My Experiences Of Buying My First Home

I wrote a couple of hubs about mortgages and the information that I learned while I was on the hunt for my own property loan. It was a real learning curve. One day you are going about your business without a care in the world.

You happily pay your rent on time at the end of every month and you enjoy living life, socializing with your friends. Then as soon as you decide that you want to get a mortgage to get your own place, you suddenly become consumed with the idea of saving, saving, saving.

You also have to equip yourself with a whole lot of new knowledge and terminology about interest rates, fixed rates, variable rates, short term loans, long term loans, repayment mortgages, interest only repayments, 10% deposits, 20% deposits, on and on and on. Hey, did I miss a lesson in school or something?

Once this knowledge has been gathered you have to get involved with solicitors, estate agents, mortgage brokers and insurance companies, signing papers that feel like you are signing your whole life away as well as your firstborn. 

Getting on the property ladder is a great achievement
Getting on the property ladder is a great achievement

Then the day we all long for finally arrives. The phone call from the solicitor saying “this is to confirm payment is complete – you are now a homeowner”. The part they forget to mention and that we all forget is the “congratulations and welcome to 25 years of debt”.

However I can not and will not be negative because I am happily able to say that I am sitting in my very own property, my very own home and I absolutely love it.

I love the sofa that I am sitting on and I love the TV that is on in the background (The film Ghostbusters is on - “I ain’t scared of no ghost”). It has definitely all been worth it.

My Friend Is Now Preparing To Enter The Mortgage Minefield

I was recently talking to a friend of mine who is hoping to get onto the property ladder within the next few months. (Is she crazy?) She has been able to save up for her deposit but is worried about whether she will be able to get a mortgage.  With financial institutions tightening their purse strings, there are less mortgage products available for the first time buyer.

My friend’s case is made even harder because she is looking to purchase a property on her own. Naturally that means that she will be solely responsible for getting a mortgage secured as well as making the monthly payments.

It is now her turn to get on the knowledge wagon and learn about interest rates, fixed rates, variable rates, short term loans, long term loans, repayment mortgages, interest only repayments, 10% deposits, 20% deposits, on and on and on. Hey, feels like de ja vu.

Anyway I wish her well and hope that she achieves her goal of becoming a property owner because it is absolutely wonderful.

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