What I Own: I paid the deposit for my £320,000 Isleworth one-bed by borrowing from my boss

What I Own

For last week’s What I Rent, we visited Kyle Halls at his one-bedroom flat in Battersea.

He moved to the area almost three years ago, and loves the convenience that his current lease offers him, from the state-of-the-art gym to the cinema room.

This week, we’re in Isleworth in West London having a nosy around Lauren May’s one-bedroom flat. Having previously lived at home with her mum in Ealing, she decided it was time to fly the nest in 2020.

When Lauren came to buying her property just before the pandemic, she was faced with a dilemma: she didn’t have the full deposit amount. And so, she was able to borrow the shortfall from a rather unexpected her donor, her boss.

She was able to secure her dream home, and now four years, she’s looking to sell up and move out to the suburbs.

Here’s what Lauren had to say about her property situation…

Tell us about yourself!

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 in Isleworth, TW7. It’s a lovely peaceful area compared to Ealing Broadway which is where I grew up. 

You can walk 30 minutes from my flat, along the river into Richmond, where I frequently visit and enjoy dinner on the river in summer, or frosty walks in Richmond Park in Winter.

When did you move in?

I completed on January 31, 2020 and moved in in March 2020.

How much does your property cost?

£320,000 for a one-bedroom ground floor flat with some outdoor space and a designated parking bay.

I paid a 5% deposit which was £16,000. This was the minimum deposit required under the Government’s Help to Buy scheme.

My monthly cost has recently increased from £1,100 to £1,400 as my five-year mortgage term is up!

I had been saving up for a long time since my early twenties, but I ended up spending that on travelling and a car, so started again in my mid-twenties by putting away a set amount monthly.

I was lucky enough to borrow the shortfall of my deposit, which was £6,000, needed from my boss. It wasn’t through a workplace scheme, but a personal loan. Anthony has helped staff out before and it has been a great help to many employees here. The company has been very generous to their employees in times of need and it’s a great place to work.

I was really nervous about doing this alone but I contacted Capricorn Finance Consultancy and my contact there explained the process super clearly and gave me confidence in the product I was choosing.

The mortgage term I took was 35 years, a five-year fixed term at 1.9% which has sadly just finished and increased to 4.69%.

I was living with my mum in Ealing, in a house she owned. My sister moved to Worthing and my brother moved to Canada so it was time for me to fly the nest!

The cost of renting a one-bedroom flat in Ealing or Isleworth was over £1,400 in rent for a decent property, not to mention the bills on top of thatI was really eager to gain some independence and put my mark on a property, and by buying you have more freedom over rentals to design and decorate how you please.

I found this property through Dexters and it was one of the most reasonably priced properties for New Builds in the West London area. 

Other new builds were starting at a minimum of £500,000 and even through the help to buy scheme that was out of my budget. I wanted a property that was clean and fresh as I didn’t want the hassle of having to do any work to do it myself. 

The garden looked a bit miserable when I moved in, so I sourced some faux grass rugs and fence hedges and painted the outside to give it a greener feel. I like to think I am a minimalist but if you look inside my cupboards, they are bursting full of belongings and clothes!   

My kitchen/living room is my favourite room. I love cooking and trying new cuisines, currently switching between Mexican and Lebanese. My partner has his DJ decks out so we tend to have a lot of fun dancing and listening to music we love.

I met my partner after purchasing the property so over time since he has moved in, we’ve found the property to be slightly too small as we’ve grown with our treasured possessions. I recently used Aussie’s storage facility which is great for long-term storage.

Nope, we are currently in the process of selling the flat. There wouldn’t be much more to change unless it was swapping out old furniture to give it a brand-new style.

Absolutely none! You hear of horror stories with new builds but I researched the developers before purchasing and was confident that there would be no issues. The after-care team in regards to the snagging list was really responsive.

Do your research and get your removal company booked in advance. I deal with customers on a daily basis who have left it to the last minute and it causes an immense amount of stress. 

Make sure you get your moving checklist in place, and if you need to store your belongings, don’t pay for self-storage access if you don’t have to. Lastly, if you’re leaving a rental make sure you line up excellent cleaners to safeguard your deposit.

What are your plans for the future, in terms of housing? Do you plan to stay here long-term?

We are currently looking for a larger property in Guildford or Camberley. You get so much more for your money outside of London and if it means an extra 30 minutes of driving each way, I’m happy to compromise on that! 

Plus I love outdoor walks and want more options of discovering woodland and country paths.

Shall we take a look around?

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