In 2005, I was given a 110% mortgage by a mainstream lender. For a feckless 29 year old with a history of bad debt, it was like pushing crack on a cocaine addict. Perhaps that’s a bit strong – but that “free” money can be financially lethal, if not literally so. To this day, I see it as one…
Tag: homeownership
Still renting? It’s okay to be okay with not owning a property!
I was asked recently, for about the millionth time, why I haven’t bought a place of my own yet. I’m 42 and my husband is knocking on the door of 50, so it’s a fair – if frustratingly repetitive – question. Unfortunately, there isn’t a straightforward answer to this seemingly iniquitous inquiry. In simple terms,…
If you make one New Year’s resolution – promise yourself you will start saving
It’s that’s time of year when everyone is thinking about their New Year’s resolutions. If there’s one resolution that you should make – it’s to start saving. A recent study found that 30% of adults have less than £300 in savings and wouldn’t be able to pay their next month’s rent or mortgage if they…
First Time Buyer Schemes: Are they really any good?
It’s no secret that getting a foot on the property ladder is harder than ever. With rising house prices and average monthly rents at £937, it can often be incredibly hard to raise the £20,000+ now needed for some deposits. As tough as the situation is, it’s important to remain positive and keep trying. There…
The hidden costs of buying your first home
Buying your first home is one of the most exciting times of your life, but it can also be one of the most stressful. There are endless delays, reams of paperwork to fill in and a load offees and charges you never knew existed. Thankfully, though, if you know they are coming, you can plan…
Self-employed and trying to buy: what they don’t tell you
It feels slightly ironic writing this right now. As I am waiting to hear if an offer I’ve made on a flat has been accepted. I’ve checked my emails six times while writing this post in case one has come in from the estate agent. This is the first time I have got to this…
The untold cost of the property ladder – tales from a Gen Y buyer
There is a lot of babble floating around about Generation Y’s inability to get onto the property ladder. But, for this apparent ‘minority’, how simple is it to buy a house? Let’s see. First step – the Agreement in Principle My partner recently came into some inheritance funds and we’ve been poring over estate agent…
Who is social housing for?
For many people nowadays, the mention of social housing, or ‘council houses’ as they’re more commonly known, conjures up images of people living in destitute. The common stereotypes are of the single teenage mum, or of Channel 4’s infamous series ‘Benefits Street’….of housing to be avoided unless one is in absolute dire need. However, the…
Is there really any help for first time buyers?
Getting on the property ladder is a priority for me right now. As I tread the hard road to home ownership, I can’t help but wonder why it’s so difficult now compared with our parents’ generation. According to research by Yorkshire Building Society, one in two people aged 35-40 who are not homeowners think it’s unlikely,…
Property prices rise…again!
For those of you, like myself, who are trying to get on the property ladder, it’s worth taking note of another alarming (for us, anyway) trend. The average house price has risen by a whopping £15k. This is great if you are on the property ladder already but, for first time buyers, the picture is…