[dropcap]B[/dropcap]uying a home in London is no joke. I watched the TV in horror the other night as a converted alleyway in my London borough went up for auction for something ridiculous like £235,000. A former alleyway. It was 75 inches wide. Come on guys, let’s calm it down! Over the 13 years that we have lived here in London, we have lived a fairly nomadic existence, moving North, South, and even Central. One day, as our rent was raised yet again- the third time in less than a year- we decided it was time to start looking for a more permanent home.
Clubbing together our savings and with the help of our family, we scraped enough for a deposit and thankfully got a mortgage deal with a bank. This was in 2008, just before the market crashed. Barely a month after our mortgage was approved, banks up and down the country stopped offering achievable mortgage deals to first time buyers such as ourselves. It was a real Indiana-Jones-sliding-under-the-door moment. If we didn’t have that kind of chance for a mortgage, we’d never have been able to make that step. Fast forward 6 years later, TSB are offering some help and guidance to today’s First Time Buyers; looking back, we were clueless as to what we were doing, and I wish that at the time, we had some sort of easy to read guide like this one. We used a mortgage advisor, and he had the patience of a saint, explaining all the terminology and steps to us. Through the muddle, we chose a 2 year fixed rate mortgage which proved to be handy as we knew what we had to spend each month and what we could afford to squirrel away.
Our next big life hurdle is trying to find our next home, putting us back in that ‘first time buyer’ mode again. Thanks to the craziness that is the ever escalating London house price, we’re no better off the property ladder! We are still priced out of the kind of home we need, in the areas we’d consider living in. So, for now, the urge to move onwards into a bigger and better space has to take a back seat whilst we focus on our wedding next summer.
They do say that buying a home is the most stressful thing ever, and if we plodded our way through that I’m sure this wedding prep will be a breeze! Saying that, it’s only taken me 3 months to get our Save the Date cards finished and posted…errrmm..
^^This post was in collaboration with TSB, but all thoughts and opinions my own…honestly, I can talk for days about this stuff, just ask!^^