November 23rd 2024.
Welcome back to "What I Own" - Metro's series where we chat with homeowners about their journey onto the property ladder. This week, we're in Hackney, East London, where we meet James Barley, a 40-year-old senior PR publicist and content creator, and his partner, David, a 51-year-old trainee psychotherapist. They share a vibrant two-bedroom flat that they've made their own since purchasing it in 2019. Let's hear from James about their property situation.
James is a man of many talents, with a focus on men's style, fitness, and interiors. He takes great pride in their two-bedroom ex-local authority flat, which they share with their adorable 9-year-old French Bulldog, Buster. Located in Hackney, their flat is close to London Fields and Victoria Park, offering a variety of amenities right at their doorstep. They have lovely coffee shops, restaurants, parks, and even a cinema nearby, making it the perfect location for their active lifestyle.
The couple moved into their flat in April 2019 after falling in love with it during their January viewing. James was instantly smitten with the place, while David, being more level-headed, wanted to explore other properties before making a decision. They managed to purchase the flat for £400,000, leaving them enough room in their budget to do some renovations upon moving in. Their deposit of £40,000 was a combination of their savings and an inheritance.
Now, their monthly expenses have significantly increased compared to five years ago, with their mortgage payments and bills totaling £2,300. However, they consider themselves lucky as their expenses are still lower than what they would pay if they were renting. James enjoys a good cup of coffee, and he is grateful that they have many excellent options nearby.
When asked about how they saved up for their deposit, James shared that he had an inheritance from his father's passing over ten years ago, while David had savings. Getting a mortgage proved to be quite a challenge, as many lenders have restrictions on ex-council flats and buildings above four stories. Thankfully, they had a fantastic advisor who guided them through the application process.
Their current mortgage is with Santander, on a five-year fixed rate of 4.69%. Although their previous fixed-rate recently expired, they decided to stick with their current lender, prioritizing the certainty of housing costs over trying to guess interest rates. Before buying their flat, the couple lived in a one-bedroom new build in Dalston, which, although nice, had thin walls and small rooms. They decided to buy rather than rent because they wanted to have control over their living space and not deal with negligent landlords.
Their flat was found through an estate agent, and they both fell in love with it due to its location, size, and space. James feels lucky to be living in Zone 2 London, in one of the best boroughs in the capital. The transport links were also a significant factor in their decision, as they can easily commute to work and get to Central London in just 40 minutes by bus or overground.
To make their flat feel like home, the couple decided to give a nod to the flat's 1970s origins through their decor and color choices. David, having grown up in the 70s, found comfort in the mid-century furniture that would have been in his parents' home. Meanwhile, James, who tends to get bored easily, added his touch of clean minimalism with interesting pieces like their Giuseppe Parrinello Penis Vase and bright artworks. They also have plenty of candles from their favorite lifestyle store, Earl of East, which sells beautiful products from independent brands.
James's favorite room in the flat is the living room, where they have most of their objects, plants, and artworks. He loves how the room gets the most amazing light in the evening. Although David loves the bedroom for its calming effect, they both feel that they have enough space for now. They made sure to maximize storage space when they moved in, and they even worked with an architect to get the most out of the limited room.
Their niece, Rachel, who is a professional dancer, will be moving in with them soon. She recently graduated and needs to be in London for auditions, so her stay with them will be a true test of their space. James and David are excited to be helping her fulfill her dreams and, in a way, feel like parents or very cool 'Guncles.' With Rachel moving in, they have renovated their second bedroom from a home office and dressing room into a bedroom. They also have some upcoming work planned, including painting the balcony and internal stairs with bold colors from Yes Colours. They have also ordered new custom wardrobes from Tylko for their bedroom storage, as James will no longer have access to the other bedroom for getting dressed.
Hello everyone! Welcome back to our property series, What I Own, where we sit down with homeowners and discuss their journey onto the property ladder. This week, we're in the vibrant neighborhood of Hackney in East London, chatting with 40-year-old James Barley and his partner David, who own a beautiful two-bedroom flat.
James and David have been living in their flat since 2019 and have put their personal touch on the place, filling it with plants and unique wall prints. We caught up with James to learn more about their property and how they made it their own.
Tell us a bit about yourselves!
I'm James, a 40-year-old senior PR publicist and content creator focusing on men's style, fitness, and interiors. My partner, David, is 51 and in his final year of training to become a psychotherapist. We share our home with our adorable 9-year-old French Bulldog, Buster.
Where is your property located and what do you love about the area?
We're located in Hackney, near London Fields and Victoria Park. The neighborhood has everything we need, from great coffee shops and restaurants to beautiful parks and a canal for running. We also have a cinema right up the road for a cozy date night.
When did you move in?
We moved in back in April of 2019 after falling in love with the place during a viewing in January. I knew it was the one as soon as I saw it, but David was a bit more laid back and wanted to check out other options first.
How much did your property cost?
We were able to purchase our home for £400,000, which was under our budget and allowed us to start renovations right away.
And how much was your deposit?
Our deposit was £40,000, a combination of our savings and an inheritance.
What is your monthly cost of living, including mortgage and bills?
Our expenses have definitely gone up since we moved in five years ago. We recently renewed our fixed-rate mortgage and have seen an increase in bills like utilities and service charges. In total, we pay £2,300 a month, with £1,800 going towards our mortgage and the remaining £300 for council tax and service charges. Despite the increase, we still feel lucky to be paying less than we would if we were renting.
Now, let's talk about your journey to owning this property. How did you save up for the deposit?
I received an inheritance from my father over 10 years ago, and David had some savings as well.
What was the process like for getting a mortgage? Did you face any challenges?
It was a bit challenging as many lenders have restrictions on ex-council flats and buildings over four stories. However, we had a great advisor who helped us through the application process.
Can you share some details about your mortgage?
We're currently with Santander on a five-year fixed rate of 4.69%. Our previous fixed rate recently expired, resulting in a significant increase in our mortgage costs due to rising interest rates. We had a lot to consider when looking for a new deal, but ultimately decided to stick with our current lender for the certainty of housing costs.
Where were you living before this? Did you rent or live with family?
Before buying our flat, we rented a one-bedroom in Dalston. While it was nice, the walls were thin, and the rooms were quite small.
What made you decide to buy instead of renting?
For us, it just made sense to buy while we had the opportunity. In my experience, landlords don't always prioritize maintaining their properties as long as they're getting paid. Renting in London can be quite expensive, and landlords have the upper hand, so we wanted to avoid that.
How did you find this property, and why did you choose it?
We found it online through an estate agent and fell in love with the location, space, and size. We consider ourselves lucky to be living in Zone 2 in one of the best boroughs in London. We don't have a car, so the transport links were also a major selling point for us. We can easily commute to work and get into Central London in about 40 minutes by bus or overground.
Now, let's talk about how you've made this property feel like home. What inspired your interior decor style?
Our flat was built in the 1970s, so we wanted to pay homage to that era with our decor and color choices. David, who grew up in the 70s, found comfort in the mid-century furniture that his parents had in their house. I, on the other hand, tend to get bored easily, so we found a happy medium of clean minimalism with interesting pieces, like our Giuseppe Parrinello Penis Vase and Studio Lenca Limone portrait.
Where do you get most of your home decor?
We love shopping at Earl of East, a lifestyle store that carries a curated selection of independent brands and their own home fragrance products. We have a candle from there in almost every room of our flat!
Do you have a favorite room in the house?
David loves the bedroom for its calming effect, but I adore the living room. It's where we have most of our plants, objects, and artworks, and the evening light is just magical.
Do you feel like you have enough space?
For now, yes. When we moved in, our main priority was to maximize storage space, so we worked with a great company, Ply Kitchen, to create custom wardrobes and a kitchen. We also worked with their in-house architect to make the most of the available space. However, our niece, Rachel, who is a professional dancer, will be moving in with us soon, and we're excited to see how we'll adjust to sharing the space.
Do you have any plans to make changes to the property?
With Rachel moving in, we've converted our second bedroom from a home office to a bedroom. We're also planning to do some more work, including painting the balcony and internal stairs with bold colors from Yes Colours. And since I won't have access to the other bedroom for getting dressed, we're getting custom wardrobes from Tylko for our bedroom. We're always looking for ways to improve and make our home more functional and enjoyable.
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