|
Last
September I moved into my first house and it has been one of the
best decisions I've ever made.
After
many years renting properties in and around Milton Keynes, I decided
to start looking at the possibility of stepping on the property
ladder.
It
was at this stage that I first realised that I would have a problem
actually raising enough money to buy anywhere. I approached several
mortgage advisors, who, when given my salary details informed me
that it would be best to see if my parents could help me out.
I wasn't
really expecting to hear this, but after talking to my dad he agreed
to act as guarantor on my mortgage. This in turn gave me an increased
amount with which to purchase a property.
I
then decided that if I brought a two bedroom house I would be able
to supplement my mortgage by renting out the other room.
Mortagage
In the end, I did all my mortgage application through my bank. They
were very good but required all kinds of details about my renting
plans. I didn't even have money for a deposit so once again my dad
came to the rescue and with the mortgage sorted I started looking
for properties.
I signed
up to seven estate agents and began viewing suitable properties
throughout Milton Keynes.
It
was difficult finding property anywhere near £100k and lots
of the estate agents tried to send me to the same property twice.
While the choice was limited, it did allow me to discover which
areas were less desirable and also which properties just weren't
selling.
My
parents actually visited my property first, even though it was in
excess of my budget they went along and were very impressed.
They
encouraged me to visit and when I walked through the door I knew
it was the perfect property. While I initially couldn't afford it,
I submitted an offer well below the asking price and crossed my
fingers.
Luck
As luck would have it, the home owners were part of a chain and
desperate to sell, and as I was a first time buyer with no such
hassle they accepted my offer and the rest is history...
I had
enough money to pay the mortgage on my own for one month, so I advertised
for a housemate and had ten inquires in less than a week.
I've
been incredibly lucky and now share my beautiful house with a very
nice housemate. While my situation has really changed in the last
year, I think I took the risk at the right time and have been successful.
My
brother is now trying to get on the property ladder and is having
all sorts of difficulties. My parents are trying to help him out
as much as they can as they did with me - but it's not easy. At
least I can give him some advice now too!
Read
other case studies >>
Have
you had problems getting on the property ladder?
Have
you just got on it? If so, how did you manage it?
Do
you want to upgrade but will have to move away from the area to
do so?
Tell
us your experiences using the form below.
|
