For those aged 26-36 (Your housing situation)

dawyldthing

I bought just before my 25th birthday. Took me just under 3 years to pay the £24k mortgage (I’d been saving while at uni then did lots of overtime over 2 years and saved, saved, saved. Plus a relative moved in and paid their contribution to the bills which I just paid towards the mortgage.) although I don’t live in a huge house (2 bed Terrance) and I’ll split the room when the lil one grows up to be about 3 or 4 (as a relative still lives here, which I don’t mind as will help with looking after the lil one) and in time I’ll probably sleep downstairs then he can have the room and can make it into a toy room too as it’s pretty big

Mr.NSG

hello all,

hopefully just a quick one and will very much appreciate your knowledge.

the sitch.
im currently well on my way to obtaining a mortgage in order to purchase my first property. I've currently got a default on my account (very ouch) but that is being lifted on the 13th if May. so 1st of June its green light and all systems go for a mortgage application etc.

in the mean time, im trying put all the pieces into place. one of them being the mortgage in principle... I have properties lined up and viewings intended throughout May

Now, the dilemma
I don't want to confirm for a mortgage in principle (MiP) with L&C company, (sort through Experian) and it have a negative effect on my credit report as thats just not needed right now, also im in two minds as to wait till the default is lifted and then get the MiP but that will effect my credibility or seriousness towards estate agents and thus not likely to gain as much of an honest opinion from them, in terms of offers, and finer details they may be able to disclose,


so please, do I
just go ahead and get the MiP as it only does a soft search (as I've heard but not been confirmed, im awaiting a call back from L&C tomorrow)

wait till my till June where I will have an improved credit rating and better rates but may lose the property

give up and live with my mum for the rest of my days.



cheers

lisyloo

I would confirm with them if they are just checking your identity or if it’s a credit search.
If they are merely checking your identity then this has minimal impact.

ras9zg

32. We bought at age 30 a 2 bed property in the SE with HTB and a 5% deposit. Wasn't keen on using HTB, but the only houses in our area we could get used it, so we went with it, and are now massively overpaying the mortgage (about 65% extra of our monthly payment). We plan on selling up in a few years (when HTB matures at 5 years), but look comfortable to afford to step up to a 3-4 bedroom, given pay increases in salary, etc. Though not sure we could afford to move anywhere else (e.g. closer to London / better commute / nicer village location etc). I'd love to live in the proper countryside, but dont think we could afford it.

AlexMac

I'm 72, so do I get to answer the poll twice... (2x36?)... or wait til I'm 78 and respond three times?

Or would it be better to constuct my own poll? Maybe along the following lines?

o- I am a post war baby boomer so had my parents, having grown up in the hungry 1930's, then lived through a war, had no great expectation of decent housing... but nevertheless

o- I remember when Councils thought it important to build social housing, and so...

o- I lived in my parents' Council flat which they and thousands of others on low incomes were lucky enough to tenant from when I was 6, and

o- I managed to get my own Council flat in my early 20's until about 28..

o- I struggled to save but with a 100% mortgage from the regional Council, a Home Improvement grant from the local Council, and a lot of DIY, managed to buy a £10k wreck and turn it into a decent home

o- I remember mortgage interest rates peaking at 15% but as houses were so cheap they were still affordable

o- I was an accidental beneficiary of the ridiculous and obscene House Price inflation of the late 20th Century and the 'Noughties' , so

o- I now own multiple properties (the only Q from the original Poll which applies) so am now minted despite never having earned megabucks

o- My children and grandchildren will never get a Council rental as politicians sold off all the good ones and don't care to build enough more

o- My children cannot afford to buy in London where we live and are unlikely to be able to buy their own home anywhere without help from us..

o- My grandchildren will never be able to buy a home unless we peg out early and they inherit, but unfortunately (from their point of view)

o- I enjoyed the benefits of post-war austerity and rationing (no junk food or obesity), plus nanny state intervention (free milk and supplements like cod liver oil and orange juice concentrate) so will live for ever barring a fall or accidents, so...

o- I do not hang around at the top of the stairs when the kids are around

If anyone asks me to complete a Poll like that; the answers are YES to all...

But history and politics are perhaps of no interest to Millennials...?

Ilovesavin19

I’m 31, currently renting would love to buy so am saving but can’t see me being able to buy anytime soon! 😑

Catkei

Maybe in another life I could have already bought a house, but I've gone and done things like studying in 3 different countries, moved out on my own at 19 (renting obviously) and learned a lot of life lessons on the way. Seen and met people that, no offence, you would never meet staying in the same town your whole life. Each to their own, but I don't regret not "settling" and doing life "by the book". It means I'm a late FTB at mid 30s, but some things you can't buy. Good luck to all those saving. It is possible, even on modest incomes, but it takes agency and possibly an expensive (but worth it in the long run) move.

sarahevie1

Bought my first house a student HMO aged 22 in 2007; this was at a time when 90% BTL mortgages were possible, I saved up a bit more and put 15% down. I achieved this by working two jobs whilst at uni, I also used my student loan. (There was no parental help involved.) The plan was to get rich (because landlords are minted right?)

Rented out the rooms to other students to cover the large mortgage £1000 a month, all going smoothly, until I fell pregnant. To cut down living costs I went to work for the uni and got given free accommodation for being a hall warden; now I had a junior academic salary and free accommodation. My partner and I saved up £16,000 in 9 months and put down a 10% deposit on a 3 bed end terrace so by the end of 2007 we had two properties.

5 years on in 2012; we had two children and the terrace was a little bit small. We sold it; losing £30K in the process. However, were really lucky as bought a house dirt cheap at auction using parental funds as a bridging loan whilst we sold our own house. We lost £10K on the purchase price plus £20K we spent 'adding value', (because renovations always leads to high profits right?)

Separated from partner in 2014; now a single mum of three. Living in the auction house and a landlord. Times were really hard; had to pay ex out of the house. Mortgages felt like a noose round my neck. Decided to relocate back where I'm from originally; inherited enough money from my grandma to upsize from a 3 bed detached/ 4 bed detached. Made a big profit on the auction house and sold the student HMO to be mortgage/debt free.

2018 purchased a 1970s 4 bed detached forever family home, in the village I grew up in. Using the remaining profit I've bought a small BTL flat also mortgage free. Possibly not the best financial plan; as I was getting considerably more rent for my student HMO and in 12 years I'd never had avoid or non payer.

However; I've had a rough couple of years and mental health over wealth all the way from now on. Since having my three kids I'm too risk averse to have mortgages.

spo2

I'm slightly out of the age range too but as I did my final (hopefully) move within the age range, I thought I'd add to the thread:
Bought at 26 (before the boom) on my own, met my partner and did a lot of work to the house. Overpaid the mortgage massively while interest rates were low.

Sold it at 36 (after the boom) for little more than the purchase price (but had a good deposit as we had overpaid) and bought an underpriced repossession.

We have been doing it up gradually since buying and judging by similar houses that have sold recently we believe it is now worth around 160% of our purchase price, and less than 50% LTV. We continue to overpay, but not by as much as in our previous house. We plan this to be our forever home

theartfullodger

Discrimination based on age is unlawful. Shame on you!