October 26th 2024.
Hello there! This week, we're exploring the charming area of Isleworth in West London for our series, What I Own. In this series, we chat with homeowners about their journey of getting on the property ladder. Last week, we visited Kyle Halls at his lovely one-bedroom flat in Battersea. Today, we have the pleasure of peeking into Lauren May's one-bedroom flat in Isleworth.
Lauren used to live with her mum in Ealing, but in 2020, she decided it was time to fly the nest and find a place of her own. She faced a dilemma when buying her property, as she didn't have the full deposit amount. But thankfully, her boss came to the rescue and loaned her the shortfall. Now, after four years of living in her dream home, Lauren is looking to sell up and move to the suburbs.
Let's hear what Lauren has to say about her property journey. But first, did you notice those DJ decks in the corner? Pretty cool, right? Okay, now let's get to it!
Hi, I'm Lauren. I've lived in West London my whole life and I work as a sales manager for Aussie Removals, London's leading removal firm. My property is located in the peaceful area of Isleworth, TW7. It's a nice change from Ealing Broadway, where I grew up. I can even take a lovely 30-minute walk along the river to get to Richmond, where I enjoy having dinner in the summer or taking frosty walks in Richmond Park in the winter.
I moved into my flat in March 2020, after completing the purchase in January. The property cost me £320,000, and I paid a 5% deposit of £16,000, which was the minimum required under the Government's Help to Buy scheme. Currently, my monthly living expenses have increased from £1,100 to £1,400, as my five-year mortgage term has ended.
Now, let's talk about how I managed to save up for my deposit. I had been saving since my early twenties, but I ended up spending that on traveling and a car. So, I started saving again in my mid-twenties, putting away a set amount each month. I was also fortunate enough to borrow the remaining £6,000 from my boss. Our company has always been generous in helping employees in times of need, and it's a great place to work.
The process of getting a mortgage was a bit nerve-wracking, but I contacted Capricorn Finance Consultancy, and they were a great help. I took a 35-year mortgage with a five-year fixed term at 1.9%, which has now increased to 4.69%. Before moving here, I lived with my mum in her house in Ealing. But with my siblings moving out, I knew it was my time to fly the nest.
The main reason I wanted to buy instead of renting was the high cost of rent in the area. Plus, I really wanted to have my own place and decorate it the way I wanted. Speaking of decoration, let me show you around my place. The kitchen/living room is my favorite room, where my partner and I love cooking and listening to music on his DJ decks. However, as we've accumulated more belongings over time, we've realized that the flat is a bit small for us. So, we're currently in the process of selling it and looking for a larger property in Guildford or Camberley outside of London.
I found this lovely flat through Dexters, and it was one of the most reasonably priced new builds in West London. Other properties in the area were way out of my budget, even with the help of the government's scheme. I wanted a clean and fresh place, so I didn't have to do any work myself. And I must say, my garden was a bit dull when I moved in, but I've added some faux grass rugs, fence hedges, and painted the outside to make it greener.
One thing I want people to know about buying a home is to do your research and book your removal company in advance. I see customers every day who leave it to the last minute and end up stressing out. It's also essential to have a moving checklist in place and line up a good cleaning service to secure your deposit if you're leaving a rental.
And that's all for now, folks. Thank you for joining me on this tour of my home. I hope you enjoyed it as much as I did. Now, excuse me while I make myself an Aperol Spritz and play some tunes on the DJ decks. Cheers!
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