Senior Citizens: Can you remember the price of your first house and how much you had to pay per month?

Ritaah

to clear the mortgage and over how many years you did this?

My first home was £2,800 (a small three bedroomed semi-detached in U.K.) We were allowed to borrow only £2,200 so had to raise a lot more than the usual 10% deposit. Both sets of parents helped so that we could secure the house. The monthly payments were £18 because that was my husband's weekly pay. No-one was allowed to pay more than that off a mortgage in those days. It took 25 years to clear then the house would have been ours (except that we moved houses with a re-mortgage). We still cleared the mortgage within that time scale. Making that very last payment was a wonderful feeling.

How about you?
I forgot to say that we bought that first house in 1970. The interest rate on the mortgage at that time was 15.5%. Fortunately it was lowered some time later.

Answer
I t was £1,800 like yours a 3 bedroom terraced house with 2 lavatories,quite a luxury in 1955,I had to pay 10% deposit before I could get a mortgage,from the Halifax Building Society the monthly payment was £11.15.11p. We sold it 4 years later for £3500 to buy and end of terrace house I then got a position in a Bank and re-arranged my mortgage and paid 2 and half %,over the years I moved twice but the most mortgage I paid was £21,sold the last house for £48,000 and bought a bungalow for almost the same price,my mortgage finished on the day I left the bank on retirement. We never had any help for our deposit ,things were not very good back in the 50s

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