How I’m saving to buy an apartment in my 20s [in LONDON]
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
- #ad Hopefully this video helps those of you with the same goal as mine - getting on the property ladder! 🤍 The first 500 people to use my link in the description will receive a one month free trial of Skillshare! Get started today! skl.sh/macerly06241.
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My name is Madeleine or Maddie for short, I'm a 23-year-old Norwegian in London. I make videos about interior design, lifestyle, and London life.
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This is the type of people who deserve to be called influencers. They influence you to do your best but even if you are not best at it no need to worry because they can be your friend your big sister and even your mentor and give you their piece of advice and share their knowledge for us to win together ❤️ So glad to find Maddie channel. Everytime i watch her vlogs i do feel satisfied and doesn’t feel guilty using my phone. And even if i am older than her i still learned so much from her. Thank you for that.
exactly, the title influencer is EARNED not given (at least for me). It's all about how they carry themselves and I think she is one of the only ACTUAL influencers that isn't swimming in materialism and being out of touch.
I don't watch may 'influencers' - Maddie is great! Actually useful and honest information.
@@lauracraig8110 yes I agree!!!
I don't agree nor disagree with this comment. I'm an example that it IS totally possible to buy an apartment in London when you're 25. I've done it and I'll tell you how:
I moved to London when I was 21, was a live-in aupair for 2,5 years while working full-time on the side and only had friends who were aupairs = only spend my aupair money (80 quid a week) and saved every single penny of my full-time job for a deposit. Did I want to live with a family? Nope, but that's the easiest way to SAVE a lot of money as you don't have to pay rent or food + get pocket money. After aupairing I've rented cheap accommodations in shared houses and looked for a share to buy property. I've done A LOT of research and found one I fell in love with the moment I walked down the alley.
My flat is a one bedroom flat with a garden, zone 2 in London and the area is very popular now. I've bought the flat when I was 25 and was on 30k/year. NO money from my parents, no inheritance, nothing. Yes, you've got to cut back on many things. I don't drink alcohol, I don't do drugs, I didn't buy new fancy clothes (thank god for VINTED or freecycle) and didn't change my iPhone 6 till it actually broke down 2 years ago lol. I did however travel all around europa on 25 pound return flights and normally spent 100 pounds all together on those 2-day-trips.
Anyway, I've staircased my apartment already and am looking to sell it, then buying a two bedroom flat in the same area. What MANY people don't know: Having a credit card is actually GOLD. Your credit score is the breaking point of you getting 3x your salary VS 5,5x your salary at all highstreet banks. As long as you've got a "presentation" and proof (a year of bank statements about your spendings), you can get way more than 3x your salary on the same conditions.
These are some great tips for saving up. But I think the biggest reason why it’s unrealistic for most people in their 20s to buy in London is not the ability to save, it’s that most people’s jobs don’t pay enough for them to obtain a sufficient mortgage (eg 3-4x your salary), as house prices are so high. Even if someone saves a 50k or 100k, if they don’t have a high salary they won’t be able to buy anything decent (I agree with previous comments that help to buy, shared ownership, leasehold etc are all best avoided).
Oh 100% agree. This is also why I’m planning buying with my boyfriend - because 2 salaries gets you there a lot faster than 1.
Or even rent
Random but I would recommend changing the yellow pillows on your sofa to navy blue . Would complement better the painting on the wall rather than having a matchy matchy feel 😅
Being such a cryptic topic, thank you so much for taking the time and preparing a clear briefing on how savings actually work! Very useful!
Something to consider as someone who spent my 20s in London and didn’t buy, and has now bought in Stockholm: if you think you might want kids and use a daycare center, this might change your finances quite a bit. Several friends with babies have also now left London because they don’t have the £2000 per month this often costs.
Good luck to you! ☺️
Don't buy leasehold, don't buy shared ownership and don't buy help to buy. Those would be my tips
It’s so odd seeing someone from Norway willingly going to live in London
I wish you all the best in your savings and buying your home one day. I'm 29 and have almost zero savings... but that's due to my medical expenses :(
I hope that you are ok and have all the love and support that you need on your journey ❤
@@MsLoma1212 Thank you, Love, I do have a ton of support from my boyfriend and family! It wasn't a life-threatening thing, thankfully (well besides anesthesia 2 times which is always a bit of a threat).
It was something I had to do to have an easier and healthier life in upcoming decades. But it ate up all of my savings, and it sometimes gets me, as it's sad I'm that late to starting saving for a house. Sometimes I think I won't be able to and I''ll forever stay on rentals (which I don't like more and more) but well at least I'll try, better late then never, right? ;)
I hope you're feeling better now and on the path to recovering
I'd love a video on why you are looking to buy in London and not Oslo - perhaps you could do a comparison of the two.
Having lived in Oslo for several years, it seems way nicer - never once was I ever concerned for my safety, whilst the UK seems like it's in a death spiral.
I love watching your videos, Maddie, and I hope you have a wonderful weekend!
An important point about the Lifetime ISA (or its predecessor the Help to buy ISA) firstly I’m fairly sure you CAN use the money saved in them for property more than £450k, you just wouldn’t get the government bonus, which is pretty hefty. But more importantly- when you do come to buy, make sure you let both your bank and your solicitor know early, because there is a lot of paperwork both will need to do to claim the bonus from the government, and if you leave it too late, there might not be time for the bank to release your bonus to you before the sale! We had this problem last year, where my bank was pretty speedy and released the bonus within days, but my partner’s bank told him it would take weeks, and so we’d miss the deadline that the seller wanted to exchange. Luckily my partner didn’t have so much in there so it didn’t make a huge difference, but I had saved the maximum so it would have been £££ problem if my bank had been so slow.
takk for at du lager undeholdende og lærerike videoer. Ønsker deg en god sommer og masse lykke til med å kjøpe en leilighet i London når den tid kommer❤
Amazing content
Loved the video, you are so mature and disciplined! Congratulations!
Wow.. you said that out loud. You're really courageous to think and execute it. Can you share how come you decided to decide London is the the place you wanna be living in future too ?
Thanks for the info! So helpful
this is helpful! i'm 28 and live in Toronto, notoriously expensive as well. I need about 1 million dollars for an old bungalow lmao... maybe one day!
I love how you explained this that seems so complicated with such simple words! I'm from Argentina, the situation is veeeery different from yours jaja but anyhow I think it's important to still try and save money, even if you feel like you aren't earning enough. Lovee
Could you explain how it’s different? I live close to London, so everything Maddie is talking about applies to me, too. I’d love to know what the process is like in Argentina
Me watching this as an unemployed person in London 😅
Great motivation for us😊
I think the first question one must ask is "Why?" Why do you think you need to own a property?
I've never had the "dream" of owning a house, but with rental prices going higher and higher for apartments in very mid condition in all major cities of Europe, I've started to think about it. Salaries are not increasing at the same pace and in many countries (UK for instance) the law is not protective enough of the tenants - they can kick you out of a place you have been living in for years
Because that way you invest the money for housing for yourself and spend it only for like 10 years instead of giving some rich a**ho**, who doesnt care about your wellbeing, a ton of money for like 50 years.
Love these videos, living myself in UK from another country, and no one tells you 😅 Credit Score etc. I would love to see how you try to save money on a daily basis or by doing cuts, groceries etc
Is this like a trial month on Skillshare or is it the first month off of the annual membership? If it’s the former, by when do I have to cancel to not end up with the annual membership if that first month doesn’t suit me? I‘ve been a little confused by the info that I found. Thanks, Maddie, for the link! Hope somebody has found out and can share the info. Many thanks!
Hi Maddie. I find your videos extremely helpful! Could you make a video about saving up for being a first-time homeowner i Norway, as a lot of your viewers are norweigans?
Hi girly! Unfortunately only 1-2% of my viewers are Norwegian vs 40-50% UK at least according to my TH-cam analytics, so I feel like that would exclude a lot of my biggest audience :(
You would actually have more in your HYSA, as it factors interest on the monthly balance rather than the starting balance.
Does leasehold bothers you?
Super helpful and easily understandable, thanks Maddie
more videos like this please-
Great job! I saved and diversified my money to finally buy a condominium (a flat in the UK,) in New York. Best investment ever😊😊
Yes spending less than you earn is important.
Very! 🥰
Hi, I’m moving to london to study, what bank would you recommend?
Can you share the notion template with the moving tracker please 💌
Here you go! 💕 dazzling-save-a08.notion.site/Money-hub-template-774ca007a7d74b8198842e906887f63a?pvs=74
@@macerly thank youu💌💌
Perfect
❤ Excellence ❤
A tip I can give you as a now 31 year old home owner in zone 2 of London who has done it without help from parents at 25:
Don't buy with a partner you're not legally married to. Many of my friends have done it in the past and 3months - 3 years later broke up, had to sell it at a loss as one party couldn't keep it on their salary.
My actual tips: I've bought my one bed garden flat on 30k when I was 25 (with savings worth 2,5 years of a full-time job while I had no living-expenses as a live in aupair). I know not everyone can do this, but I moved to London at 21 and didn't know anyone, didn't have a job etc.. It was the best decision of my life. Anyway, back to the mortgage: If you've got a presentation and can proof that you're not living 30-30-30-10 (30% of your salary for mortgage, 30 for day-to-day necessities, 30 for living your lifestyle, 10 for emergency fund), the average high street bank will give you a mortgage even up to 5,5x your salary, but don't talk about it publicly.
There are normally two routes when getting a mortgage in London and I went down both: 30-30-30-10 is their standard procedure and the system will most likely fail most applicants. Done that when I was 25 and bought my share to buy property. Then paid off the mortgage & staircased up. The second one is the year worth presentation and a route to 5,5x your salary and you can own your property. Now I'm looking to sell either back to housing association who puts it up as a share to buy property again or on the open market.
Whoever says Share to Buy is hideous hasn't done their research right: If you get a new-build and the rent is 800 quid & service charge is 300 quid / months, obviously it's waaaay to expensive as you've got to add council tax, bills and mortgage on top. In my case: I went for a one bed garden flat in a 3 storey house in north east London, fancy area now, no lift and service charge is 100/month. PLUS rent was 350 when I first moved in, my mortgage was like 400. All combined it cost me like 1.000-1.200 a months to live in my own apartment with a new 125 year lease. As long as it doesn't go below 100, you're good to sell it on market value. 6 years and a staircase have passed, I changed jobs, got promotions and poured everything I had spare into my mortgage. My monthly costs are 1.000 pounds (even council tax and bills included) and it all started on a 30k salary with no financial help from friends or family.
Soooo whoever says it's not going to happen simply doesn't want it enough.
Hey,
I am interested in joining you as a video editor,i am working from last 3 years on various projects as a freelancer.
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Menit 0:01 dan 0:02 tersenyum tersenyum .. tersenyum 😀 cantik
Actually kinda cute how disconnected to the rest of the world people in the global north are. So funny to see the generalisations. Good luck to you though!
what do you mean? I’m from
the global south and thought the video was fine. I mean it’s clearly only for Europe, not even the US, but she lives there so it’s fine i guess???
@@thanos7449 people in my country are getting into huge credit card debts to by food. And I don’t even live in one of the most precarious countries in the world. Some disclaimer on how this is her reality but definitely not anyone else’s would be nice. Not mandatory, but definitely empathetic. Our economic system already puts so much pressure on people and money is such a personal thing and a delicate subject. Generalisations like “if I can do it then so can you” only make it worse. Personally, that doesn’t sound like responsible money talk in an in international platform unless you’re only considering your reality. Hence my comment.
I hate saving
Not to buy, to be more in debt
Or to be at the mercy of a landlord where you have little to no rights…I’ll take the debt
It seems like the best plan is to be attractive and have a wealthy partner.
WOW. Thank you for this incredibly tone deaf comment after a 15 minute video of me pouring 3 years of research to answer one of my most asked questions. How I’M planning on buying - not parents, not any partner. ME.
Now regarding your question. In London, 70% of properties are purchased with a partner, and 58% have help from parents. I don’t have financial support from my parents. However, if I can get onto the property ladder a few years earlier by committing to a mortgage with my partner, because 2 salaries and 2 savings are worth more than 1. Of course I would do so. That still means I have to save for 50% of a mortgage, which takes time and a good savings strategy.
Pathetic and jealous comment
@@macerly girl yes! you ARE gonna be the wealthy partner!