A woman who knew nothing about buying a house has shared what the experience was like from start to finish – including common mistakes she wish more people knew about.
When Olivia Bamford began looking into purchasing her first home, she was initially filled with excitement about the process – but then faced many hurdles to overcome.
While the 24-year-old has now secured the keys for her detached, three bedroom new build – a distant dream for many in their 20s – she’s now sharing her experience to warn others about the “hidden” factors of becoming a homeowner.
In a clip, posted on TikTok, which has racked up 508,000 views and over 30,000 likes, she details the process from start to finish – including nearly losing the whole deposit.
“I think the most shocking part for me, which is insane, is that once exchange is done, there’s no going back,” Olivia, a social media manager from the Midlands, told http://NeedToKnow.co.uk .
“If anything happens between that time and completion, where you can’t buy the home, or if your mortgage offer is taken away, then the people who receive the deposit will get to keep it.
“It doesn’t make any sense, especially as the process still isn’t finalised yet.
“I wish I had made a new email account because there’s so many emails and different people to contact, and often, they end up getting lost.
“It would have made everything so much easier to do this.
“CC people into everything too, including solicitors and mortgage brokers, as there’s a lot of contact made behind the scenes, which the buyer is often kept in the dark about.
“I also wanted to use my Help to Buy ISA, but then found out I wasn’t able to do so, as the terms hadn’t been updated since 2015.
“They only work for houses up to the value of £250,000 and there isn’t much you can get for under that nowadays.
“Having this for the last five years or so was completely pointless and that money could have been in a better savings account getting more interest.
“Most importantly, budget for more than just the deposit, as there’s so much more stuff to pay for – such as the first mortgage payment, which can be hundreds more than the usual payments.”
Olivia, who purchased the home with her boyfriend, Ryan, 24, originally planned on buying a property for £250,000 with a £30,000 deposit.
But then, as interest rates started to rise, the pair started to fear that their dream home was off the cards for good.
She said: “We were very scared about being able to afford it, especially with the unknown about mortgage rates and what could happen in the future.
“But I was so ready to move out of my parent’s home and I do budget well, so we managed to find something that wasn’t too much of a risk for us.
“I didn’t want to borrow anything off my parents, as while the possibility was there, I wanted this to be something we had achieved on our own.”
Through being “sensible” with their money, from budgeting to not going out too much, they were able to save up £35,000 in total – but had to fork out an extra £50,000 over budget for their house.
Olivia said: “We almost bought somewhere that was nice, but in an area we didn’t like and once it got more real, we realised location was the most important factor.
“We had put down a reservation fee on this, but luckily got it back after we pulled out.
“So we had to spend a lot more than what we wanted to, but I’m really happy with our home – and I know we’ve made the right decision.”
After sharing her experience, users have flocked to the comments to share their reactions, with many viewers offering their advice too.
“Just to note, some mortgage in principles can affect your credit score depending on if the bank does hard or soft credit check,” Wiktoria said. [sic]
Another person added: “You got me worried about the deposit – I recently heard this happen to someone on TikTok.” [sic]
“Na this is so long for what just take my money and let me in my house,” one user commented. [sic]
Kristi added: “I can not stress how stressful this experience is! I’m in the process now and it’s soo long!!.” [sic]
“Always do a structural survey! No matter how new the build. Cheaper to find out any issues earlier on then paying £££ further down the line,” Dylan said. [sic]
Olivia added: “I am really excited and proud of us for this achievement.
“I’m grateful for the opportunities in my life that led me to being able to work hard and get such a beautiful home, as I know that isn’t possible for many people.
“My advice is to budget your monthly income and save as much as possible.
“I had to turn down a lot of trips and events, but it was worth it, because these will happen again – but the sooner you can get on the ladder, the better.
“If your parents have the money to help out and are happy to do so, then go ahead, it’s completely up to the person.
“I don’t think accepting help should be looked down on.
“But it’s not easy and can be a difficult process going in blindly.
“I’m not an expert, so most importantly, do your own research.”
