For those aged 26-36 (Your housing situation)

Smellyonion

I bought at 26 and partner was 22 in summer 2018.


We moved out in 2016 and rented until 2018. I worked various jobs and partner was still in uni. We lived in 3 different rental properties. Naïve for the 1st one as our rent was very expensive for a tiny new build baseband flat and it flooded with no contents insurance. Started with no savings, no help from parents. Realised that we would be in a better financial situation if we HTB.


After accumulating a modest deposit from a year of using HTB ISAs, we purchased a flat in the south east via HTB, with a 20% equity loan. The property saving in rent alone is £300 pm compared to renting. Went on a 5 year fixed as no intention of living there after that and that is when the HTB loan matures (interest is required). We are overpaying the mortgage by £100 pm until our wedding savings are over by summer 2020.


By summer 2023, when the HTB & mortgage expires, we will look for our forever home. Even if we sell for the exact same price we purchased, we should have circa 40k in equity and hopefully 20-30k in savings. If house prices crash or are low by summer 2023, we will buy out the government loan (absorb into mortgage) and stay there for another 2 years.

chrissie83

I'm 36,same as my husband. we bought a 2bed terrace at 23 in 2006 for 87k with the dreadful northern rock 'together' mortgage. we borrowed 97k altogether. it was a terrible move but we didn't know it at the time. it took us until 2015 to pay enough off our mortgage to be able to re mortgage and then another 2 years for us to buy a 3 bed semi with the equity as deposit. we both had to move away from where we grew up to be able to do this as we would never be able to afford otherwise. we shouldn't need to move again (hopefully!)

AKG23

I'm 26 and my partner is 28 and we just bought our first flat (a two bed) 6 weeks ago in London Zone 3. I had been renting in house shares for 5 years and my partner had been living at his parent's in Zone 6 for 3 years after a 2 year masters up north. I'd always tried to keep my rent relatively low (without living in squalor) and my partner paid his parents housekeeping so we were very committed to saving.

We definitely feel fortunate to have been able to buy and had a large deposit (23%) with half coming from my parents and half from our savings. We do also have a massive mortgage but not the maximum we'd have been allowed and we figured as we're young a 29 years isn't too bad. My half of the mortgage is just £20 more than I was paying in rent for one room in a small three bed house so very glad to have moved on and to finally have my own space and we absolutely love living there together.

kimplus8

I am 35 and a single mum. went through bankruptcy in 2017 after a very messy divorce and lots of debt. I am currently saving to buy and hope to buy in the next 18 months.
Its hard to save while you are renting, really hard to save, but I am determined to have the security of my own home for myself and my kids.
I may use a scheme, I may not, it depend how much I save, what my affordability is when I come to buy and what schemes are available here in Scotland when I come to buy.

abz88

Owned my own 2 bed flat at 25 and rented out the spare room, got engaged and OH also owned her own 2 bed flat with her spare room rented out. We were able to live in one and rent the other out making a profit on it. Saved up the profit and bought a 3 bed semi on a 95% mortgage when I was 30 while keeping both flats (the market was depressed in our area when we bought the house, so got a good deal on the house but would make a loss if we sold the flats. One flat makes a small profit, one covers the mortgage after the taxman has his share).

Greenglockenspiel

I am 24 and my partner is 23. We are in the process of buying a 2 bedroom house in the south east (mortgage agreed but haven't exchanged yet). We have not done help to buy or had any money from our families but we did use lifetime ISAs. We have been renting for a year since finishing our respective masters. After the dirty horror of my uni-owned shared house during my masters I vowed I never wanted to share a kitchen or bathroom with anyone but OH/family ever again which definitely helped me save!

mklister

I'm 36 and have been living in my 2 bedroom terrace for nearly 16 months. I don't think I'll ever need more bedrooms. It would require a loft conversion, or making the existing master bedroom smaller.

Before that I rented a new build mid terrace for 2 and a half years. If I had stayed there my rent would now be around £765. My mortgage is £389.

I was lucky that I could build my savings while living at home as my parents didn't ask for a lot of board. Renting did mean that I couldn't put as much aside, but it did get me used to living on my own. Was able to put 25% down in the end.

BookishKat

I'm 28 and single. I've been renting for a number of years, first in a shared house and finally on my own.

I am determined to buy my own place in the SE in the near future, as its where my job is located, however I have a lot of expenses which means its difficult to save enough to gain any ground. (In addition to a normal expenses, I am also paying off a loan for funeral expenses and car finance).

I had hoped to already have my own place by now but life happens as I am sure many of you can relate. I think it will take me at least 3-4 years of frugal saving before I have enough for a deposit.

halogen

I was living with family until I was 39....took me 9 years out of uni to find a job that paid enough/stable enough to get a mortgage.

FtbDreaming

Im 32 so well within the age bracket but i dont think i come under the 'millenial' type of person.. i have no bank of mum and dad and i have 3 kids under 11.

So anyway, ive done life the mish mash way around, left home at 16, work, study, child, study for degree, 2nd child, 3rd child, work, msc study and now it's mission save to buy.

If i hadnt have had the kids I'd probably well be on the property ladder but id choose the kids every time! Again still no handouts or help from anybody but I'm an independant woman and lucky enough to live in a very affordable area compared to the southerners.