'We bought our first house after renting for 20 years - we thought we'd be stuck in a trap forever'
06.06.2023 - 16:14
/ manchestereveningnews.co.uk
A couple from Greater Manchester have managed to make a step onto the property ladder after more than two decades of renting. Due to fluctuating house prices and mortgage rates over the years, Elaine, 39, and Andy, 44, from Oldham say they were stuck in a 'rent trap' and were unable to save for a deposit.
But this year, after 20 years of renting, the pair finally purchased their very first home - a milestone which they were worried would never come. The first-time buyers now own and live in a three-bed, three-storey new build house in Chadderton.
The couple spoke to the Manchester Evening News as part of our Where I Live series, where each week we chat to a different homeowner from across the north west about their buying journey; and take a look at how they've made their home their own.
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"We were stuck in a rent trap for over 20 years. We've rented in several areas across Oldham, we’ve lived in flats, terraced houses, and semi-detached," Elaine told the Manchester Evening News.
“Back in the day we had to rent because that was just what we could afford to do at the time, but then we kind of got stuck in the cycle of not really having enough savings to be able to buy.
"It was only in the last couple of years when we thought 'you know, we actually need to try to get on the property ladder'. I wanted us to have the security of knowing we had a place that was ours.
"There are so many risks with renting and I just thought we need to be in control of our destiny. If we didn’t do it now we never would have done it. We thought we would have been stuck forever."
It was when Elaine got a new job that she decided the couple needed to take saving more