Welcome back to What I Own – Metro’s property series where we chat to homeowners about their buying experience.
This week we are speaking to first-time buyer Srekanth Nilakantan, who bought a two-bed flat in Hounslow, London, earlier this year with Shared Ownership.
With a £25,000 deposit, Srekanth bought a 25% share – after a friend told him about the scheme.
Here’s everything he had to say about getting on the property ladder…
Tell us about yourself.
My name’s Srekanth and I’m 27. I’m originally from Mumbai, India, but I’ve spent the past few years studying and then working in Dublin. I moved to London last year as I felt I had completely explored the not-so-big country of the Republic of Ireland. I thought let’s move to a bigger place and in the process also start a new job as a digital marketing manager.
Where is your property? What do you think of the area?
I live in Hounslow in west London, about five minutes’ walk from Hounslow Central Underground Station. I really wanted to live somewhere with parks and green space nearby, but close enough to central London. To my luck, I found my apartment, which is right next to Lampton Park (which has 40 acres of green space with eight tennis courts).
Hounslow is a great place to live as it is evolving rapidly. There are plenty of places to grab a bite to eat and drink, and being Indian and having plenty of Indian food joints nearby is ideal. Lampton Parkside also has its own newly-opened café.
I’m a movie buff, so I love having a cinema less than 10-minute walk away, and I’m big on travelling as well, so having Heathrow Airport just 20 minutes away is also a perk.
When did you move in?
I moved in in February 2023.
How much does your property cost?
I bought through Shared Ownership for £107,500 with a 25% share. The full market value of the property was £430,000.
How much was your deposit?
My deposit was £25,000.
What is the monthly cost of living here now; both mortgage and bills?
In terms of my monthly costs, for my two-bedroom Shared Ownership home, this is around £1,700 for everything, including bills. Due to the 25% share, I’m currently spending more on rent than my mortgage. It breaks down as:
Rent: £739.06
Mortgage: £409.82
Service charge: £150.92
Bills: Remainder (~ £400 but variable)
However, my plan is to move in the next few months to a 50% share and increase the mortgage-to-rent ratio.
How did you save up for your deposit?
I’d say I’m a conscious spender. I had been saving up for the past few years since my time in Dublin (a habit ingrained into us while growing up in India which paid off well). I also had a small amount of help from my dad, who was kind enough to be a gifter.
What was the process of getting a mortgage like for you? Did you find any parts challenging?
My experience was less complicated than I had expected it to be. Partly this was because my financial advisor and I had a lot in common and got on well – for example we made time to talk about the great food scene in the UK during our calls. I received great guidance, especially being a buyer who hasn’t lived in the UK for even a year. I think if you have the right finance and a good credit score, things work out smoothly.
Where did you live before this – were you renting or living with family?
I was renting in central Hounslow, not far from where I live now.
What made you want to buy rather than renting?
Family was one of the reasons I wanted to buy my own property. It’s been a bit of a struggle to host them wherever I lived before. In Dublin, I was renting with friends which would have been inconvenient for them, and it was the same situation when I moved to London.
I really just wanted a space that was my own, and it seemed like a good time to look at getting on the property ladder.
How did you find this property? What made you choose it?
There were quite a few reasons why I ended up buying at Lampton Parkside with Notting Hill Genesis. I knew I liked the area, but I viewed several developments that weren’t quite right. The homes were either too small, or their locations were too busy. But this development was perfect because it was right next to the park. I’m excited for my parents to visit so I can show them around.
The homes here also felt more open and spacious than other flats I viewed. The kitchen and bathroom are well-fitted, and you can really see that the housing association has paid a lot of care and attention – everything has been done really well. Plus, there’s a concierge, which has been helpful for me as somebody who has a busy job.
The other key was buying through Shared Ownership. My friend told me about the scheme, which was a blessing because without it, I wouldn’t be here right now (classic example of choosing your friends wisely!). It meant I could buy my own home, and have my family visit me in London as soon as possible.
How have you made the property feel like home?
You will find a lot of plants in my home – I even have a lego tree! This is partly because I was born in a place in the hills of southern India. I also have a wall of memories – where I have captured many important moments in my life and displayed them on the wall – to take me back in time.
What’s the inspiration for your interior decor style?
Feng Shui. It’s a great guide for creating good energy in your home. I feel too many things to see, especially at home can affect the free flow of thoughts. I wanted to create a minimalistic space where I could unwind.
What’s your favourite room and why?
My living room, where I spend most of my time. It’s a great place to do a lot of things like read a book, work, host friends or hop out to the balcony and watch the planes landing at Heathrow.
Do you feel like you have enough space?
Part of the reason I chose to buy a place a bit away from the centre of the city is – the closer you are to central, the smaller your home can often be. My apartment felt more spacious than a lot of the homes I was looking at when house hunting. It’s open plan, I’ve got a big balcony, and even the hall is huge. Maybe I should get myself a dog next.
Do you have plans to change the property?
Not while I live next to this beautiful park.
Are there any problems with the property that you have to deal with?
None at the moment.
What do you want people to know about buying a home?
Purchasing a property is a big step, and I would recommend people to do enough of their own research first. It’s best to look at a range of properties, and to know about the options available. I wouldn’t have known about Shared Ownership if it wasn’t for a friend.
It’s also a personal decision in terms of location. Finding a place that you really relate to and feel at home in is what’s important.
What are your plans for the future, in terms of housing? Do you plan to stay here long term?
For the next five years, definitely. I like to plan short-term and then revisit my book of life.
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].
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