February 1st 2025.
Hello and welcome back to "What I Own" where we chat with homeowners about their experiences of getting on the property ladder. This week, we're by the seaside in St Leonards, talking to Patrick McAleenan about his journey to becoming a first-time buyer at the age of 48.
As the UK went into lockdown, Patrick found himself with some extra money to put towards a deposit. After 25 years of renting in London, he finally made the leap and purchased a three-bedroom flat in St-Leonards-on-Sea, East Sussex in 2021. Since then, he has been enjoying the freedom and sense of community that comes with homeownership.
We sat down with Patrick to learn more about his property journey and what led him to his current home. He describes himself as a 52-year-old with a varied professional background – owning a creative communications agency, working as a freelance journalist, and writing his first novel. He's also an avid art collector and enjoys staying active through exercise and hiking. Recently, he even took up pottery classes.
Patrick lives alone in a beautiful duplex apartment just a short walk from the sea. He describes the area as a creative hub for artists, musicians, and other creatives, with a strong sense of community. It's also a gastronomic and cultural hotspot, with a rich history thanks to acclaimed British property developer James Burton who built much of the town in the 1800s.
Before buying his current property, Patrick had rented for 25 years in London, living in 10 different places. But the pandemic gave him the opportunity to save up for a deposit, with £30,000 already saved and a generous gift of £10,000 from a friend who wanted to see him get on the property ladder.
When he first walked into his current home, he knew it was the one for him. It had all the features he was looking for and he could instantly envision himself living there. He ended up purchasing it for £325,000, slightly above the asking price due to the competitive market at the time.
The monthly cost of living in his new home has increased since he bought it in January 2021, with higher mortgage payments and utility bills. But Patrick is happy with his two-year fixed-rate mortgage with Barclays, even though it went up significantly after the first two years.
As a freelancer who had just set up a limited company, he initially thought getting a mortgage would be a challenging process. But thanks to his mortgage broker, it was a seamless experience. He chose this particular property because it ticked all the boxes – a beautiful, architecturally interesting home in a seaside town with easy access to London.
Before finding his dream home, Patrick lived with a close friend in North London for eight years. But he always knew he wanted to settle in one place that was his own. With the approaching milestone of turning 50, he felt the urgency to make it happen.
Now, he's enjoying his stunning 1850s maisonette with all its original features, just a five-minute walk from the sea. And the best part? He finally has the walk-in wardrobe he's always dreamed of.
This week, we're taking a trip to the seaside and chatting with Patrick McAleenan for our property series, What I Own. Patrick, who is now 52 years old, recently became a first-time homeowner after years of renting in London. He used the extra money he saved during lockdown as a deposit and found a beautiful three-bedroom flat in St-Leonards-on-Sea, East Sussex.
Patrick is a jack of all trades - he owns a creative communications agency, is a freelance journalist, and even dabbles in pottery. He loves collecting art, staying active, and hiking. He now lives alone in his dream duplex apartment by the sea.
St Leonards-on-Sea is a vibrant and creative community, perfect for artists, musicians, and other creatives. The area is also known for its delicious food and rich culture, with a strong sense of community. It was built by the renowned British property developer James Burton, who also built architectural gems like Bloomsbury and Regent Street in London.
Patrick's home is an 1850s maisonette that has been beautifully renovated by the previous owner, keeping all of its original features. It's only a short walk from the sea, which is a dream come true for Patrick. He moved in January 2021, after instantly falling in love with the property during his first viewing six months prior. His property cost £325,000, and he had a deposit of £70,000 from his own savings and a generous gift from a friend.
Now, Patrick's monthly expenses have increased compared to two years ago. He renewed his fixed-rate mortgage in November 2023 and has seen an increase in bills like utilities, but his service charges have remained steady. In total, he pays £2,400 a month for his mortgage and bills, with £1,800 going towards his mortgage payment.
The pandemic played a major role in Patrick's ability to save for his deposit, as he was able to cut back on non-essential spending while staying at home. He had already saved £30,000 and quickly saved the rest during this time. Luckily, his mortgage process was seamless thanks to his broker, who was able to find a suitable lender for his situation.
Patrick's mortgage is with Barclays on a two-year fixed rate of 5.92% until November 2025. He had previously rented in London for 25 years, living in 10 different places before settling in his friend's home for the last eight years.
For Patrick, buying a home was a way to finally have a place of his own and settle down. He also saw it as a window of opportunity, being in his late 40s and wanting to make the move before turning 50. He found his dream home in St Leonards, with its beautiful architecture and easy access to both the city and the beach.
Now, with his own walk-in wardrobe and a thriving creative community by the seaside, Patrick couldn't imagine living anywhere else. He's grateful for the opportunity to become a homeowner and is excited to see where this new chapter of his life takes him.
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