How long did it take you to buy your fisr home

vincefoster45

How old were you and how hard/difficult was it for you to get your first home
how long did it take you to save up and

what is the process to get into the property ladder

Cakeguts

4 years. Living in a bedsit, no meals out, no expensive mobile phone or expensive holidays, no new car on contract. Living as cheaply as possible to save as much money as possible. Then changing jobs to move to an area that I could afford to buy in. Age 26 worked 2 jobs.

ginger_chocolate

I'm (hopefully) in the middle of doing it right now, aged 37. Two things have made this possible:

1. Meeting a partner who was already on the property ladder and had a reasonable income.

2. A substantial payrise a few years ago.

Being frugal is obviously part of the picture (I have never run a car, buy my clothes from charity shops and didn't even have a smarttphone until 2016), but, let's be honest here, if you're on a low income, just cutting out the odd Starbucks is not going to get you on the housing ladder. Be thrifty, by all means, but at the end of the day, it's finding a way to increase your earnings that will make the most difference.

TadleyBaggie

I was 23, hadn't even thought about buying a house up to that point. Had a car accident and car was written off. At the same time I changed jobs and got a company car. So when the insurance money came through it was enough for a deposit on a semi. Took a couple of months to find a place and move in.

diggingdude

It has taken me three and a half years although probably three years had I not have a car accident. In that time I have changed to a job in an area i don't like to increase my wages significantly. Now on the lookout for a house. My main suggestions would be make sure you earn as much as you can in your field of work and max out a lifetime ISA. Agree with above, cutting out the occasional coffee won't make any difference

Davesnave

Thirteen years: three saving the deposit and 10 paying the mortgage till the point when I sold it and repaid the balance.


You don't finish buying your home till the mortgage is paid off!

diggingdude

Whilst that is true Davesnave most don't count the mortgage years as it's no different to paying rent really, whilst saving for a deposit on top of rent can be almost impossible for some

lincroft1710

vincefoster45 wrote: »

How old were you 26

and how hard/difficult was it for you to get your first home Quite easy

how long did it take you to save up Already had enough savings for a deposit when I decided to buy

and what is the process to get into the property ladder

If you need a mortgage find out how much you can comfortably borrow.

Have enough savings for required deposit on suitable property

Obtain mortgage in principle, then start looking

Davesnave

diggingdude wrote: »

Whilst that is true Davesnave most don't count the mortgage years as it's no different to paying rent really, whilst saving for a deposit on top of rent can be almost impossible for some

For some, it is impossible!


Nothing in my answer implies that saving a deposit is easy. If anyone's taking that meaning from it, they can stop doing so right now.


My point is, it takes a very long time to pay for a house and you don't own it until it's completely paid-for.

klew356

How old were you 35 (not found the property yet)

and how hard/difficult was it for you to get your first home its priving difficult to find the right property, it’s a big decision and also because of the area I want to live in.

how long did it take you to save up iv been saving, and still am saving

and what is the process to get into the property ladder saving and then keep saving because there are added costs you probably haven’t thought about, read martins pdf on buying house/mortgages etc

Niv

Well, it was back in 2000....


I was 22
Had zero deposit
Got a 110% mortgage with good ol' NR
Took as long as it took to find a house and go through the process


I do appreciate it is not as easy these days, but you asked.