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. | 
