This is What I Own.
We’re back after a short summer break – did you miss us?
Kicking off our summer line-up is John ‘JD’ Donavon, who moved into his two-bed flat in Bedford last year.
He bought his property using the Government’s Help To Buy scheme – with a 5% deposit. This is what JD has to say about getting on the ladder…
Tell us about yourself JD.
I’m 28 and I work in the music industry. I am director of an artist management agency, as well as the industry representative for a London music college and a consultant for a music streaming company.
I’ve put down roots in Bedford but work in London day-to-day.
Whereabouts is your property? What do you think of the area?
My two-bed new-build apartment is on a quiet street a stone’s throw from Bedford town centre and the train station.
Bedford itself is a lovely town, with a beautiful riverside embankment and easy commuting distance to London – of course, not without its flaws. A 24-hour train service is hard to beat.
When did you move in?
I moved in December 2021. I really wouldn’t recommend moving so close before Christmas – but that’s new build delays for you.
How much does your property cost?
£240,000.
How much was your deposit?
I used the Government’s Help to Buy scheme, so my deposit was 5% of my property value – £12,000.
What is the monthly cost of living here now; both mortgage and bills?
My mortgage and general living expenses/bills come to approximately £1,012 a month (of which my mortgage is £550 per month on a five-year fixed rate).
However, this has substantially increased with the recent rise in energy prices and cost of living. Through no fault of my own, it took me at least a couple of months to get set up on all providers, so I’m not on any fixed tariffs.
How did you save up for your deposit?
Serious graft and hard work – since I was 21 my goal was to always own my first property by 30. I had no financial help from family and I’m single so I had to make some pretty major sacrifices, skipping any holidays and a lot of social occasions.
I was raised by a single parent and we were always used to living frugally, so I’ve always learned to budget for every penny (I’m fully aware of my many privileges as a white male). Lots of my friends, colleagues and clients find the deck so stacked against them that they can’t see how they might buy one day.
What was the process of getting a mortgage like for you? Did you find any parts challenging?
I was lucky to have a fantastic mortgage broker who did the hard yards. The Help to Buy scheme does help though, as you’re only after a 75% mortgage, which makes you look more attractive to a lender (the Government has a 20% share of your property which you can staircase out of).
I’d saved and saved, and had my financial affairs in order, so it wasn’t too torturous. However, with multiple delays on property completion, getting multiple extensions (with a different interest rate quoted each time) was a bit stressful.
Where did you live before this – were you renting or living with family?
I was renting a one-bed apartment just down the road in Bedford town centre – which was almost double the cost of my mortgage now.
What made you want to buy rather than renting?
The rental market in the UK is broken – so if you can own something, it’s always a better financial decision. If our rental market was reliably regulated and fair, I may not have felt the urge to buy.
How did you find this property? What made you choose it?
My original idea when first moving to Bedford was that if I liked it, I’d try to buy here. So after six months of renting I got seriously looking online – but I stumbled over the development on a walk one day as opposed researching. It’s on a quiet street, north-east facing; the balcony and large windows really let the sunlight stream through in the morning.
How have you made the property feel like home?
I’ve owned my own furniture for a couple of years, always with the thought in mind it would one day need to suit the first place I owned, so there’s a sense of familiarity.
I’ve done a bit of decorating, but plan to do more over the summer, and I’m still waiting on the delivery of a piano for my second room/study. I was also lucky to be able to pick my own interior choices as part of the build – so my flooring, kitchen and bathrooms – which the developer covered off as part of the sale negotiation.
What’s the inspiration for your interior decor style?
I’m a huge fan of Scandinavian minimalism, so ‘less is more’ in my book.
A monochromatic palette paired with some statements of colour. I have a lot of throws and blankets which provide warmth when the nights draw in as well as softer lighting (I barely use my ceiling lights). I’m keen to support independent artists and creators, so I have a lot of handmade or locally-sourced pieces including the beautiful painting in my lounge.
What’s your favourite room and why?
My open-plan lounge/kitchen is a great space for not only relaxing but entertaining. There’s a lot of natural light from the balcony doors and any guests can spread out onto the balcony if the weather is good.
Do you feel like you have enough space?
I don’t think you can ever have enough space in an apartment. I need to get smarter with my space-saving storage ideas though. Living on my own or with a partner would be OK, but a mate or flatmate would be problematic. I’d say my place is definitely ‘compact.’
Do you have plans to change the property?
I’m bound by a leasehold agreement – so no.
Are there any problems with the property that you have to deal with?
Surprisingly, for a new build, yes. Build quality isn’t exactly what you’d expect – I’ve found some silly mistakes that have been made. My snagging list is pretty extensive.
What do you want people to know about buying a home?
Get everything together and do your research (columns like What I Own showed me how it was actually possible).
Save, save, save again. Stand your ground and don’t take any nonsense from developers or conveyancers – don’t use the developers’ conveyancer, pick someone who will go to bat for you.
If you’re going to go for shared ownership, really make sure you know what you’re getting in for. If you don’t understand something, keep asking until someone in the process explains to you clearly – you’re paying enough for it all.
Do you plan to stay here long term?
I’d like to think I’d stay here for a good few years, Bedford is an up-and-coming place. The romantic within me looks forward to one day settling down with someone, a dog and kids – but no space here for that unfortunately.
All in all, I appreciate how lucky I am and very thankful for what I have.
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].
Do you have a story to share?
Get in touch by emailing [email protected].
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