Find out how Buying a House in Lockdown went for First Time Buyer Kerry Smith
For 10 years I’ve been saving for a deposit. It was only because I was still living with family that I was able to live without too much FOMO (fear of missing out) in life, and save at the same time.
Office for National Statistics (ONS) last year reported that people aged 20-34 living with parents had increased by 46% over the last 20 years, while average house prices soared from £97,000 to £288,000.
I’d managed to hit the 10% deposit mark for my budget and turned straight to mortgage broker Kamlesh Lodhia from Airborne Mortgage Solutions earlier this year. Kamlesh was recommended to me as he would do the work for me from start to finish. And that he did.
Lockdown!
At the beginning of lockdown when banks’ loan to value (LTV) ratios plummeted, the deposit required of me doubled. I thought it was going to be another year before I could buy. But Kamlesh was having none of it. He called as soon as the LTV recovered. I only had to save an extra £1,000, and with my Help to Buy ISA bonus, I had secured the 15% deposit now needed.
Most importantly, Kamlesh got to know what kind of lifestyle I wanted from the outset. He sat with me for as long as it took to find me a suitable mortgage deal. The next day, I had my Decision in Principle (mortgage promise from the bank).
After I found the perfect little coach house, he applied successfully for the mortgage, updating me with every detail along the way. He even helped me haggle the price, giving me pep talks to increase my confidence.
Kamlesh told me he’d be there for me until I had the keys in my hand. And he was. He certainly has an invite to the house warming.