If you’re new here, this is What I Own – Metro.co.uk’s weekly homeowner series.
Last time, we spoke to Reka who lives with her family in Hertfordshire – but this week we are heading up north to chat to Steph in Liverpool.
Steph was a first-time buyer who purchased her house last year, after saving hard for her deposit.
This is what she had to say about getting on the property ladder.
Tell us about yourself…
Hi, I’m Steph – a 28-year-old neuro radiographer currently based in Liverpool.
I am originally from Liverpool, but spent my childhood abroad in Saudi, Germany and Scotland due to my dad’s job – so I come without the Scouse accent.
Where is your property?
My property is about five miles from the city centre of Liverpool in a place called Stoneycroft. I love this area as it’s super close to loads of local amenities in Old Swan and Edge Lane, while also five minutes from the M62 and, even better, 12 minutes from work.
When did you move in?
I moved in nearly a year ago this month (August). Happy first ‘housiversary’ – if that’s even a thing!
How much does your property cost?
My property was on the market for offers over £160,000 but I ended up paying £157,300 for it – due to it needing repairs. It’s an old house built in 1900.
How much was your deposit?
My deposit was 15% and it was around £24,500.
What is the monthly cost of living here now; both mortgage and bills?
It costs about £800 a month for everything.
How did you save up for your deposit?
I saved £30,000 over four years for the deposit. When I graduated in 2015 I opened a Help to Buy ISA with £1,200 that I had left over from my student loan. I then put the maximum amount I could (£200) every month into that account, and managed to save £9,000 in total over four years. This enabled me to get a £2,250 (25%) government bonus at the time of completion. Alongside putting money into this account, I also put £300 or more (if I could) into another savings account, and managed to save £15,000. My gran also had £4,000 in a savings account for me which I used.
In all honesty, I enjoy saving (sad I know) and I am also extremely lucky to have a job where you can do overtime.
All of the above makes me sound like I have no life and literally just worked to save money, but this is definitely not the case. I also went on holiday 3+ times a year and kept a very busy social life. For me it’s all about money management.
Top tip – get a Monzo. Every month when my wage comes in, I work out all bills and savings and then transfer ‘fun’ money onto my Monzo card. I then forget about the money in my main account and only use the Monzo card money for fun – so for things like nights out, meals, clothes etc. When this money runs out, then I know I have to slow down and manage my finances.
What was the process of getting a mortgage like for you?
I guess, like all new buyers, I had no idea how to go about applying for a mortgage. I felt so out of control and anxious. Still to this day I don’t know why they don’t teach us these things in school.
I applied for a mortgage just after the first lockdown (May 2020) and used a mortgage broker, who charged me £200 on completion (totally worth it). At this time getting a mortgage was extremely difficult as only one bank was offering a 90% LTV mortgage (10% deposit). This was due to the financial uncertainty at the time. My broker tried for a week to apply for this mortgage, without any luck. I did not want to lose my house, and therefore had to up my deposit to 15% and apply for an 85% LTV mortgage.
Fortunately, I had enough saved to do this. I feel aside from the stress of applying (due to the pandemic), the most challenging and mind-numbing part was the paperwork.
Where did you live before this – were you renting or living with family?
Everywhere is the simple answer to this.
Over the last six years (since university) I have rented for a year in Aberdeen, lived with my gran for 18 months in Liverpool, rented for another 18 months and then had a house share for a further 18 months.
What made you want to buy rather than renting?
Moving about so much was stressful and I never felt like I had a ‘home.’ A massive incentive to get my own place stemmed from the fact my parents lived abroad so I never felt like I had a base. I have always wanted to get my own place and be independent.
How did you find this property? What made you choose it?
I found this property on Rightmove. I had set up a customised filter with my price and location, and I checked this every day. Funnily enough I was going to cancel the viewing for this house. I really despised (at the time) the black and white tiles and this house was top top end of my budget. I had arranged to go to several house viewings on the day so I just kept this viewing to fill an hour in between other viewings.
I’m so glad I went. I instantly fell in love with the road and I couldn’t believe the size of the house. Honestly though, it was the period features that sold it for me. The property has two original fires, high ceilings and a massive open plan living space. I knew straight away it was this house I wanted, and my gran knew as well. It just felt right.
How have you made the property feel like home?
It feels like home for me because I have decorated and furnished it exactly how I want. This is one of the massive positives about living on your own – you have no one to argue with about colours or styles. I have been super hands-on with all the DIY jobs and seeing the room transformations/ furniture upcycled gives me such satisfaction.
My parents (especially my dad) and gran have helped me so much with doing up this house – we all feel emotionally attached to it in some way.
What’s the inspiration for your interior decor style?
I take a lot of my inspiration from Instagram. I mean who doesn’t love house accounts?
I knew exactly what I wanted colour wise in the kitchen/living area. I felt like this room screamed art deco with the black and white tiles, so I styled it accordingly with teals, golds and art deco prints and tile stickers.
As for the rest of the house, I just went with the flow and how I felt at the time. I love houses that feel like they are lived-in and full of personal touches.
What’s your favourite room and why?
Now this is a hard question. I absolutely love my kitchen living area. It’s perfect for socialising – which I live for. When I moved in the room seemed more like a hall, it was large and needed breaking up. When I realised I had the space for a kitchen island I was over the moon as this would help break up the room. It was difficult to get the island to match the original counters and cupboards, but we got there in the end. I also love the pops of colour the furniture brings and also the madness off the prints. Everywhere you sit in the room, you have something to look at.
Do you feel like you have enough space?
I have way too much space for one person. When I moved in I thought there was no way I was going to be able to furnish the whole house. Storage-wise, it’s great, aside from my attic, which is near impossible to get into. I also need to get some built-in wardrobes for my dressing room, but they are so expensive – so clothes rails will have to do for now.
Do you have plans to change the property?
I did toy with the idea of putting in a downstairs toilet, under the stairs, but I think that idea is now out the window. I need the storage. I am also planning on getting a new bathroom (at some point), and also to sort out the dressing room.
Are there any problems with the property that you have to deal with?
Like with all old houses (mine was built in 1900), it’s wonky and none of the walls are straight. Everything from hanging pictures and shelves putting down skirting proved problematic. Aside from this, I had minor issues with the roof, electrics and gutters – which all were highlighted in my structural survey.
What do you want people to know about buying a home?
Save what you think you need, and then save another £4,000. Things like broker, solicitor fees and house surveys add on so much.
The process is slow, frustrating and if you are a first-time buyer you spend most of the time feeling clueless. Use other people’s knowledge and ask for advice. But most importantly, go with your gut. If you walk into a house and get a good feeling and can afford it – make an offer. No point missing out. You can always pull out.
Get a DIP (Decision in Principle) before you start going to view houses. This will speed up the buying process by showing the sellers that you have the funds and will get accepted for a mortgage (and that you are serious).
What are your plans for the future, in terms of housing? Do you plan to stay here long term?
I plan to move in/buy with my boyfriend in the near future, but sadly it won’t be in this house or in Liverpool. If financially possible, I will be keeping this house and renting it out. My mum has already offered to be my ‘estate agent.’ I am very proud of my house and the fact I bought it on my own, and I am not ready (or probably ever will be) to let it go. In the meantime, I am just going to enjoy it as much as I can.
Shall we take a look around?
Do you want to feature in What I Own?
What I Own is a Metro.co.uk series that takes you inside people’s properties, to take an honest look at what it’s like to buy a home in the UK. If you own your home and would be up for sharing your story, please email [email protected].
You’ll also need to be okay with sharing how much you’ve paid to live there and how you afforded the deposit, as that’s pretty important.
If you’re renting, you can take part too! What I Own runs alongside What I Rent, which is the same series but all about renting. Again, if you’d like to get involved just email [email protected].
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