Treat yourself like a business. Find out where your wastage money is and cut it our. £50 phone bills, Gym memberships, Coffee shops. Change that for a £10 sim only, Cheaper gym or just go for runs and get a coffee machine. Its all discipline. You don't need a book to see where you're losing money but you need to look at yourself and how hard you want to achieve your goal.
I’m 30 and I know one person (other than my parents) who owns their own home. They worked full-time from the age of 16 and saved up, got their first home at 31. I honestly don’t think it’s a realistic goal for most people. I’m also not in London.
I think I will depend on circumstances. I purchased a flat in London at 32. I didn't have a partner to share costs with, and all of my deposit was from my own earnings. It is possible but you need to make sacrifices. I've only been abroad 3 times in the last 10 years for example.
I do, however, really appreciate @Hannah Witton making content like this as 1. it's always interesting to see how other people live and 2. this is helpful information that can be really confusing to find out on your own so might inspire confidence in her audience. I also really appreciate her being open and honest about how she goes about these sorts of things. I just think it's important to make others feel that even if they never own their own place, that's okay too. It's not a requirement.
Sometimes you might have to make drastic decisions. If you can, possibly move home to save if you're renting currently as a large chunk of your post tax salary will be going on bills, rent, council tax, etc. If you're unhappy with you salary then maybe go back into education like I have, get onto an evening course that 1. You enjoy and 2. Will deliver a salary you want in a role you desire or alternatively move to a different part of the country (if we're talking about the UK) like north Wales where they are £70-90k houses everywhere. These are all drastic desicions but life is short, the longest journey to see family is like 5 hours unless you've got family in scotland.
As a mum, and a pet owner, I found renting really stressful. I had a load of trouble with landlords not maintaining the place properly. I had black mold in my kitchen and bathroom, and everywhere was damp. The roof leaked too. It was a nightmare and not a good environment for my daughter. I've since bought, thanks to my grandparents and parents. It's so much better. I can decorate the place how I like. And my daughter has a stable home, she's not having to move all the time.
I get and understand that people feel uncomfortable talking money but I feel this video would have been a lot more helpful and informative if Hannah had given rough numbers so we can relate or apply it back. I felt that just saying “this pot of money” “the deposit” “this cash” didn’t help at all..
because people who have money have a guilt related to having money because of the amount of poverty which exists. You'll notice middle class people generally don't discuss exactly what they earn, what's in their account, where there money is or what it exactly goes to. It's mainly kept hush, because otherwise people would catch on how utterly unequal and unfair society is and well off people would be accountable for it.
Where I live, you need 20% of the cash minimum. If you have 35%, you can get loans which you "never" have to pay back. So anyone can get an estimate of how much they can put in for a flat (or a parking spot 😅)
re: my question: cool, i had the same experience with getting my mortgage, every time i thought "ok i think i get it now" they would come with the next thing that would have me looking things up online for days to fully understand the whole deal - it's SO complicated! got there in the end with a lot of help, but holy moly nothing prepared me for that.
As a student I find videos like this on finances and money super helpful! I’d love to see something on budgeting (especially as a student) if it isn’t TMI for you :) So happy you found such a beautiful place!!
Since you’re paying a lot less per month now, are you tucking away what you otherwise would have been putting toward rent to save up to buy back the 10% portions? What sort of account are you choosing to put them in? Does this change/motivate the way you work as a freelancer?
These are great questions! And seeing it has been 2 years, how about an update as to how you have experienced the process from buying on? Have you been working on getting a 10% chunk back from the government? Are there surprises having bought a place?
So interesting and really useful (and I'm probably a year away from doing this myself) - just a few things I picked up on ... - Help to Buy Loan that was mentioned is up to 40% of property value in London, but only 20% elsewhere (not 30%). - Help to Buy ISA gets you a 25% bonus on what you've saved that can only be used for a deposit, up to a maximum of a £3,000 bonus (so £12,000 in savings). - Don't forget the solicitor's fees on top of what you pay too.
I love floor plans! Obsessed over ours since we were buying a new build and had a couple of options. Went for slightly smaller flat, but with better view (mountains in the fjord), on a higher floor and cheaper overall. Although the layout wasn't as nice as other options.
My partner and I bought our first house last year aged 23 and 30. My top tips would be 1) start thinking about it early (help to buy isas really helped us but you can only put £200 in per month, the more months it’s open, the more money you can put in, the more free money you get from the government) 2) H2B mortgage - really helps with the deposit also having a new build means everything has a 10 year warranty so no worries about expensive repairs after you’ve bought the house 3) If you are buying a house in a pair, you can both have a H2B isa plus a mortgage - get all the free money you can! 4) Look in cheaper areas - we live in the West Midlands so one of the cheaper areas anyway but then moved a few miles away to a cheaper part of town. Although commuting every day is a pain, I’m happier living in a nicer house then having a short commute to a mouldy, damp terraced house like I lived in before! 4) Like Hannah said, our mortgage is £60 a month cheaper then our rent and our bills are lower as everything is more energy efficient so when you’re renting, it’s definitely worth saving hard as it will pay off in the long run- do you need to keep swapping phones on contract or can you get a sim only deal on your old phone, budget your meals so you’re not caught short and buying food on the go etc. We really shopped around so every few months checked whether we were paying the best price for our phones, bills, were there bank accounts that offered cash for switching? But beware, as the time for applying for the mortgage approaches, they’ll be looking at your credit score so pay off any debts (i even stopped using my credit card for a few months), stay loyal to companies and avoid any credit checks like the plague. Websites like clearscore can help you see if there’s areas you can improve and Moneysavingexpert is your friend Overall we’d really recommend trying to buy a house if you can, we hated renting and we’re so much happier. In a few years time we’re hoping to move back to the South East where we’re from and that’s a lot less intimidating knowing we’ve already got a foot on the ladder. Good luck mortgage hunting!
Congratulations! My husband and I bought our home 2 years ago; it was by far the most stressful time of my life. I’m PAYE but my husband is self employed and that really does make things unnecessarily difficult! Well done doing it on your own! And whilst you were so poorly as well!! Incredible! Xx
Well done you! Buying a house is an amazing feeling of security. I’m a single parent and work damn hard! Bought my first house at 25 then a bigger house 2 years ago. I’m 33 now and have done all the diy this house required myself and fully decorated! Same as you, my mortgage is half what I was paying in rent. Worth the savings and big deposit! Enjoy!
I love that you always add captions on your vidoes! It's very thoughtful of you and I really appreciate that so much since I'm not a native English speaker and sometimes it's difficult to understand.
They don’t disappear you invest them and when you sell you make a profit if you have the patience to wait for the good time to sell. It’s legit money in the bank. It’s not like when you pay rent to someone and never see the money again. Just a year in you have made money unlike just sitting on your money in a savings’ account.
Outstanding explanation of how you bought your 1st flat. It is very similar to the process here in the US. One can tell you are really excited your flat and decorating it. Good job buying the flat.
Well done for being so honest - we need to get over this thing about not talking money. I think you probably hit the nail on the head within the first minute or so - money from family was the foundation of your ability to buy your own flat. Even outside of London, if you don't have that help, it's virtually impossible. Unfortunately, none of my family are in a position to offer financial help so like many of my generation, I'm nearly 35 and still living at home :(
@@miipmiipmiip I know these thinks ;). I am just tired of people acting rude towards people like Hannah because they are priviliged and live their life. They don't hurt anyone and they don't need to explain themselves for that.
Congratulations! It's the most awesome feel owning your own place, even when the boiler breaks and you can't just ring the landlord! Glad you could end your year on a high after everything you have been through.
Did you consider owning with your partner, or have a talk with them about it? How did you decide it was the best decision to buy by yourself? Asking for myself.
Yasemin BAHAR FYI - My husband has our mortgage in his name as his credit score is much better than mine and he earns a lot more than I do. It makes sense. Also this way I can take advantage of first time buyer perks in the future.
Me and my partner are getting married soon and we're in the process of buying a house in both our names because it meant we could get a bigger mortgage, but we have already made the commitment to marry so I understand why Hannah (and others) wouldn't want to enter into that at this stage :)
@@CallMeCarolyn you don't need to be married to buy a place with your partner. I just bought a house with my boyfriend and we don't plan to ever get married 😊
I am totally like you with loving browsing houses online. I still do it now even though I own a house now so don’t need to look. And I LOVE a floor plan.
Great video, I hate that schools don't teach us much of anything about living in the real world so thank goodness for people like yourself willing to share their experiences and give us a chance to learn important life stuff.
Because housing is an inelastic commodity, this government assistance program that you’ve described in your video is actually driving up housing costs, through increased demand and decreased supply as a result of regulations.
I bought my flat in 2017, and I am also obsessed with floorplans! My favourite thing to do is try to recreate floorplans from property listings on the sims 😂
Congratulations on buying a flat! Last year I made enough money to pay rent for a bedroom in a shared flat by myself and I felt super rich and accomplished haha. I'm glad you're so satisfied with your decision and this video is really helpful. x
Enjoyed this video Hannah, thanks! I'm 27 and am only just renting by myself for the first time this year (moved in during March). I can't imagine being in a financial position to buy my own apartment, although I desperately want to. Having said that, a year ago I couldn't imagine not being in a house share so I think I just need to keep the faith!! :)
Hannah: I have watched several of your videos and from the start I've been very impressed wit your openness about very intimate personal things. You''re a very lovely young lady and I admire you very much. Your courage through some very difficult times is really astounding. Keep it up and good luck.
Buying a house is such a huge deal for people in our age range (im 26 and bought my first house 3 years ago) and its such a stressful & expensive process, but the great thing is, when im mortgage free before im 55, my renting friends will still be paying thousands of pounds in rent a year for the rest of their lives! Good video, very informative.
Most people can't afford a house so why do you make it seem like you've made some kind of big sacrifice lol? Your "renting friends" are the majority of the population... you just sound like a bit of a dick lol
Glad you started with the acknowledgment that you got money from family, told me that this video isn’t going to teach me anything don’t already know I just don’t earn enough!
So what experts should you have? And what do they do? Mortgage Advisor?? Where do I find one of those??? **Gets out notebook and pen. Puts on spectacles.**
I had a really shitty day and nothing makes this day better that some serious adult talk. Well, maybe puppies, but adult talk is good, too. Seriously I love talking money, rent and all this adult stuff. I'd love to see more of this kind of content.
So I just looked into a buy to save ISA and found some information on money saving expert that others might find helpful - Lifetime ISAs can be used for the deposit also, can be used on a house up to the value of £450,000 anywhere in the country, carry a larger bonus and also the bonus is paid monthly rather than when you are ready to withdraw pay the deposit. Whether you should go for a LISA or Help to Buy depends on your circumstances but thought it was worth mentioning.
It’s nice to see someone doing this type of video as people are clueless when it comes to buying houses. As a mortgage advisor this is helpful for others but not 100% accurate. My advice is get yourself a good mortgage advisor (independent or through an agent - not through a bank), they will explain everything, initial appointments are always free of charge. I hold the hand of every customer throughout the whole process, including none mortgage related stuff. The average time from your offer to be accepted to completion is 8-12 weeks. With a standard house purchase (none new build) you agree a completion date at exchange of contracts, so the date legally can not be pushed back. Also HTB ISA is for first time buyers but the equity loan is available to anyone who will only own that property (and not have any other properties rented out etc) - there are also limits/ T&C’s to both.
Omg. We saw our condo October 2nd and moved on December 1... I can’t imagine having it not be 60 days from the offer being accepted by the seller to moving in!!
Good on ya darl! Girl power! Lol some additional things u should consider: Debt- bring down ur debts I.e. credit cards, amount owing loans Preparedness- have all ur ducks lined up, paper work, schedule, deposit and know the process Financial advice - know ur options and have a good financial advisor Perseverance- don’t get disheartened and if it’s meant to be it’s meant to be Brave - get ready to pull the trigger and move decisively Compromise- be realistic with the location and property types Good luck Gen Y’s.... this might not be an option for a lot of us now and in the future....😔😔😔
I’m in a similar boat, I bought a 4-bedroom house in my ideal area as a single 25-year old. I worked minimum wage my entire life but I knew I wanted a house so I’ve been budgeting and saving and working towards this goal since I was 14 years old. But like you mentioned, the biggest thing is hard work. It’s tough to save up all the money for a downpayment while still paying rent and bills and working minimum wage, but if you’re willing to work hard and make sacrifices and have the determination, it’s doable!
All the best with your new flat, Hannah... And the large amount of debt that comes with it. I hope that your experience in your new place is very happy.
I think it's important to clarify that the process of exchanging/completion appears to be different with the help to buy scheme/new build. Normally exchanging is when you transfer all of the deposit and you make a commitment to buy the property, completion normally takes place between a week to a few days after the exchange date and that is when the property is officially sold and you can pick up the keys and move in. Up until exchange, you can back out of the sale. I also bought my own property with help from family. I recognise how lucky I am that I was in this position but I wouldn't call myself privileged - just because my family helped me out (which was the result of a long term investment in private pension) doesn't mean my family is rich or well off.
This is so helpful thank you!! I’m only 17 but looking ahead for the future and it seems so overwhelming, videos like this are so insanely useful to me
Congratulations! We bought a house the same month we got married (age 23 and 25) it was so stressful! Omg. Definitely not planned but when you find it, you just have to jump on it. I just remember feeling like I was role-playing like an adult every time we were at the bank.
I actually got a bit emotional at the start of this video cos you've had such a big year full of challenges and it makes me so happy to see how much you've achieved! I'm so happy for you and I'm really enjoying seeing all the new flat content because I can see how happy you are and you really deserve it. Idk this is getting all mushy but I love watching your videos and I'm so happy that you're not only recovering from the challenges you've had but also just generally kicking arse!!! 💛💛💛💛💛💛
I bought my first property in Liverpool at 33 by myself, I was going to get a flat but service charges are so damn expensive in some places. Some locations were £100 a month whilst others were £250 which was insane considering that's the North of England! I guess it could be higher in the South, also you have to consider the annual fee of ground rent which aren't as much as a service change but still can be a bit much depending where you are. Keep in mind with a lease hold, it has a number of years on it until it will expire, most new build flats will start at 125 and some others will be a crazy length like 900! If you buy a flat and the length is under 80 years then it might not be worth buying as the more years go by, the less the property will be worth, it costs thousands to extend the lease agreement! I ended up buying a maisonette, it's leasehold but there are no service charges and I have my own back garden.
I live in the United States and I own a home, I’m 26 and married. Idk why I watched this as it isn’t useful to me really, but I found the differences in the house buying process pretty interesting. Plus I watch whatever you put out 🤷🏼♀️🤷🏼♀️😂
Thank you so much for this! Super informative and you made it much easier to understand. You also managed to make it all seem less scary, without downplaying the stress of buying a place. Really great video Hannah ❤️
Buying a house is the most stressful thing I’ve ever done in my life. I also bought it myself, but in america, and I closed in March and it’s been really great since then. I started looking in November and I thought that process was crazy long. It’s such a different experience here, i guess. Congratulations anyway!
So glad you put in the disclaimer that you own the home, and you're partner live there. I've been very afraid that without a life partner (and some sort of legal agreement (ie marriage etc)) I will not be able to consider owning. And so many solutions to the "millenials can't own property", is "well you'll get married and you'll do it together no problem". But like not having the greatest relationship time right now and I can't accept that solution, because a) sad, in denial, about relationships feelings, but also b) fearing I'm not a complete person without someone else, literally. Thank you Hannah for being clear!
Congratulations! What is escalation rate on ground rent? Do you need approval from freeholder for future improvement to your flat? Do you have first right of refusal to buy out the freeholder? Did your solicitor help you on these matters? Leasehold report from propertymark is very interesting! 94% leasehold homeowners regret buying a leasehold!
I bought my house on my own, June 2015. Back then I was 23, and had a permanent contract at the company I work at. This makes it a lot easier, I agree. I also had support from my parents to buy my house, but also had a lot of savings. So, in the end, I paid 45% of combined my savings and my parents gift. 55% is mortgage. And I got a new kitchen, got the roof fixed, new utility closet, etc. Even without my parents gift, my mortgage would have been higher, but it would still have been possible. Everyone is different, you know? Everyone has different lives. I have been very fortunate with how it all turned out, very grateful. Still working at the same company (6 yrs) and in the same house (4 yrs). I wish everyone the same fortune!
Super helpful video here, it's surprising the number of people who aren't aware of the schemes that are available for first time buyers so good that you are using your platform to spread the word! Probably worth mentioning (though I doubt anyone will read this) that you can actually combine the HTB equity loan and the HTB ISA to make use of both incentives. :)
It's interesting that it's rare to have your own flat at 26 in London. I bought my apartment in Stockholm when I was 23 and I was probably the last one among my friends to invest in something. I guess it's because property must be much more expensive in London. Anyhow, congratulations to your home! :)
Me and my partner have done the lifetime ISA which is also another option to look at (have to have it open a year before using the money). We have had no help from family so it's been a long time coming! We are looking to buy next year and I'm super excited!! We decided against the help to buy equity loan as we didn't think saving to buy the percentages was that doable when we have a wedding to plan and maybe kids in the future. So pleased for you though and glad you have made living in London work, can't wait to do the same! To anyone else buying - Money saving expert is your friend!
I loved this video. So few unmarried single people in their 20s consider buying property and it's really a great idea a lot of the time. Hopefully, you have expanded the universe of possibilities for many young people. I'm very happy for you as well.
It is true that the down payment and credit worthiness can be a problem for people just starting out, but if you can find a way over those hurdles, the monthly cost is usually less than rent. If you can buy a place with more than one bedroom, you can also rent out the extra rooms and sometimes cover your entire mortgage payment that way. It is one real advantage for younger people because roommates are more tolerable in your 20s than in your 30s and beyond.
This was very interesting even though I don't loive in the UK! You are incredibly good at explaining just about anything in a very comprehensive way. Not many people could talk about a subject like this without coming off as bragging.
I literally just stopped watching the second "money from family" came out. Obviously we can all have a house with help from parents/grandparents if they have enough money themselves lol
I don't have anything against Hannah herself but I absolutely agree. Especially in current times, I can't bear anyone producing any material about 'HOW I bought this property' as if there's any genuine advice, when in reality it has only happened because of family money, and the person is unaware that's all there is to the story. The rest is mainly indulgent privileged ramblings and the fact the property is in London tells us how much family money was involved to begin with. People forget the amount of people who literally have absolutely no nest egg, no family inheritance or help, they have their wages or benefits which pays their rent and very basic living costs and then that's it - nothing left. Even with help to buy schemes these are just dreams for most people, you need to be extremely privileged enough to have the money in the first place.
@@fffflorence I don't either in fact I think she's nice and cool and have been subscribed for years but... really? We are the same age and I'm pretty convinced that at the current state I won't be able to buy... ever. Because my parents are working class to this day aka barely any money even for themselves. Good for her tho.
If you have a good paying job you can do it without your parents. But nowadays it’s so hard. Most parents who are able to save money for their kids do it, Its not her fault and if it was a flat somewhere else she could have probably done it without the extra money.
@@rike2040 I don't think anybody has blamed her for having the money in the first place but for creating a video giving advice on a topic which can be easily summarised by the mere fact that she had the money to pay a deposit for a property in the first place. Also, the fact that the property is in London says it all. I live in London and I can say from experience that paying rent/transport will suck all your earnings. Also, in relation to the comment about "decent/high earnings", my boyfriend has a very well paid job, even for London, he's 27 and cannot save the ridiculously high amount of money a London property would cost him without the help of his relatives (unless he moves to a more affordable are of the country like the north). Nobody is offending Hannah, she's lovely and I like her content but unless you are in your late 20s living and working in London and are experiencing the reality of trying to save money without the help or support of relatives and paying rent and transport at the same time, you won't understand how useless and unrealistic this video actually is for the average young person in this city without middle class parents. Hope it doesn't come across badly, I just wanted to clarify my first comment :)
I disagree. I think the video is still helpfull, as it is sharing the process she went through to buy something. It is a similar process if you are looking to buy something more in your price range. I don't see the video as an instruction on how to buy a flat in london, but just sharing her experience on how she made it and the things she learned on the way. I think it makes a difference that she called the video "how I bought a flat in London" in stead of "how to buy a flat in London" Obviously when you listen to what she is saying there is a lot more to it than having financial help from your parents when buying a flat.
If *"Hannah Witton Ltd"* actually owns the property... Does that mean, if you ever needed to.. You could just declare bankruptcy and walk away debt free... ???
2 of my grandparents rented their flat for about 50 years instead of buying it. The amount they paid overall for rent we worked out would have been enough to buy the flat just over 2 times. Renting is incredible and short term a lot cheaper, but if you're looking for a long term 'forever' place to live, buying will (usually) work out cheaper in the long run. Also owning property is a good financial investment.
You also don't have to answer to a landlord at all, you can do what you what (within the law) and can fix things yourself and not have to wait on approval or anything
i think the upside of buying is that your monthly payments actually get you something in the long term - they pay off your mortgage so you own more of the house. whereas rent money just goes in a landlord's pocket.
Thank you so much for this video Hannah! I'm thinking about buying in the (somewhat nearish) future and nobody's explained help to buy to me as simply as you do in this video! Also mortgages. They've always confused me, but you've explained it really well. Thanks for sharing your experience - congrats on buying your flat!
This has virtually nothing to do with the video but that blanket is so cute. That aside I did really enjoy this video and found it helpful even though I don’t live in the uk and I’m not even moving out.
It was quite different for us, buying a house in the States. My wife and I both inherited money in 1996, so we had about £21,700 for a down payment. Our house cost £112,000 and some total (1997 prices), so we financed about £90,400 in 1997. Twenty-one years into a thirty-year mortgage, we still owe £41,600.
so much respect for you for making this vid, i think it would have been very easy to just keep quiet about it but you' re open, and informed and that's v good and important, much loooove
There's an alternative to the help to buy savings! You can also go for a lifetime ISA (cash or stock). There's only two companies doing cash ones at the moment but you can save a LOT more with lifetime ISAs and the government will give you £33k as opposed to £3k max I think. A help to buy ISA is still better though if you're planning on buying within 18 months, as you need to have a lifetime one a lot longer before you'll get the payout.
How did you find a mortgage advisor? How much does it cost to use one? Did you buy through a housing association or directly through the developer? Why did you choose an equity loan over shared ownership? This was so informative and makes me so positive about Moving out myself x
Am I planning on buying a flat anytime soon? No.
Am I still ridiculously excited to watch this... Absolutely
Yes! I work for a property management company and my favourite part is going to the different units and seeing how they're laid out!
Start saving anyway
I needed this Hannah, no TH-cam ever lets you in on where or how much rent they pay. It's so nice to have an inside experience x
You should do more money videos. I really like this and learned a lot!
Hannah keep on thriving. I admire you and your positive outlook at life. We all need someone like you in this world.
More adulting videos like this would be great! One on how to save as a 20 something would be great!
I recommend the Channel "The Financial Diet". They got a huge selection of videos of dos and donts in your twenties.
Treat yourself like a business. Find out where your wastage money is and cut it our. £50 phone bills, Gym memberships, Coffee shops. Change that for a £10 sim only, Cheaper gym or just go for runs and get a coffee machine.
Its all discipline. You don't need a book to see where you're losing money but you need to look at yourself and how hard you want to achieve your goal.
Adulting is hard.
Adulting is hard: but we get to buy cake whenever we want
Steve Hunt Don’t be creepy dude it’s gross.
Emm Bee Sea It’s harder in America
My wife says I chronologically an adult, I've never subscribed to the full version which makes it easier.
And I still have time to watch Love Live!! 😅😂
Can I afford to buy a flat? No.
Can I afford to rent a flat? No.
Am I going to watch this video? Yes.
With Help to Buy, on brand new flat you might only need as little as £5,000 for a deposit 😊
Some of them you need to at least be making 30k which a lot of people don't
@@hoopz954That's not a lot for someone in their mid or late 20s, that's fairly average...I'm 21 and make almost that👌🏽
The Primeval Void Same 😂
I’m 30 and I know one person (other than my parents) who owns their own home. They worked full-time from the age of 16 and saved up, got their first home at 31. I honestly don’t think it’s a realistic goal for most people. I’m also not in London.
I think I will depend on circumstances. I purchased a flat in London at 32. I didn't have a partner to share costs with, and all of my deposit was from my own earnings. It is possible but you need to make sacrifices. I've only been abroad 3 times in the last 10 years for example.
I’m 30 and I own my home in Atlanta 🤷🏼♀️
I do, however, really appreciate @Hannah Witton making content like this as 1. it's always interesting to see how other people live and 2. this is helpful information that can be really confusing to find out on your own so might inspire confidence in her audience. I also really appreciate her being open and honest about how she goes about these sorts of things. I just think it's important to make others feel that even if they never own their own place, that's okay too. It's not a requirement.
What I'm finding scary is that I'm dealing with hundreds of thousands of pounds that I'll never even look at.. it's LL theoretical money!
Sometimes you might have to make drastic decisions. If you can, possibly move home to save if you're renting currently as a large chunk of your post tax salary will be going on bills, rent, council tax, etc.
If you're unhappy with you salary then maybe go back into education like I have, get onto an evening course that 1. You enjoy and 2. Will deliver a salary you want in a role you desire or alternatively move to a different part of the country (if we're talking about the UK) like north Wales where they are £70-90k houses everywhere.
These are all drastic desicions but life is short, the longest journey to see family is like 5 hours unless you've got family in scotland.
As a mum, and a pet owner, I found renting really stressful. I had a load of trouble with landlords not maintaining the place properly. I had black mold in my kitchen and bathroom, and everywhere was damp. The roof leaked too. It was a nightmare and not a good environment for my daughter.
I've since bought, thanks to my grandparents and parents. It's so much better. I can decorate the place how I like. And my daughter has a stable home, she's not having to move all the time.
I get and understand that people feel uncomfortable talking money but I feel this video would have been a lot more helpful and informative if Hannah had given rough numbers so we can relate or apply it back. I felt that just saying “this pot of money” “the deposit” “this cash” didn’t help at all..
because people who have money have a guilt related to having money because of the amount of poverty which exists. You'll notice middle class people generally don't discuss exactly what they earn, what's in their account, where there money is or what it exactly goes to. It's mainly kept hush, because otherwise people would catch on how utterly unequal and unfair society is and well off people would be accountable for it.
I agree. Some rough numbers would have been interesting to put everything into perspective!
Where I live, you need 20% of the cash minimum. If you have 35%, you can get loans which you "never" have to pay back. So anyone can get an estimate of how much they can put in for a flat (or a parking spot 😅)
I think she should have at least given the percentage for the deposit she put down.
It's a British thing, it's considered rude to talk about money
re: my question: cool, i had the same experience with getting my mortgage, every time i thought "ok i think i get it now" they would come with the next thing that would have me looking things up online for days to fully understand the whole deal - it's SO complicated! got there in the end with a lot of help, but holy moly nothing prepared me for that.
This stuff should be taught at school
AJS I’m a teacher and we’ve definitely taught content about mortgages, loans and budgeting, as well as the dangers with all.
If they told me to teach this at school I wouldn't have a clue myself
As a student I find videos like this on finances and money super helpful! I’d love to see something on budgeting (especially as a student) if it isn’t TMI for you :) So happy you found such a beautiful place!!
Since you’re paying a lot less per month now, are you tucking away what you otherwise would have been putting toward rent to save up to buy back the 10% portions? What sort of account are you choosing to put them in?
Does this change/motivate the way you work as a freelancer?
These are great questions! And seeing it has been 2 years, how about an update as to how you have experienced the process from buying on? Have you been working on getting a 10% chunk back from the government? Are there surprises having bought a place?
So interesting and really useful (and I'm probably a year away from doing this myself) - just a few things I picked up on ...
- Help to Buy Loan that was mentioned is up to 40% of property value in London, but only 20% elsewhere (not 30%).
- Help to Buy ISA gets you a 25% bonus on what you've saved that can only be used for a deposit, up to a maximum of a £3,000 bonus (so £12,000 in savings).
- Don't forget the solicitor's fees on top of what you pay too.
Oh yeah, stamp duty! At least you get a higher allowance as a first time buyer.
Also, you don’t have to be a first time buyer! X
So nice to see you under this Video ♡
The 25% bonus is not available until completion so can't be used to help with the deposit
Do you havw to pay the 25 percent back?
Honestly inspiring. I don't want to buy an apartment any time soon but seeing anyone younger than like35 doing it is nicee and cool
You know you’re mid 20’s when you get excited about floor plans
I love floor plans! Obsessed over ours since we were buying a new build and had a couple of options. Went for slightly smaller flat, but with better view (mountains in the fjord), on a higher floor and cheaper overall. Although the layout wasn't as nice as other options.
northern Norway! :)
@Keyholder hehe kor hen?
@@ida_sleeps Tromsø
haha so true
My partner and I bought our first house last year aged 23 and 30. My top tips would be
1) start thinking about it early (help to buy isas really helped us but you can only put £200 in per month, the more months it’s open, the more money you can put in, the more free money you get from the government)
2) H2B mortgage - really helps with the deposit also having a new build means everything has a 10 year warranty so no worries about expensive repairs after you’ve bought the house
3) If you are buying a house in a pair, you can both have a H2B isa plus a mortgage - get all the free money you can!
4) Look in cheaper areas - we live in the West Midlands so one of the cheaper areas anyway but then moved a few miles away to a cheaper part of town. Although commuting every day is a pain, I’m happier living in a nicer house then having a short commute to a mouldy, damp terraced house like I lived in before!
4) Like Hannah said, our mortgage is £60 a month cheaper then our rent and our bills are lower as everything is more energy efficient so when you’re renting, it’s definitely worth saving hard as it will pay off in the long run- do you need to keep swapping phones on contract or can you get a sim only deal on your old phone, budget your meals so you’re not caught short and buying food on the go etc. We really shopped around so every few months checked whether we were paying the best price for our phones, bills, were there bank accounts that offered cash for switching? But beware, as the time for applying for the mortgage approaches, they’ll be looking at your credit score so pay off any debts (i even stopped using my credit card for a few months), stay loyal to companies and avoid any credit checks like the plague. Websites like clearscore can help you see if there’s areas you can improve and Moneysavingexpert is your friend
Overall we’d really recommend trying to buy a house if you can, we hated renting and we’re so much happier. In a few years time we’re hoping to move back to the South East where we’re from and that’s a lot less intimidating knowing we’ve already got a foot on the ladder. Good luck mortgage hunting!
genuinely found this so interesting! also congrats, hard work pays off 🎉
Congratulations! My husband and I bought our home 2 years ago; it was by far the most stressful time of my life. I’m PAYE but my husband is self employed and that really does make things unnecessarily difficult! Well done doing it on your own! And whilst you were so poorly as well!! Incredible! Xx
Well done you! Buying a house is an amazing feeling of security. I’m a single parent and work damn hard! Bought my first house at 25 then a bigger house 2 years ago. I’m 33 now and have done all the diy this house required myself and fully decorated! Same as you, my mortgage is half what I was paying in rent. Worth the savings and big deposit! Enjoy!
I love that you always add captions on your vidoes! It's very thoughtful of you and I really appreciate that so much since I'm not a native English speaker and sometimes it's difficult to understand.
It's terrifying buying a house. All your savings dissappear and you have like 11$ to your name. Worth it though. I love my house.
Jaime Moore buy one in France it's even worse .
They don’t disappear you invest them and when you sell you make a profit if you have the patience to wait for the good time to sell. It’s legit money in the bank. It’s not like when you pay rent to someone and never see the money again. Just a year in you have made money unlike just sitting on your money in a savings’ account.
If you don't buy a house you can spend your money on fun stuff.
Outstanding explanation of how you bought your 1st flat. It is very similar to the process here in the US. One can tell you are really excited your flat and decorating it. Good job buying the flat.
I am a new subscriber, love your positivity! Sending love from Croatia!
Well done for being so honest - we need to get over this thing about not talking money. I think you probably hit the nail on the head within the first minute or so - money from family was the foundation of your ability to buy your own flat. Even outside of London, if you don't have that help, it's virtually impossible. Unfortunately, none of my family are in a position to offer financial help so like many of my generation, I'm nearly 35 and still living at home :(
1) Have lots of money.
2) ...
3) ...
4) ...
Well how else would you buy something without money?
@@miipmiipmiip Dumb people lose their money. Being smart can also help.
@@miipmiipmiip I know these thinks ;). I am just tired of people acting rude towards people like Hannah because they are priviliged and live their life. They don't hurt anyone and they don't need to explain themselves for that.
@@miipmiipmiip She IS aware.
@@miipmiipmiip I am, believe me. Not just about the privilege of money
Congratulations! It's the most awesome feel owning your own place, even when the boiler breaks and you can't just ring the landlord! Glad you could end your year on a high after everything you have been through.
I'm impressed you got a mortgage by yourself my husband and I both work full time but still had to have my mum as a guarantor on our mortgage.
Did you consider owning with your partner, or have a talk with them about it? How did you decide it was the best decision to buy by yourself? Asking for myself.
probably she earns much more than him as a youtuber. also they are not married
Yasemin BAHAR FYI - My husband has our mortgage in his name as his credit score is much better than mine and he earns a lot more than I do. It makes sense. Also this way I can take advantage of first time buyer perks in the future.
Me and my partner are getting married soon and we're in the process of buying a house in both our names because it meant we could get a bigger mortgage, but we have already made the commitment to marry so I understand why Hannah (and others) wouldn't want to enter into that at this stage :)
@@CallMeCarolyn you don't need to be married to buy a place with your partner. I just bought a house with my boyfriend and we don't plan to ever get married 😊
Gemma Woodcraft That’s great 😀 you shouldn’t get married
I am totally like you with loving browsing houses online. I still do it now even though I own a house now so don’t need to look. And I LOVE a floor plan.
Flat u have to pay fees
90 years
Lease hold
Pay yes
Because might have trouble selling
Great video, I hate that schools don't teach us much of anything about living in the real world so thank goodness for people like yourself willing to share their experiences and give us a chance to learn important life stuff.
I'm watching this 4 years later when you're moving out and now have a baby! Congrats!!
Because housing is an inelastic commodity, this government assistance program that you’ve described in your video is actually driving up housing costs, through increased demand and decreased supply as a result of regulations.
Hannah's videos make me happy, recently discovered her channel and have been marathoning.
I bought my flat in 2017, and I am also obsessed with floorplans! My favourite thing to do is try to recreate floorplans from property listings on the sims 😂
Congratulations on buying a flat! Last year I made enough money to pay rent for a bedroom in a shared flat by myself and I felt super rich and accomplished haha. I'm glad you're so satisfied with your decision and this video is really helpful. x
Enjoyed this video Hannah, thanks! I'm 27 and am only just renting by myself for the first time this year (moved in during March). I can't imagine being in a financial position to buy my own apartment, although I desperately want to. Having said that, a year ago I couldn't imagine not being in a house share so I think I just need to keep the faith!! :)
Would be cool to see a video comparing your experience buying by yourself, vs someone buying in a couple
Hannah: I have watched several of your videos and from the start I've been very impressed wit your openness about very intimate personal things. You''re a very lovely young lady and I admire you very much. Your courage through some very difficult times is really astounding. Keep it up and good luck.
Buying a house is such a huge deal for people in our age range (im 26 and bought my first house 3 years ago) and its such a stressful & expensive process, but the great thing is, when im mortgage free before im 55, my renting friends will still be paying thousands of pounds in rent a year for the rest of their lives! Good video, very informative.
Most people can't afford a house so why do you make it seem like you've made some kind of big sacrifice lol? Your "renting friends" are the majority of the population... you just sound like a bit of a dick lol
Glad you started with the acknowledgment that you got money from family, told me that this video isn’t going to teach me anything don’t already know I just don’t earn enough!
You are a woman i aspire to. This makes me so motivated. Tysm for being you!
So what experts should you have? And what do they do?
Mortgage Advisor?? Where do I find one of those???
**Gets out notebook and pen. Puts on spectacles.**
I had a really shitty day and nothing makes this day better that some serious adult talk. Well, maybe puppies, but adult talk is good, too. Seriously I love talking money, rent and all this adult stuff. I'd love to see more of this kind of content.
So I just looked into a buy to save ISA and found some information on money saving expert that others might find helpful - Lifetime ISAs can be used for the deposit also, can be used on a house up to the value of £450,000 anywhere in the country, carry a larger bonus and also the bonus is paid monthly rather than when you are ready to withdraw pay the deposit. Whether you should go for a LISA or Help to Buy depends on your circumstances but thought it was worth mentioning.
It’s nice to see someone doing this type of video as people are clueless when it comes to buying houses. As a mortgage advisor this is helpful for others but not 100% accurate. My advice is get yourself a good mortgage advisor (independent or through an agent - not through a bank), they will explain everything, initial appointments are always free of charge. I hold the hand of every customer throughout the whole process, including none mortgage related stuff. The average time from your offer to be accepted to completion is 8-12 weeks. With a standard house purchase (none new build) you agree a completion date at exchange of contracts, so the date legally can not be pushed back. Also HTB ISA is for first time buyers but the equity loan is available to anyone who will only own that property (and not have any other properties rented out etc) - there are also limits/ T&C’s to both.
Just out of curiosity, why do you say not to get a mortgage adviser through a bank?
Omg. We saw our condo October 2nd and moved on December 1... I can’t imagine having it not be 60 days from the offer being accepted by the seller to moving in!!
You literally just taught me more about mortgages and buying a house than I learnt from school or my parents. Thanks for that! 💗💗💗💗
Good on ya darl! Girl power! Lol some additional things u should consider:
Debt- bring down ur debts I.e. credit cards, amount owing loans
Preparedness- have all ur ducks lined up, paper work, schedule, deposit and know the process
Financial advice - know ur options and have a good financial advisor
Perseverance- don’t get disheartened and if it’s meant to be it’s meant to be
Brave - get ready to pull the trigger and move decisively
Compromise- be realistic with the location and property types
Good luck Gen Y’s.... this might not be an option for a lot of us now and in the future....😔😔😔
I’m in a similar boat, I bought a 4-bedroom house in my ideal area as a single 25-year old. I worked minimum wage my entire life but I knew I wanted a house so I’ve been budgeting and saving and working towards this goal since I was 14 years old. But like you mentioned, the biggest thing is hard work. It’s tough to save up all the money for a downpayment while still paying rent and bills and working minimum wage, but if you’re willing to work hard and make sacrifices and have the determination, it’s doable!
Oh my god I love a good floor plan 😂😂 when I was flat hunting I wouldn’t go near the flat if they never had a floor plan online!!
I LOVE how you've assorted your books!! categorising by colour is my jam
All the best with your new flat, Hannah... And the large amount of debt that comes with it. I hope that your experience in your new place is very happy.
I think it's important to clarify that the process of exchanging/completion appears to be different with the help to buy scheme/new build. Normally exchanging is when you transfer all of the deposit and you make a commitment to buy the property, completion normally takes place between a week to a few days after the exchange date and that is when the property is officially sold and you can pick up the keys and move in. Up until exchange, you can back out of the sale.
I also bought my own property with help from family. I recognise how lucky I am that I was in this position but I wouldn't call myself privileged - just because my family helped me out (which was the result of a long term investment in private pension) doesn't mean my family is rich or well off.
This is so helpful thank you!! I’m only 17 but looking ahead for the future and it seems so overwhelming, videos like this are so insanely useful to me
Congratulations! We bought a house the same month we got married (age 23 and 25) it was so stressful! Omg. Definitely not planned but when you find it, you just have to jump on it.
I just remember feeling like I was role-playing like an adult every time we were at the bank.
Audience retention on this has to be 100% this was sooooo dang helpful!!
I actually got a bit emotional at the start of this video cos you've had such a big year full of challenges and it makes me so happy to see how much you've achieved! I'm so happy for you and I'm really enjoying seeing all the new flat content because I can see how happy you are and you really deserve it. Idk this is getting all mushy but I love watching your videos and I'm so happy that you're not only recovering from the challenges you've had but also just generally kicking arse!!! 💛💛💛💛💛💛
I bought my first property in Liverpool at 33 by myself, I was going to get a flat but service charges are so damn expensive in some places. Some locations were £100 a month whilst others were £250 which was insane considering that's the North of England! I guess it could be higher in the South, also you have to consider the annual fee of ground rent which aren't as much as a service change but still can be a bit much depending where you are. Keep in mind with a lease hold, it has a number of years on it until it will expire, most new build flats will start at 125 and some others will be a crazy length like 900! If you buy a flat and the length is under 80 years then it might not be worth buying as the more years go by, the less the property will be worth, it costs thousands to extend the lease agreement! I ended up buying a maisonette, it's leasehold but there are no service charges and I have my own back garden.
I live in the United States and I own a home, I’m 26 and married. Idk why I watched this as it isn’t useful to me really, but I found the differences in the house buying process pretty interesting. Plus I watch whatever you put out 🤷🏼♀️🤷🏼♀️😂
How come people have commented on this 20 hours ago but i see that it was uploaded a couple seconds ago? MYSTERIOUS
special folks get special perks :)
Thank you so much for this! Super informative and you made it much easier to understand. You also managed to make it all seem less scary, without downplaying the stress of buying a place. Really great video Hannah ❤️
This video was heavy on the education part of your channel. I love anything to do with real estate, so I really enjoyed it! :)
Buying a house is the most stressful thing I’ve ever done in my life. I also bought it myself, but in america, and I closed in March and it’s been really great since then. I started looking in November and I thought that process was crazy long. It’s such a different experience here, i guess. Congratulations anyway!
So glad you put in the disclaimer that you own the home, and you're partner live there. I've been very afraid that without a life partner (and some sort of legal agreement (ie marriage etc)) I will not be able to consider owning. And so many solutions to the "millenials can't own property", is "well you'll get married and you'll do it together no problem". But like not having the greatest relationship time right now and I can't accept that solution, because a) sad, in denial, about relationships feelings, but also b) fearing I'm not a complete person without someone else, literally. Thank you Hannah for being clear!
Congratulations! What is escalation rate on ground rent? Do you need approval from freeholder for future improvement to your flat? Do you have first right of refusal to buy out the freeholder? Did your solicitor help you on these matters? Leasehold report from propertymark is very interesting! 94% leasehold homeowners regret buying a leasehold!
I bought my house on my own, June 2015. Back then I was 23, and had a permanent contract at the company I work at. This makes it a lot easier, I agree. I also had support from my parents to buy my house, but also had a lot of savings. So, in the end, I paid 45% of combined my savings and my parents gift. 55% is mortgage. And I got a new kitchen, got the roof fixed, new utility closet, etc. Even without my parents gift, my mortgage would have been higher, but it would still have been possible.
Everyone is different, you know? Everyone has different lives. I have been very fortunate with how it all turned out, very grateful. Still working at the same company (6 yrs) and in the same house (4 yrs). I wish everyone the same fortune!
Super helpful video here, it's surprising the number of people who aren't aware of the schemes that are available for first time buyers so good that you are using your platform to spread the word! Probably worth mentioning (though I doubt anyone will read this) that you can actually combine the HTB equity loan and the HTB ISA to make use of both incentives. :)
This process is so different from the process we have here in the US. Incredibly interesting.
Your hair got so long! Looks great! Congrats on your new home.
👏👏👏👏👏Thank you so much for acknowledging the privilege of family help. Also, yay! Congratulations!🎉
It's interesting that it's rare to have your own flat at 26 in London. I bought my apartment in Stockholm when I was 23 and I was probably the last one among my friends to invest in something. I guess it's because property must be much more expensive in London. Anyhow, congratulations to your home! :)
A video on finances in a long-term relationship would probably be super useful and cool
Hats off hannah...I am also 26 year old..but I can't afford home....keep it up...I really like your video..thanks for appreciate.😘
Me and my partner have done the lifetime ISA which is also another option to look at (have to have it open a year before using the money). We have had no help from family so it's been a long time coming! We are looking to buy next year and I'm super excited!!
We decided against the help to buy equity loan as we didn't think saving to buy the percentages was that doable when we have a wedding to plan and maybe kids in the future.
So pleased for you though and glad you have made living in London work, can't wait to do the same!
To anyone else buying - Money saving expert is your friend!
I loved this video. So few unmarried single people in their 20s consider buying property and it's really a great idea a lot of the time. Hopefully, you have expanded the universe of possibilities for many young people. I'm very happy for you as well.
Probably because the vast majority of unmarried single people in their 20s can barely afford rent nevermind "buying property"....?
It is true that the down payment and credit worthiness can be a problem for people just starting out, but if you can find a way over those hurdles, the monthly cost is usually less than rent. If you can buy a place with more than one bedroom, you can also rent out the extra rooms and sometimes cover your entire mortgage payment that way. It is one real advantage for younger people because roommates are more tolerable in your 20s than in your 30s and beyond.
This was very interesting even though I don't loive in the UK! You are incredibly good at explaining just about anything in a very comprehensive way. Not many people could talk about a subject like this without coming off as bragging.
I literally just stopped watching the second "money from family" came out. Obviously we can all have a house with help from parents/grandparents if they have enough money themselves lol
I don't have anything against Hannah herself but I absolutely agree. Especially in current times, I can't bear anyone producing any material about 'HOW I bought this property' as if there's any genuine advice, when in reality it has only happened because of family money, and the person is unaware that's all there is to the story. The rest is mainly indulgent privileged ramblings and the fact the property is in London tells us how much family money was involved to begin with. People forget the amount of people who literally have absolutely no nest egg, no family inheritance or help, they have their wages or benefits which pays their rent and very basic living costs and then that's it - nothing left. Even with help to buy schemes these are just dreams for most people, you need to be extremely privileged enough to have the money in the first place.
@@fffflorence I don't either in fact I think she's nice and cool and have been subscribed for years but... really? We are the same age and I'm pretty convinced that at the current state I won't be able to buy... ever. Because my parents are working class to this day aka barely any money even for themselves. Good for her tho.
If you have a good paying job you can do it without your parents. But nowadays it’s so hard. Most parents who are able to save money for their kids do it, Its not her fault and if it was a flat somewhere else she could have probably done it without the extra money.
@@rike2040 I don't think anybody has blamed her for having the money in the first place but for creating a video giving advice on a topic which can be easily summarised by the mere fact that she had the money to pay a deposit for a property in the first place. Also, the fact that the property is in London says it all. I live in London and I can say from experience that paying rent/transport will suck all your earnings. Also, in relation to the comment about "decent/high earnings", my boyfriend has a very well paid job, even for London, he's 27 and cannot save the ridiculously high amount of money a London property would cost him without the help of his relatives (unless he moves to a more affordable are of the country like the north). Nobody is offending Hannah, she's lovely and I like her content but unless you are in your late 20s living and working in London and are experiencing the reality of trying to save money without the help or support of relatives and paying rent and transport at the same time, you won't understand how useless and unrealistic this video actually is for the average young person in this city without middle class parents. Hope it doesn't come across badly, I just wanted to clarify my first comment :)
I disagree. I think the video is still helpfull, as it is sharing the process she went through to buy something. It is a similar process if you are looking to buy something more in your price range. I don't see the video as an instruction on how to buy a flat in london, but just sharing her experience on how she made it and the things she learned on the way. I think it makes a difference that she called the video "how I bought a flat in London" in stead of "how to buy a flat in London" Obviously when you listen to what she is saying there is a lot more to it than having financial help from your parents when buying a flat.
If *"Hannah Witton Ltd"* actually owns the property... Does that mean, if you ever needed to.. You could just declare bankruptcy and walk away debt free... ???
Sid'istic Atheist You mean like Donald Trump did???
I think she bought it personally, not through her company. Her company only paid her salary/dividends to her.
This was so informative and helpful, I wish more people spoke about their experiences with buying property etc! 💜
2 of my grandparents rented their flat for about 50 years instead of buying it. The amount they paid overall for rent we worked out would have been enough to buy the flat just over 2 times. Renting is incredible and short term a lot cheaper, but if you're looking for a long term 'forever' place to live, buying will (usually) work out cheaper in the long run. Also owning property is a good financial investment.
You also don't have to answer to a landlord at all, you can do what you what (within the law) and can fix things yourself and not have to wait on approval or anything
Congratulations Hannah!! It is an amazing feeling, I have just bought my first flat too :D again, it is mine and my bf is going to be living with me!!
Did you get any compensation for the delayed completion?
You don't normally, but banks will only start charging interest once you complete and the money is transferred
In normal cases where you buying from a person rather than a new build, there are late completion fees. But it's dependent on the contracts.
I was thinking this!
i think the upside of buying is that your monthly payments actually get you something in the long term - they pay off your mortgage so you own more of the house. whereas rent money just goes in a landlord's pocket.
How did you decide now was the time to be putting down roots? To pick a single flat in a single place for the foreseeable future?
This was so great! I am 22 and even thought I am not quite ready to commit to properties, I really appreciate this slightly more "adult" content :)
Thank you so much for this video Hannah! I'm thinking about buying in the (somewhat nearish) future and nobody's explained help to buy to me as simply as you do in this video! Also mortgages. They've always confused me, but you've explained it really well. Thanks for sharing your experience - congrats on buying your flat!
Great video Hannah!.. but personally I think you lighting was WAY better in your previous videos in the old flat.
Just a minor observation.
Still a super useful and well put togther video. Thank you!
This has virtually nothing to do with the video but that blanket is so cute. That aside I did really enjoy this video and found it helpful even though I don’t live in the uk and I’m not even moving out.
I LOVE HER!!!! She orders her books by colour!!!
Yes Hannah! More money and adulting videos please!
Random Sidenote: I'm loving the little drawings as transitions :)
It was quite different for us, buying a house in the States. My wife and I both inherited money in 1996, so we had about £21,700 for a down payment. Our house cost £112,000 and some total (1997 prices), so we financed about £90,400 in 1997. Twenty-one years into a thirty-year mortgage, we still owe £41,600.
Being in the United States and buying a home a few years ago it was interesting to see the difference between the countries.
Congrats on the house. And and keep Dan just outside the front door is a nice touch.
so much respect for you for making this vid, i think it would have been very easy to just keep quiet about it but you' re open, and informed and that's v good and important, much loooove
I'm 20 and I am ALWAYS looking at flats in London, I also set it to the most expensive ones sometimes just for a lol!
There's an alternative to the help to buy savings! You can also go for a lifetime ISA (cash or stock). There's only two companies doing cash ones at the moment but you can save a LOT more with lifetime ISAs and the government will give you £33k as opposed to £3k max I think. A help to buy ISA is still better though if you're planning on buying within 18 months, as you need to have a lifetime one a lot longer before you'll get the payout.
Hey Hannah, Good video and glad you’re now in the flat. You probably won’t remember me but I’m from Torc, good to hear your side of the process!
How did you find a mortgage advisor? How much does it cost to use one? Did you buy through a housing association or directly through the developer? Why did you choose an equity loan over shared ownership?
This was so informative and makes me so positive about Moving out myself x