well paid job so a mortgage on my own was still out of the question, fortunately I met my partner who had a much better job but no deposit so together we bought our home, 6 years on and we still love it, best decision ever.

Sarah