In this video I tell you how I bought my FIRST house at 23 years old and teach you the skills you need to buy your first house at 23 or even younger. I'll be telling you my top tips for earning more money, understanding credit score, understanding how mortgages work, understanding the costs involved and also how to save more money.
Earning more money.
There are many ways to earn more money such as asking for a raise, starting a new career, an additional job, a commission based job, a new business, claiming tax back and selling items on eBay.
Understanding credit score.
Credit score is a quantitative scale of worthiness and reliability when borrowing money that banks use to decide if they want to lend to you or not. Having a good credit score gives you the best borrowing rates.
Understanding how mortgages work.
A bank will typically lend you 4-4.5x your salary in the UK, this can be increased by buying with a partner as a bank will lend to you based on your combined salary. There are also a number of different mortgage types that I go through in the video.
Understanding the costs involved.
There are a number of different costs such as legal fees, insurance, mortgage fees, early repayment charges, survey fees, council tax etc.
How to save more money.
Start to be more frugal, do I really need this? You could also consider making less expensive choices and lifestyle changes such as going out to bars less and choosing non-designer clothing. It is also worth making different supermarket choices and buying non-branded products. Finally, it is well worth opening a separate bank account which is harder to access your money.
Social media
Instagram - ThomasJamesYT - https://instagram.com/thomasjamesyt
TikTok - ThomasJamesYT - https://tiktok.com/ @thomasjamesyt
Subscribe for more property related content - https://youtube.com/channel/UCRTndpz_fpcVcoVe0QF1IgA
The information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Thomas MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Thomas' videos. If you need such advice, please contact a qualified accountant, solicitor, insurance agent, contractor/electrician/engineer/etc. or financial advisor.
This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
#PropertyInvesting #BuyAHouse #FirstTimeBuyer
Earning more money.
There are many ways to earn more money such as asking for a raise, starting a new career, an additional job, a commission based job, a new business, claiming tax back and selling items on eBay.
Understanding credit score.
Credit score is a quantitative scale of worthiness and reliability when borrowing money that banks use to decide if they want to lend to you or not. Having a good credit score gives you the best borrowing rates.
Understanding how mortgages work.
A bank will typically lend you 4-4.5x your salary in the UK, this can be increased by buying with a partner as a bank will lend to you based on your combined salary. There are also a number of different mortgage types that I go through in the video.
Understanding the costs involved.
There are a number of different costs such as legal fees, insurance, mortgage fees, early repayment charges, survey fees, council tax etc.
How to save more money.
Start to be more frugal, do I really need this? You could also consider making less expensive choices and lifestyle changes such as going out to bars less and choosing non-designer clothing. It is also worth making different supermarket choices and buying non-branded products. Finally, it is well worth opening a separate bank account which is harder to access your money.
Social media
Instagram - ThomasJamesYT - https://instagram.com/thomasjamesyt
TikTok - ThomasJamesYT - https://tiktok.com/ @thomasjamesyt
Subscribe for more property related content - https://youtube.com/channel/UCRTndpz_fpcVcoVe0QF1IgA
The information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Thomas MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Thomas' videos. If you need such advice, please contact a qualified accountant, solicitor, insurance agent, contractor/electrician/engineer/etc. or financial advisor.
This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
#PropertyInvesting #BuyAHouse #FirstTimeBuyer
I never like when people use the word "bought" when buying a property as all they have done is to secure a large loan, they also like to call themselves "homeowners" which I don't like either as they are technically "homebuyers" as the house is not owned until the mortgage is settled in full.
I'm not meaning to get at you by saying that , it just gets me as I was a homeowner (not buyer) at 24 and find it misleading when those with mortgages assume they are owners, maybe if they stop paying the mortgage for a while they will find out what they are.
So I am assuming you bought your first house at 23 using all the above strategies. No student loans? How much deposit did you put down? Ps-Enjoying your content massively. Thank you
I make sure to save money by having a budget and by paying myself first automatically every time I get paid.
Then I just try to buy food when it's on offer and freeze it, if possible 😅
That's my instant 30-50% return haha 🙂
Is this a property you bought one you live in or let out? What do you do for a living ?
Do you have any more now? 23 is very young! I bought my first at the same age, followed by a second at 26 and now I’m nearing my third, not in any rush in this markert and crisis right now
Excellent stuff and advice, keep it up!
Good work
i see you have also saved money buy not buying a tripod
Sorry all, at 7.35 it should say 'conveyancer' not 'surveyor'.
Drop a comment below letting me know your top tips for earning money or saving more!