- I'm 26 and just purchased my first home in Scotland, UK, during the country's economic crisis.
- I almost gave up on the process because of the competitive market and high interest rates.
When I made the decision to try and purchase my first home last year, the timing was astronomically bad.
For starters, the UK's economy hit a new low in June 2022 when inflation rocketed to a 40-year high of 9.4%. And even though mortgage interest rates were — and still are — incredibly high, the demand for housing didn't seem to ease in my home city of Glasgow, Scotland, when I started viewing apartments in the summer of 2022.
After the first offer I placed on a two-bedroom apartment was rejected, I was told that I came sixth place out of the seven offers put forward. The person who bagged the apartment likely offered thousands of pounds over the asking price, which is something I couldn't afford to do.
I almost gave up on buying my first home
I ended up renting an apartment with my partner, Scott, for a couple of months while we waited out the storm. But the more we waited, the more I thought it would likely be several years before I attempted to buy a property because of the unpredictable market and high interest rates.
But then, things took a turn for the worse when we began to notice leaking and mold in our kitchen and we were told we'd likely have to vacate the apartment for several months while the issue was fixed.
I was open to renting again, but then in November 2022, I saw a listing for an apartment for sale that looked fantastic. It was only one bedroom, but it was in the same building as the apartment that I had previously offered on — and the asking price was far more reasonable since it was smaller in size.
I already knew I loved the building, as it overlooked a canal and had beautiful views of the city's skyline.
It was a long shot, but I knew I had to try.
The timing couldn't have been worse
By November, the economic situation in the UK was still pretty terrible. But in my mind, this was still worth pursuing. I had a permanent job, and I was privileged to have accumulated a decent amount of savings while staying at my parents' house during the UK's various lockdowns in 2020.
The timing also wasn't ideal when it came to my personal life. I ended up booking an appointment to view the apartment a couple of days after my grandpa died on Halloween. I remember my lawyer called me on the same day he died, and at first, I was too polite to tell her that it was a bad time to talk. But she could hear the tears in my voice, and quickly made an excuse to end the call.
I viewed the apartment and made an offer on the same day, which just happened to be the day before my grandpa's funeral. When I was told I had gotten the apartment, I was elated — but it also felt partly wrong to experience something so joyous during the early stages of grief.
This time around, the bidding process was a lot less competitive. There was only one other party that had made an offer on the apartment, and I was told that my offer was accepted since it was slightly higher.
Looking back, I'm glad I had something to take my mind off things. And besides, it gave my family something to discuss that was unrelated to the sadness we were all experiencing.
The process was easier than I expected, even though I did things backwards
After speaking to friends who had gotten mortgages in the UK, I realized there was a standard format to the process. Most people I'd spoken to had their mortgage application accepted before making an offer on a home.
I had been given a provisional mortgage agreement from a lender earlier in the year, but by the time November rolled around, its interest rates had unsurprisingly increased so I decided to look elsewhere.
I didn't use a mortgage advisor or broker, which is something several of my friends had recommended that I do. After my offer was accepted, I met with a potential broker to discuss their services and did my own research. I realized that the best rate they could get for me is something I'd be able to apply for myself, directly to the lender, without the extra cost.
I had a few conversations with my chosen mortgage lender over the phone, filled out some forms, and was approved. Overall, it was more straightforward than I expected, and I'm glad I trusted in my own abilities to go through the process alone.
It took a total of two months for all the paperwork to go through, and in January 2023, I moved into the apartment with my partner and our new kitten, Reggie.
We are incredibly happy in our new home. But I also know how lucky I am, especially as I'd almost given up on the process entirely. And I have absolutely zero regrets.