Buying my own place has taught me a lot of things. It’s taught me the importance of keeping paperwork organised, it’s taught me that housework and chores are never ending, and it’s taught me that I’m far less independent than I once thought.
Perhaps most devastatingly, it’s taught me that, despite spending years living the life of a recluse and saving for a deposit on my own place in a bid to invest in my own future rather than pay off a landlord’s mortgage, I’m still going to be paying a sum of money to a bunch of wealthy property tycoons each month.
I say this because I’ve bought a leasehold property.
I recently moved into my very own home after waiting almost a whole year for it to be built. Having experienced the new build-buying process first hand, here are 3 things I’d advise taking into account before putting an offer on a property that hasn’t been built yet. Continue Reading
I did it, you guys! On Friday 1st December I picked up the keys to my new place and officially became a real life homeowner. If you need me at any point in the next few weeks, you’ll find me dancing in front of the mirror smugly singing Fifth Harmony’s That’s My Girl to myself. Continue Reading
It’s happened! The day thousands of people have been dreading is finally here and the Bank of England has increased interest rates for the first time in the last 10 years. The change is only small, increasing from 0.25% to 0.5%, but it’s likely to negatively impact millions of people across the country. Interest rates may increase further in the coming months, but nothing is set in stone just yet.
So, how is the change likely to affect you? Here’s a quick rundown of the ‘winners and losers’. Continue Reading
Back in August I wrote a first time buyer’s guide to choosing a mortgage broker. Within the post I talked about how my friend Chris had used an online mortgage broker called Habito and was really happy with their service. Not only did Habito not charge him a penny, he said they also made the application process effortless, convenient and strees-free.
At the time, I already had a mortgage offer that I’d gotten through my estate agent’s broker, but just weeks after hitting publish, the developers got in touch to say that my flat’s completion date had been pushed back again to mid-October. This was frustrating to hear for two reasons:
1 . I’m desperate to move out of my parents’ house asap
It’s no secret that saving for a deposit is a pain in the arse. No matter how many avocados on toast you give up, it can take years to save the money you need. As the infographic below from Key Retirement shows, saving for a 16% deposit could take you longer than anticipated. If you’re looking for an average priced house in the North West and you earn the average weekly wage of £502, it could take you 4 years and 7 months. Personally I don’t think that’s too bad… until I look at those buying an average priced house in the South and realise they’re looking at a whopping 11 years and 7 months to save £75,777. That’s longer than a prison sentence for many serious crimes. Continue Reading
In May last year I moved into a rented apartment with my then-boyfriend. I’d already spent almost two years living with my parents and saving to buy a place of my own, but when his rental contract was almost up, we decided to move in together.
We weren’t in a position to buy a place together, so I decided to put my home ownership dreams on hold and rent instead. Although the relationship didn’t work out and we split up six months later, thankfully I managed to save a respectable £3,000 while living with him.