What I Own: From London Flatshare to £340K Shared Ownership Home

Welcome back to What I Own — WellnessInvestigator’s home ownership segment where we converse with property owners about getting on the ladder.

This week, we’re back in London meeting full-time nurse Alan.

After living in the Big Smoke for the past seven years, he transitioned into homeownership in January 2025 upon receiving the key to his £340,000 shared ownership home in Catford, South London.

He formerly resided just a ten-minute drive away, however, by picking up additional shifts at his job and skillfully utilizing his LISA ( Lifetime Individual Savings Account ), he was able to accumulate sufficient funds for a deposit on a 40% ownership stake.

This is what he shared regarding his adventure in real estate...

Tell us about yourself!

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I’m a full-time nurse at a central London I've resided in London for approximately seven years, spending much of this time with a former long-term partner.

When that relationship ended less than two years ago, I departed with no major attachments. savings And decided to hit the restart button on my life, transitioning into a quite affordable, communal living situation.

I have always dreamed of having my own space primarily because it offers the assurance of a stable residence. During that period, I put in considerable extra hours at work to boost my savings and accumulate enough for a down payment on a permanent home.

Where is your property located? What are your thoughts on the neighborhood?

The location where I relocated to cut expenses is known as Catford, situated just beneath Lewisham and featuring two distinct railway stations.

I didn't plan on staying there with the intention to purchase, but it's conveniently close to my workplace, allowing me to bike there—a significant factor for me. The area also boasts its own bustling High Street and lovely parks. In time, it really grew on me.

So when a desirable property became available nearly right above the station, it seemed like the perfect choice to remain here, and I am now very pleased with my decision.

When did you relocate here?

I finished on January 22, 2025.

How much does your property cost?

It’s 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 £340,000.

The seller had bought a 40% stake, and upon reviewing the expenses, I opted to keep that same percentage for my acquisition.

What was the amount of your deposit?

£20,400.

What is the current total monthly expense for housing and utilities here?

My mortgage expenses amount to £660, and my share of the rent is presently £688 (this will go up to slightly above £700 starting in April). Altogether, the utility bills sum up to approximately £450, though this figure may vary based on consumption.

Right now, I have a roommate occupying the extra bedroom who pays £500 each month for utilities included. The remaining costs are covered by me. My partner, Botsang, isn't presently residing with me but is expected to relocate here sometime this year.

What steps did you take to gather money for your down payment?

I'm fortunate that I frequently have the option to take additional work days within my current position, which has allowed me to use these extra shifts to boost my regular earnings.

In the past 14 months, I increased my efforts to set aside extra funds. Additionally, I capitalized on the favorable interest rates and incentives offered during this period. Furthermore, I benefited from the government’s LISA program, which provided me with a £2,000 bonus after depositing £8,000 into their savings plan across two financial years.

Both transactions were facilitated via the Moneybox app, making everything quite straightforward. Additionally, I'm really thankful to my mom for providing an extra £2,000, which ultimately pushed me above the required deposit amount.

What was the process of getting a mortgage like for you? Did you find any parts challenging?

I attended the London Home Show organized by Share to Buy, where I met several mortgage brokers. I chose one who didn't levy charges on NHS personnel, and they simplified the process considerably for me.

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.

I can envision that the difficult aspect for many individuals would be gathering all the necessary documents, but I initiated this procedure well ahead of when applications were due, making it less taxing ultimately.

What is shared ownership?

Shared ownership Mortgage plans enable you to purchase part of your property while continuing to pay rent to a landlord, local council, or housing association. In certain instances, this process requires only saving up for a deposit that amounts to as little as 5% of your portion of the home.

This provides first-time and other purchasers with the chance to buy a stake in a leasehold property. They secure this through taking out a mortgage On the shares they purchase, they also pay rent for the remaining portion, typically to a housing association.

This is the most budget-friendly method to secure your place on the property ladder if you lack the income or savings needed for purchasing through conventional means.

The mortgage and deposit amounts are considerably lower; the deposit usually ranges from five to ten percent of the property value, and the rental cost is reduced.

Could you provide information about your mortgage (interest rate/term)?

Using assistance from the mortgage broker (Censeo Financial), I explored the most competitive interest rates at that moment and weighed the benefits of both extended and shortened fixed-rate terms, along with various down payment options.

Ultimately, I decided to boost my planned down payment to 15% of the property’s total value in order to lower the interest rates and lock in an rate of 4.79% for a three-year fixed term (with a full loan duration of 25 years). My aim was to potentially refinance at a more favorable rate once this initial period ends.

This mortgage permitted an annual overpayment of up to 10% without any penalties, which was significant when making the decision. This feature was crucial because paying just the minimum amount during the initial years primarily covered the interest rather than increasing your equity much.

Where did you live before this – were you renting or living with family?

I resided within a short 10-minute distance, also in Catford, renting a room in a communal home.

What motivated you to choose buying over renting?

I've always dreamed about this. Owning doesn't bother me because it gives you greater command over your living environment, and with rents increasing significantly these past few years, it's grown even more appealing.

What led you to discover this property? And what was it that prompted your choice?

I viewed the property several months back when I was trying to gauge what I could afford. It was quite reasonably priced, close to the stations, and featured two bedrooms, making it seem like a sensible choice on paper.

It subsequently showed up on the Share to Buy website, which made me curious about what transpired, prompting me to schedule a visit. The property was well-maintained and featured an excellent floor plan, complemented by a highly eager vendor.

I discovered that the prior sale had collapsed because the most recent purchaser unfortunately lost their employment. Everything aligned perfectly, making it both the only and final home I inspected. That very day, I contacted the housing association, Peabody, to initiate the procedure for acquiring the property.

In what ways have you managed to make the property feel like a home? Where did you draw inspiration from for your interior design style?

I was fortunate enough to have a substantial amount of vacation days queued up around the time of the purchase, which allowed me to revamp most of the rooms, swap out the lighting fixtures, and make minor adjustments relatively swiftly. This has provided the home with the refreshing update I desired.

I opted for neutral wall colors to allow vibrant accents through furniture and textiles, though this approach also featured a green hallway and nearly pitch-black bedroom.

Which room do you like best and what’s the reason behind it?

I really like the living room/kitchen as with some adjustable furniture, it can be a party or exercise space. And it’s 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.

Are you feeling like there’s sufficient room available?

There's more than plenty of space. Getting accustomed to life in compact rented accommodations in London means it feels rather strange now to have to go elsewhere just to obtain something.

Are there any plans to modify the property?

I might upgrade some of the appliances over the coming months, but for now, it’s all about slowly adding photographs and personal belongings that will accumulate gradually.

Is there anything wrong with the property that you need to address?

We encountered a peculiar odor that proved difficult to trace as we adapted to it rather swiftly. It later emerged that this issue stemmed from the ventilation system, something I haven’t yet gotten around to addressing.

Fortunately, we can employ it carefully, thus the odor won't be an issue. Additionally, the built-in toilet cistern has significant lime buildup, suggesting that replacement might be necessary soon.