First Time Home Buyer Blog

I'm a first time home buyer, well I want to be so read my blog on how I get on on trying to raise the finance for a mortgage and try to buy a new home. All first time home buyers experience difficulties buying their first house, but in London UK, buying a house for the first time means you need one hell of a deposit to qualify for a mortgage. Although there are incentives for first time home buyers, market conditions still price us out so buying a home for the first time is something that we all dream of!

22-04-07 NEWS - An article appeared about www.buymeahouse.com in the Sunday Times today. It also featured a picture of me and my family (he says cringing). Thanks to the Sunday Times, Deputy Editor of Home Section & Journalist Flora Bagenal for highlighting my story and those of others in the same prediciment. Article in Sunday Times Home Section.

However, I would also like to respond to the article. I quote from the article "..setting up an online begging bowl." Excuse the pun but I beg to differ!. Granted some people are asking for the money but I thought I was approaching the problem differently somehow, especially as I have a 'Buy Now' button on the website rather than a 'Donate Now' button. Anyway, at least I'm putting my brain to the test and am attempting to expand the concept in to a living. My Pension Power idea takes a lot of hard labour, much of which I would do myself!.

19-04-07 - I had a furious argument with a guy who called me lazy last night. I meet up with my friends about once a month, we go out and play snooker among other things. A friend had bought along his outgoing cousin to join in on the fun. After a few drinks, the grumpy (middle age) men side of things surfaced as members of the group began to moan about current affairs such as the interest rates, house prices etc.

As the conversation progressed, my website was mentioned. After a little silence from my friends cousin (lets call him bob), he began a tirade of abuse saying 'damit! us workers pay tax and people like you leech of us and you come up with some lazy idea to get on the property ladder!'

Remaining calm I replied, 'I was working before you even got into high school!, so I've paid my fair share of tax. Added to that, I receive no benefits or handouts of any kind and any business venture I have undertaken has been completely self financed. Also, I'm a full time carer of my parents who are physically disabled and look after a child during the day!. What do you do? I said.

Bob remained quiet for a while, then all he managed was a little chuckle. I knew he still lived at home with his parents who were pressurising him to get married... Maybe I got him to look at himself for a moment?

Moral of the story is, contrary to what some people may believe, I'm a hardworking motivated person, its this that continually drives me to attempt things like this, If you don't try.... you'll never know!

18-04-07 - Inflation is reported to have risen. This not only means that a further hike in interest rates are imminent but also hints that the cost of living is increasing. Just another challenge eh!

The goalposts are on the move again!

16-04-07 MUST READ - A popular UK newspaper has contacted me to learn more about what I am trying to do to increase my chances of getting on the property ladder. I'll let you know which paper if I get a mention and will post a copy of the article online. It got me thinking though!

There are so many people out there either worse off or in a similar situation. SO! I'm offering £50,000 towards a deposit on a home for any person or couple IF I can sell all the bricks on the home page. Write to me & tell me about your experiences and what you are doing to get on the property ladder. The award will go to the most fascinating story. What do you all think?

10-04-07 - I've seen a really good property for sale. Its a fix it upper but could prove to be a real investment because of the location. Watch out for details in my property section coming soon.

30-03-07 - After all the extensive research I have done about finance and mortgages, I thought it would be a good idea to share the knowledge and help point you in the right direction of some great deals & advice. The property section will be released soon on another website I have built called www.1mortgage.co.uk, great for first time buyers and more seasoned buyers and property investors. If you are a lender, contact me for some great qualified leads

25-03-07 - This has been a really tough week. I'm conducting business from a phone box at the moment buy hey, didn't Richard Branson start like that? Anyway, that's not the problem, as motivated as I am, sometimes things can get hairy and it leaves you feeling exhausted.

Sometimes I ask myself if I should rent for the rest of my life, wouldn't it be easier? I mean with no liability such as a mortgage, wouldn't you be free to continue doing the things you like? Problem is, don't we all LIKE to have our own house?

23-03-07 - I have a web 2.0 project in the pipeline, a project along the lines of You Tube and Facebook combined but taps in to all our inner most desires. that's all I could say publicly but if there any interested investors out there drop me an e-mail to discuss further.

I am a first time home buyer

( reposted 2007) I have no savings, bad credit and make little money. So how do I go about getting on the property ladder? House prices continue to rise, in my area (Hounslow), property prices have risen 16% [source bbc.co.uk, 2006]. in the last year and continues to rise.

Interest rates are rising due to high house prices & inflation, wages are not increasing in line with these rates, rent prices are increasing and recent legislation such as Home Information Packs [Hips - compulsory after June 2007] and stamp duty adds extra pressure to buyers and sellers. Added to this is the compounding effect of a shortage of housing and a massive influx of immigrants adding to the housing debacle in the UK.

The result for a first time buyer is an endless loop of trying to reach a moving goalpost that gets further and further. New products are popping up in the market such as mortgages at 5 times the income rate from Abbey, but house prices are pushing all time highs and growth rates are far exceeding the level of wages.

So what do I do? Going for that great job sometimes feels like a job in itself, with downsizing and cost cutting, whose jobs are safe these days anyway. And as I pursued those glory roles, I fell deeper in debt as house prices increased moving the goalposts to buying my first home out of sight over the horizon.

So lets see what happens. I am uploading this website in a few moments. Its 2:06am, I'm tired! I caught a few more cockroaches tonight, I'm getting used to them. After I've uploaded this site I'll probably forget about it. I cant even imagine how I'm going to get people to visit this site. Anyway, I got more to worry about like paying the rent so I must get some sleep, the little one has been getting up early these days!

Keep posted