Buying a home can be a daunting task, especially in London’s competitive market. For Jan and his partner, this journey was no different. After spending a year searching for their dream home, they finally found the perfect place at Kingston East—thanks to smart financial planning and the Help to Buy scheme.
Jan, a 38-year-old NHS worker, managed to purchase a ground-floor three-bed duplex in Kingston East, New Malden, for £575,000. By utilizing the Help to Buy scheme, Jan and his partner were able to secure the property with just a 5% deposit of £28,700 and a 40% equity loan from the Government.
“Without Help to Buy, I don’t think I’d have been able to buy a property until my next life!” Jan shared.
Their journey was not without challenges. The pandemic forced them to cancel their plans to visit family in the Philippines, redirecting their savings towards their future home. Working overtime and practicing financial discipline helped them build their deposit faster than anticipated.
Choosing a new build over a fixer-upper proved to be a wise decision. The affordability of running a new home, combined with the benefit of never-used appliances, made Kingston East an ideal choice. The location was another advantage, offering a balance of local amenities and proximity to work.
For those dreaming of owning a home, Jan’s advice is simple: “Do some research and be comfortable asking lots of questions. Visit developments of interest and ask for an affordability check. Saving takes hard work, but it’s worth it!”
Curious to know more about Jan’s journey to homeownership? Read the full story here.