July 27th 2024.
Welcome back to What I Own, the property series by Metro where we chat with homeowners about their journey onto the property ladder. This week, we're in East London, exploring the vibrant and diverse streets of the Big Smoke. Last time, we met 28-year-old Emily Smith in Nottingham and took a peek at her colorful new-build home, but now we're back in the city to catch up with 22-year-old Pari Pande. Pari recently purchased her own two-bedroom flat in East London for £592,750, and she's here to share her story with us.
Born and raised in Nottingham, Pari moved to London last July to start her first job in investment banking. She also ran an educational YouTube channel called 'Life of Pari' while studying Economics at university, and now she's back on track to continue creating content. On top of that, she also tutors GCSE and A-Level subjects online, finding joy in helping and guiding young people.
After renting a room in Ilford for a while, Pari decided it was time to invest in her own place. She purchased a two-bedroom, two-bathroom apartment at Riverscape in the Royal Docks, a well-connected area with easy access to central London. Pari loves the sense of community in her new neighborhood and feels safe walking around, even at night. She's also grateful for the option to call the on-site concierge for extra security.
Moving to London has been an exciting adventure for Pari, and she's thrilled to have found a home that feels like a true community. The area is filled with greenery and has a relaxed atmosphere, unlike the stereotypical hustle and bustle of the city. People are friendly and approachable, and Pari loves the sense of community, reminiscent of her hometown in the North.
Pari moved into her new home in March 2024, after saving up a 50% deposit of £296,375. Her monthly mortgage payment is around £1,300, and her bills add up to £405 per month. She managed to save up for her deposit by being frugal and not touching the money she earned from her tutoring business and YouTube channel. Her parents also kindly helped with any remaining balances.
Getting a mortgage as a first-time buyer can be challenging, especially when you're young and have limited credit history. It took Pari a few months of shopping around to find the right lender with a good interest rate. She eventually secured a 27-year loan with a two-year fixed rate of 4.17%.
Before purchasing her own place, Pari rented a room in Ilford, and before that, she lived with her family in Nottingham and studied in Warwick. She chose to rent in Ilford because of its proximity to her workplace, but she ultimately decided to buy her own apartment when she realized the high prices of renting in central London.
Pari's search for the perfect property was a long and tiring one, with over 150-200 flat viewings. Her family initially advised her to look in Islington, but she was disappointed with what she could afford there. After exploring other areas, Pari fell in love with Stratford and almost finalized the purchase of a flat there. However, she found out last minute that pets were not allowed, and the deal fell through. But, as fate would have it, Pari received a call from an agent about an open house at Riverscape, and she fell in love with the place immediately.
Location was crucial for Pari, as she works long hours and didn't want a long commute. She's usually in the office from 6:45 am to 5:30 pm, so living close to work was essential. Luckily, Riverscape ticks all the boxes for Pari, and she's grateful to have found her dream home in such a lovely community.
Hey there! It's time for another edition of What I Own, Metro's property series where we chat with homeowners about their journey to owning a place of their own. Last week, we met Emily Smith, a 28-year-old who bought a new-build home with her husband during the pandemic and transformed it into a colorful and cozy haven. Today, we're in East London to meet 22-year-old Pari Pande, who recently purchased her very first property for £592,750.
Let's get to know Pari a little bit better. She was born in Nottingham and lived there until she left for university to study Economics. Last July, she made the move to London to start her first job at an investment bank in the City. Pari also used to make educational content on YouTube under the channel 'Life of Pari', but had to take a break during her busy university years. However, now that she's settled in her own place, she plans on picking up where she left off. In addition to her day job, Pari also tutors GCSE and A-Level subjects online, finding it fulfilling to guide and teach young people.
When she first moved to London, Pari rented a room in Ilford, but she recently purchased her own two-bedroom, two-bathroom apartment at Riverscape in the Royal Docks. She chose this location for its convenient access to central London and its strong sense of community. Safety was also a top consideration for Pari, and she feels much more secure living in an area where she can walk around at night without worry. Plus, having the option to call the on-site concierge or security team adds an extra level of comfort.
Pari moved into her new home in March 2024 and her property cost £592,750. Her deposit was 50% of the property value, which came out to £296,375. She currently pays around £1,300 per month for her mortgage and £405 per month for bills. So how did she manage to save up for such a large deposit at such a young age? Pari worked hard during her time at university, running her own tutoring business and saving 60-70% of her salary from her job. Her parents also helped out with any remaining balances.
Securing a mortgage as a first-time buyer was no easy feat for Pari. With limited credit history and being on the younger side, finding a lender with a good interest rate and loan amount was a challenge. After months of shopping around, she was finally able to find a suitable mortgage with a 27-year loan and a 2-year fixed rate of 4.17%.
Before moving into her own place, Pari rented a room in Ilford and lived with her parents and dog in Nottingham. She chose to buy rather than rent in London because the prices to rent in central areas were just too high. After exploring different areas, she fell in love with Riverscape and its location. She initially looked at flats in Islington, but was disappointed with what she could get for her money. She then focused on Stratford, but unfortunately, the flat she was interested in didn't allow pets. But everything worked out in the end, as Pari's agent convinced her to check out Riverscape and she fell in love with it immediately.
For Pari, location was key when choosing her home. With long working hours, she didn't want to spend more than 40 minutes commuting each day, and Riverscape offered the perfect balance of convenience and community. The area is filled with greenery and has a friendly, community vibe that reminds Pari of her hometown in the North. And let's not forget the gorgeous interior of her apartment, complete with velvet sofas and beautiful wall prints.
We hope you enjoyed getting to know Pari and her journey to homeownership. Stay tuned for our next edition of What I Own!
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