You are using an older browser version. Please use a supported version for the best MSN experience.

How we quit our rental flat in Shepherd's Bush and upgraded to a lakeside home

Metro logo Metro 17/05/2022 Andrea Dean
‘Our mortgage is £800 less than we previously paid in rent’ (Picture: Celine Hare Photography. com) © Provided by Metro ‘Our mortgage is £800 less than we previously paid in rent’ (Picture: Celine Hare Photography. com)

Saving a deposit sometimes calls for a lifestyle change and for Shenez Bhogal, a media buyer/planner, and her husband Hycham Tarras, who works in IT sales, it meant quitting their rental flat in Shepherd’s Bush and moving in with Shenez’s mother.

The couple wanted to buy before the stamp duty holiday tapered to an end last September. ‘It definitely forced us to speed up the process,’ says Shenez. ‘Instead of waiting for Hycham’s commission to come though, as originally planned, we tried to find a way to buy before the stamp duty holiday ended.’

Their determination certainly paid off as over two years they’d accumulated £30,000, which was more than enough for a down payment on a two-bedroom flat with a balcony at Fairview’s Regency Heights development in Park Royal.

They were also able to use the Help to Buy scheme, which enables purchasers with a 5% deposit to borrow up to 40% of the cost (20% outside London), so they only need a 55% loan-to-value mortgage when taking out the maximum loan.

The Development

Stunning Regency Heights © Provided by Metro Stunning Regency Heights

Regency Heights is part of one of the UK’s largest regeneration schemes, which will deliver more than 25,000 new homes and a transport super-hub.

A short walk from Park Royal station, residents have access to a rooftop terrace with sweeping views across London and there’s an onsite supermarket and nursery.

The development is now 90% sold, with just one and two-bed flats remaining.

One-beds start at £399,000 and two-beds from £475,000 with Help to Buy available. Find out more with Fairview.

This makes home ownership far more attainable, and has the bonus of giving new buyers access to better mortgage deals than when borrowing more.

The loan is interest-free for the first five years, and doesn’t have to be repaid until the home is sold. Help to Buy is currently available on selected new-builds costing up to £600,000 in London, while lower price thresholds apply across the rest of England. However, the scheme ends next March.

Shenez and Hycham love the Regency Heights’ fast transport links – it takes around half an hour to get to King’s Cross where Shenez works – and the surrounding green space, including a lake.

The lake at Regency Heights is a major part of the development’s appeal (Picture: Celine Hare Photography. com) © Provided by Metro The lake at Regency Heights is a major part of the development’s appeal (Picture: Celine Hare Photography. com)

‘The beautiful lake was one of the key reasons we chose Regency Heights. My husband is a country boy and I’m a Zone 1 city girl, so it was a was a good compromise on location,’ says Shenez.

Their home is much bigger than their previous flat and, thanks to using Help to Buy, their monthly mortgage payments are £800 less than they used to pay in rent.

Do the maths (for a two-bed apartment)

Purchase price: £475,000

5% deposit: £23,750

40% Help to Buy loan: £190,000

Mortgage: approx. £1.031pcm

Service charge: approx £91pcm

Monthly spend: approx £1,122

‘The whole process was very easy as our lawyer guided us through everything,’ adds Shenez.

‘Our advice to those thinking about buying a first home is to go with your gut instinct.’

Do you have a story to share?

Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.

Get your weekly guide to what's on in London, plus competitions and sign up to Metro's The Slice newsletter

AdChoices
AdChoices

More from Metro

image beaconimage beaconimage beacon