mortgage

[Sarah&Braydon]

when did u get ur first mortgage and how did u feel about getting one????

 

[daftscotslass]

April last year. Was bricking it because I didn't have a permanent job at the time (though I had proof in writing to say I'd have work). It worked out quite well for us because we are paying only slightly more in mortgage than we did in rent previously. Luckily things worked out, I got a permanent teaching job a month later and now we have a baby in our own place.

 

[KERRYGOLD00]

Deleted

 

[Hazel]

I was 23. It was cheaper for us to get a mortgage than to rent! Had it for nearly 5 years and have paid off nearly £5000. We did remortgage (stupidly ) so would have been more paid off.

We are just about to increase our mortgage as moving and take it over 25 years again, I'm more worried about it this time as I actually understand it all now.

 

[LisaJ1986]

It was April 2 years ago. I'd just turned 19. Hasn't worked out well for us though. Our mortgage company are the biggest bunch of arses ever! If i ring them they yell at me down the phone and make me cry til i hang up. If OH ring they are nice as pie. They have been so unhelpful since i went on maternity. And we have to give up the house now.

 

[jennifer1981]

both OH and I were 26. Only bought house in May (of this year) not the best time to buy but had no choice as LO was on the way and didn't want to rent. We have been together for 6 years though.... prob needed something like pregnancy to throw us in at the deep end and make us move out of our parents.... we had it too cushy!

 

[purple13]

we got ours 4 years ago: i was 25, OH was 24 - we got a 30 year term for quite a scary amount of money (that's london for you )

however, we've cut it from 30 years to 20 years already, and have also knocked off £32k - pretty much most of our savings and any extra cash have gone into making overpayments (to reduce the term) and if you can just make 3/4 of those a year, it makes a MASSIVE difference to the amount that you owe and the length of time that you owe it.

we've stuck to fixed rate mortgages as well, switching as soon as the fixed term expires. it works for us as the amount we pay each month stays the same - i'd hate a variable rate cos i need to know where i am financially in the long term.

we're hoping to move now - our latest mortgage was chosen as it is completely transferable without costs.

 

[chickadee1976]

Four years ago when i started working full time, was pretty scary even tho it was low.

Got another one last year with Brian so now we are a two mortgage one wage family...excelent .

Will be ok once we get a tennant in the flat

 

[widowwadman]

We don't have a mortgage yet and doubt we'll be able to afford one for probably another decade. (We're 29 and 27) It doesn't bother me much as where I come from renting is the norm and I find the obsession with owning over here rather strange. That's not a jibe, btw, but one of the cultural difference I noticed when I moved here.

 

[HideiLu]

We don't have a mortgage yet and doubt we'll be able to afford one for probably another decade. (We're 29 and 27) It doesn't bother me much as where I come from renting is the norm and I find the obsession with owning over here rather strange. That's not a jibe, btw, but one of the cultural difference I noticed when I moved here.

Where re you from? Just that my Mum said this as well! She's French.

We are hoping to buy in a couple of years (Im 25 OH is 24 right now) And I've been renting since I was 16! Nearly 9 years, I hate to think how much I have paid in rent! Its not so much the owning of somewhere, just a matter of being able to make my mark on a place. We're moving back to my hoemtown soon which will mean we can start saving as its much cheaper. x

 

[widowwadman]

I'm from Germany, but afaik the rent culture is common accross the whole of the continent and the UK is pretty unique when it comes to the thrive for "owning". I'm putting the "owning" into quotation marks, as it seems to me that at least in the case of 100% mortgages, interest only deals etc, people actually don't own any property and are probably worse off than those who rent. Just look at the recent collapse and the wave of repossessions. This is something we're less affected by as tennants. On the other hand we're always under the threat that our landlady might want to sell and we'd have to move then, but that's a different kettle of fish.

Another thing I find interesting in the attitude towards housing is, that people over here who rent do not seem to invest much into decorating there homes, while in Germany any tennant would treat their rented accomodation in the same way as it was their property. Most contracts even oblige you to change wall paper every so and so many years etc. You're much freer to make your mark, but then people don't seem to think in the "paying someone else's mortgage" terms common in the UK.

There's also a much better legal situation protecting both landlords and tennants from being ripped off by the other.

 

[Dinski]

xxx

 

[Bee]

I was 18 - turned 19 a month later. I didn't have a choice. I was renting with my supposed friend but she told me 2 weeks before the lease was up that she was mocing back home. I moved back home for about a month and HATED it, once I had left I couldn't go back so decided to look for a new place to rent but ended up buying

I was also a student and bought the place on my own.

So glad I did. Its only a studio flat but I have made more than what I paid for it so nice little deposit for when we buy our new place next year.

 

[joj]

December 2006, so I was 22, my OH was 27 but he'd already had mortgage from when he was 20. I was really excited as it would be 'our' house (he bought where we were living with his ex) I prefer it to renting although it's a little bit more expensive for us but that's partly as we decided to pay over a shorter term. The only thing I felt a bit funny about was we were able to put down a huge deposit due to the equity on his other house and he insisted that our house was 50/50 against the solicitors advice (they advised him to protect the 40k deposit) I was worried he'd regret it but that feeling went quite quickly, his mum constantly reminds me that he did that though and tells him he was silly (I feel like she really likes me and accepts me as part of the family )

 

[Becky]

We bought our house in June 2004, I was 23 and OH was 27. We took out £80k over 20 years but it was a home start which meant we only paid back the interest, the idea being we didn't own a stitch of furniture so we'd have to buy things like a bed!

Anyway, when it came to the end of the 3 years interest only we decided to take out an extra £20k to do some improvements (new kitchen being one of them) and took it out over 20 years again.

To be honest it's always been within our budget (just) and I love our house so it doesn't worry me, in fact I was so excited when we got the house and now it's just another bill to pay!