{"id":662,"date":"2025-04-05T07:00:00","date_gmt":"2025-04-05T07:00:00","guid":{"rendered":"http:\/\/www.merlinscove.com\/?p=662"},"modified":"2025-04-13T08:05:04","modified_gmt":"2025-04-13T08:05:04","slug":"what-i-own-i-ditched-my-london-flatshare-for-a-340000-shared-ownership-home-it-was-the-only-property-i-viewed","status":"publish","type":"post","link":"http:\/\/www.merlinscove.com\/index.php\/2025\/04\/05\/what-i-own-i-ditched-my-london-flatshare-for-a-340000-shared-ownership-home-it-was-the-only-property-i-viewed\/","title":{"rendered":"What I Own: I ditched my London flatshare for a \u00a3340,000 shared ownership home \u2014 it was the only property I viewed"},"content":{"rendered":"
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This week, we’re in Catford meeting Alan (Picture: w8media)<\/figcaption><\/figure>\n

Welcome back to What I Own<\/a> \u2013 Metro\u2019s property series where we speak to homeowners about getting on the ladder.<\/a><\/p>\n

This week, we’re back in London<\/a> meeting full-time nurse Alan.<\/p>\n

Having rented in the Big Smoke for the last seven years, he became a homeowner in January 2025 when he picked up the keys to his \u00a3340,000 shared ownership property in Catford, South London.<\/p>\n

He previously lived 10 minutes down the road, but after taking on extra shifts at work and making clever use of his LISA (Lifetime ISA), he managed to save enough for a deposit on a 40% share.<\/p>\n

Here’s what he had to say about his property journey…<\/p>\n

Tell us about yourself!<\/strong><\/h3>\n
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\n\t\t\t\tReady to start your homebuying journey?\t\t\t<\/h2>\n
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You can access completely fee-free mortgage advice with London & Country (L&C) Mortgages, a partner of Metro. Customers benefit from:<\/p>\n

\u2013 Award winning service from the UK\u2019s leading mortgage broker<\/p>\n

\u2013 Expert advisors on hand 7 days a week<\/p>\n

\u2013 Access to 1000s of mortgage deals from across the market<\/p>\n

Unlike many mortgage brokers, L&C won’t charge you a fee for their advice.<\/p>\n

Find out how much you could borrow online<\/a><\/p>\n

Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.<\/em><\/p>\n<\/p><\/div>\n<\/p><\/div>\n

I\u2019m a full-time nurse at a central London<\/a> hospital trust. I\u2019ve been living in London for around seven years, most of that time with a previous long-term partner.<\/p>\n

When that relationship came to an end less than two years ago, I left without any significant savings<\/a> and had a bit of a life reset, moving into a very cheap, shared house.<\/p>\n

I had always wanted a place of my own, mainly for the security of knowing where I would be living, and during that time, I worked a lot of overtime to replenish my savings and build a deposit for a long-term home. <\/p>\n

Whereabouts is your property? What do you think of the area?<\/strong><\/h3>\n

The place I moved to that enabled me to save is called Catford which is just below Lewisham and served by two different train stations.<\/p>\n

I don\u2019t think I intended on staying there to buy, but it\u2019s close enough to where I work for me to cycle, which was important to me, and has its own high street and some nice parks. It was definitely more of a grower.<\/p>\n

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\n\t\t\t\tCould your home win an award?\t\t\t<\/h2>\n
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Have you given your home an award-worthy makeover that’s the envy of all your friends? <\/p>\n

Whether you own or rent, we want to see your fabulous homes and gardens given the recognition they deserve.<\/p>\n

Metro has joined forces with the Ufurnish.com Home Awards<\/a> to show off the best in UK property – and we want you to be among them. <\/p>\n

From jaw-dropping before-and-afters to stylish spaces on a budget and rental DIY masterpieces, the awards recognise outstanding talent across 20 categories covering interiors, gardens, furniture innovation and home accessories.<\/p>\n

Entries are open now and as we build up to judging in May, Metro’s Property channel <\/a>will be brimming with inspiring homes and tips from those in the know.<\/p>\n

Need some inspo (or some eye candy)? Here are nine winners<\/a> from last year\u2019s awards to get your creative juices flowing.<\/p>\n

Head to Ufurnish.com<\/a> to enter now.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

And so when a nice property came up that was almost on top of the stations, it made sense to stay here, and I\u2019m now really glad that I did. <\/p>\n

When did you move in?<\/strong><\/h3>\n

I completed on January 22, 2025.<\/p>\n

How much does your property cost?<\/strong><\/h3>\n

It\u2019s a bit complicated as I initially bought a share in the property under the shared ownership scheme, with the overall value of the property taken at \u00a3340,000.<\/p>\n

The seller had purchased a 40% share, and after looking at the costs, I decided to maintain that share for my purchase.<\/p>\n

How much was your deposit?<\/strong><\/h3>\n

\u00a320,400.<\/p>\n

What is the monthly cost of living here now, both mortgage and bills?<\/strong><\/h3>\n

My mortgage costs \u00a3660, and my portion of the rent is currently \u00a3688 (it\u2019ll be increasing in April to just over \u00a3700). In total, the bills come to around \u00a3450, but this can fluctuate depending on usage.<\/p>\n

I currently have a flatmate living in the spare room, and they pay \u00a3500 per month, including bills. I pay the rest. My partner, Botsang, doesn’t currently live here but is likely to move in this year.<\/p>\n

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Alan hopes that his partner Botsang (L) will be able to move in soon (Picture: w8media)<\/figcaption><\/figure>\n

How did you save up for your deposit?<\/strong><\/h3>\n

I\u2019m lucky that I can often agree to extra working days in my existing role, so I\u2019ve often used those shifts to supplement my regular income.<\/p>\n

I stepped that up in the last 14 months to save some additional money. I also took advantage of the relatively good savings rates and bonuses available during that time. I was also able to use the government LISA scheme to get an additional bonus of \u00a32,000 for saving \u00a38,000 in their savings scheme over two financial years.<\/p>\n

Both of those were arranged through the Moneybox app, which made the process pretty simple. I was also very grateful to my mum for giving me another \u00a32,000, which in the end topped me up to well over the deposit amount I needed. <\/p>\n

What was the process of getting a mortgage like for you? Did you find any parts challenging?<\/strong><\/h3>\n

I had visited the London Home Show hosted by Share to Buy, which introduced me to a number of mortgage brokers. I picked one that didn\u2019t charge fees for NHS staff and they made it all quite easy.<\/p>\n

I would usually look for financial providers on my own, but it was nice to be able to rely on an expert with whom I could adjust figures to find a sensible offer – so I would say it was easier than expected. <\/p>\n

I can imagine the challenging part for most people is collecting all the required documentation, but I started that process long before it came to application time, so it wasn\u2019t too stressful in the end. <\/p>\n

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\n\t\t\t\tWhat is shared ownership?\t\t\t<\/h2>\n
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Shared ownership<\/a> mortgage schemes allow you to buy a portion of your property, while still paying rent to a landlord, local council or housing association. In some cases, this means saving up for a deposit of just 5% of your share of the home.<\/p>\n

It gives first-time and other buyers the opportunity to purchase a share in a leasehold property. They take out a mortgage<\/a> on the share they buy and pay rent on the balance, usually to a housing association.<\/p>\n

It\u2019s the most affordable way to get or stay on the housing ladder if you don\u2019t earn enough or have sufficient savings to buy on the open market.<\/p>\n

Both the mortgage and deposit are much smaller: the deposit\u2019s typically five or 10 per cent of the share you\u2019re buying, and the rent\u2019s subsidised.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

Can you share details on your mortgage (rate\/term)?<\/strong><\/h3>\n

With the help of the mortgage broker (Censeo Financial), I looked at the best rates available at the time and considered the advantages of longer and shorter fixed rates, as well as different deposit amounts.<\/p>\n

In the end, I chose to increase my intended deposit amount to 15% total value to reduce the rates and fix for 3 years at 4.79% (total term 25 years) with the hope of re-mortgaging at a reduced rate after that initial period.<\/p>\n

This mortgage also allowed you to overpay by 10% each year without penalty, which was a big factor in choosing, as paying the minimum sum for the first few years would largely only pay off the interest rather than add to your equity. <\/p>\n

Where did you live before this \u2013 were you renting or living with family?<\/strong><\/h3>\n

I lived less than 10 minutes away, also in Catford, and rented a room in a shared house. <\/p>\n

What made you want to buy rather than rent?<\/strong><\/h3>\n

I have always wanted to. I don\u2019t mind the responsibility of owning as it puts you more in control of your living situation, and the way rent has been going up in the last few years, it’s only become more attractive. <\/p>\n

How did you find this property? What made you choose it?<\/strong><\/h3>\n

I had seen the property many months ago when I was looking to get an idea of affordability. It was a really good price, next to the stations and had two bedrooms, so it made sense on paper. <\/p>\n

It later reappeared on the Share to Buy website, and I wondered what had happened, so I booked a viewing. It was in good condition and had a really nice layout, with, as it turned out, a very motivated seller. <\/p>\n

I found out that the previous sale had fallen through as the last buyer sadly lost their job. Everything fell into place and it was the first and last property I viewed. I approached the housing association, Peabody, the same day to start the process of buying the property. <\/p>\n

How have you made the property feel like home? What\u2019s the inspiration for your interior decor style?<\/strong><\/h3>\n

I was also lucky in that I had a good amount of annual leave coming up at the time of the purchase, so I\u2019ve been able to re-decorate the majority of the rooms, replace the light fixtures and make small changes fairly quickly. That gave the property the freshen up that I wanted. <\/p>\n

I kept the wall colours neutral so that I could break out the colour with furniture and soft furnishings, but that did include a green hallway and an almost black bedroom. <\/p>\n

What\u2019s your favourite room and why?<\/strong><\/h3>\n

I really like the living room\/kitchen as with some adjustable furniture, it can be a party or exercise space. And it\u2019s the biggest change from living in a shared house, as I now feel I can have friends over without worrying if someone else will need the space. <\/p>\n

Do you feel like you have enough space?<\/strong><\/h3>\n

More than enough. You get used to living in small spaces when renting in London so it\u2019s been quite odd having to walk somewhere to get something. <\/p>\n

Do you have plans to change the property?<\/strong><\/h3>\n

I\u2019ll probably replace some of the appliances in the next few months, but it\u2019s now more about the gradual addition of pictures and personal items that will come in time. <\/p>\n

Are there any problems with the property that you have to deal with?<\/strong><\/h3>\n

There was an odd smell that we really struggled to find the source for as we acclimatised to it very quickly. This turned out to be caused by the ventilation system which I\u2019ve still to get looked at. <\/p>\n

Luckily, we can use it judiciously, so the smell isn\u2019t a problem. The integrated toilet cistern is also heavily calcified so that will likely need to be replaced soon. <\/p>\n

Shall we take a look around?<\/h3>\n
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Welcome home (Picture: w8media)<\/figcaption><\/figure>\n
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We’re a big fan of the disco ball (Picture: w8media)<\/figcaption><\/figure>\n
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\n\t\t\"W8media.\t<\/div>
Alan previously had a life reset and moved into a houseshare to save (Picture: w8media)<\/figcaption><\/figure>\n
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He loves the living room, which can be adjusted for a party or exercise (Picture: w8media)<\/figcaption><\/figure>\n
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This looks cosy (Picture: w8media)<\/figcaption><\/figure>\n
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Disco disco disco (Picture: w8media)<\/figcaption><\/figure>\n
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This is the perfect working set-up (Picture: w8media)<\/figcaption><\/figure>\n
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Alan has kept the walls neutral and introduced colour with the furniture (Picture: w8media)<\/figcaption><\/figure>\n
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The property was the first and last Alan viewed (Picture: w8media)<\/figcaption><\/figure>\n
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…and he loves the freedom that owning affords him (Picture: w8media)<\/figcaption><\/figure>\n
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Alan found a mortgage broker through the London Home Show (Picture: w8media)<\/figcaption><\/figure>\n
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He took some extra annual leave when he bought it to decorate (Picture: w8media)<\/figcaption><\/figure>\n
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He’s now slowly adding extra trinkets over time (Picture: w8media)<\/figcaption><\/figure>\n
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At the moment, his flatmate pays \u00a3500 per month, bills included (Picture: w8media)<\/figcaption><\/figure>\n
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\n\t\t\"W8media.\t<\/div>
He managed to max out his LISA by paying in \u00a38,000 over two years (Picture: w8media)<\/figcaption><\/figure>\n
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And he’s planning to have his partner move in soon (Picture: w8media)<\/figcaption><\/figure>\n
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This is a meticulously organised wardrobe (Picture: w8media)<\/figcaption><\/figure>\n
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Alan approached Peabody the same day he viewed the property (Picture: w8media)<\/figcaption><\/figure>\n
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…and hasn’t looked back (Picture: w8media)<\/figcaption><\/figure>\n
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It’s squeaky clean in here (Picture: w8media)<\/figcaption><\/figure>\n
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It’s the classic What I Own toothbrush shot (Picture: w8media)<\/figcaption><\/figure>\n
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Now that’s an impressive skincare collection (Picture: w8media)<\/figcaption><\/figure>\n
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Plants always complete a bathroom (Picture: w8media)<\/figcaption><\/figure>\n
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Alan’s share of the home amounts to 40%, and he pays rent on the rest (Picture: w8media)<\/figcaption><\/figure>\n
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I like to ride my bicycle, I like to ride my bike (Picture: w8media)<\/figcaption><\/figure>\n
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And there’s a little bit of outdoor space too (Picture: w8media)<\/figcaption><\/figure>\n
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\n\t\t\t\tLearn more about affordable homeownership options at the London Home Show\t\t\t<\/h2>\n
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Hosted by Share to Buy, the London Home Show is taking place on Saturday, April 26. <\/p>\n

It\u2019s completely free, and features information on everything you need to know about affordable homeownership options. Interested? Register here<\/a>.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

Do you have a story to share?<\/strong><\/p>\n

Get in touch by emailing MetroLifestyleTeam@Metro.co.uk<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

This week, we’re in Catford meeting Alan (Picture: w8media) Welcome back to What I Own \u2013 Metro\u2019s property series where we speak to homeowners about getting on the ladder. […]<\/p>\n","protected":false},"author":1,"featured_media":664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property"],"_links":{"self":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts\/662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/comments?post=662"}],"version-history":[{"count":3,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts\/662\/revisions"}],"predecessor-version":[{"id":693,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/posts\/662\/revisions\/693"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/media\/664"}],"wp:attachment":[{"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/media?parent=662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/categories?post=662"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.merlinscove.com\/index.php\/wp-json\/wp\/v2\/tags?post=662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}