We sat down with Rhiannon and Jack, First-Time Buyers of a maisonette in Hertfordshire, to find out about their buying experience. The couple previously lived over an hour away from each other and had been collectively saving for a deposit for around 3 years and after a relatively pain-free process, they were able to move in just 8 months after starting their search. 

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How did you save for your deposit? 

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Jack - We put money away every month, with the end goal of having enough for a deposit and some leftover to get through the first few months comfortably, including covering furniture costs and other fees. We didn’t want to be left with no money after the purchase went through. 

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Do you get a lot of help from parents/others?

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Rhiannon - I received some inheritance to put towards the deposit and our family were kind enough to buy some white goods and pass down furniture, but since we’ve moved in, we are completely financially independent. 

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What unexpected costs were you faced with outside of the deposit? 

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Rhiannon - We found out you have to pay a fee to the Solicitors for any cash you have been gifted to contribute to your deposit and you have to pay per ‘gift’ to cover the extra work. The Solicitors have to carry out background checks on the people that gifted the money too, including around 3-6 months of bank statements. So, that’s something to keep in mind for other home-buyers as some people may not be comfortable with that. 

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Jack - Also, search costs. You can opt out of some of these, like searching to see whether you’re close to a Church and so, may be liable for Chancel repair and planning checks (anyone near you doing developments or building work), but a drainage and water search is a requirement. 

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Did you feel like you knew what you were doing or were you just going through the motions?

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Rhiannon - Half and half. It was difficult as we weren’t living together, so Jack spoke to the Mortgage Broker more so, especially at the start. He would then pass the information on to me, so I felt he understood it a bit better. 

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Jack - The Broker would say the Solicitors had asked us to do something, complete forms or pass over documents and we did it because we had to, so I understood things more as time went on. We definitely felt in control of the process and we were on top of it the whole time. 

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Does it scare you that you’ve moved out during the Crisis?

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Jack - No. We managed to move in just before, on a 5 year fixed-rate mortgage rate so we don’t have to worry about that. We don’t use a lot of electricity, as it’s a small place and we both work full time jobs. We have savings as well that we can use if we need to. I haven’t had a panic about not having any money left, but if I was on my own, I’d definitely be a bit more worried. 

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What was the biggest delay to the buying process?

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Jack - Waiting for Solicitors to complete the checks. The process felt much longer than it needed to be - we had to chase them up to get them moving and I would recommend to others to do the same. 

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Since you moved in, has your financial situation changed?

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Jack - Yes, definitely. Before, I was very focused on saving as much as possible and I really loved saving money, but now the pressure is off a bit, so I can be a bit more frivolous. I’ve got what I was saving for. 

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Rhiannon - Not really, it probably should…Online shopping slowed down a bit when we moved in. Obviously, we’re spending more money on a mortgage and bills, but less on travel to see each other. Now, we can spend time with each other in the house and have nights in together. 

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How do you split finances? 

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Jack - We do it as a percentage of our salary, so 50% of our income each month goes into our joint account for bills and other outgoings - it’s working out well so far. 

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Rhiannon - Our deposit was 50/50 as I wanted us to have equal ownership, but splitting our monthly expenses by what we earn is a fair way of doing things. 

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What advice would you give to other First Time Buyers?

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Rhiannon - View as many properties as you can in as many locations as possible to get a feel for the areas, especially if you haven’t been there before, so you can compare what is actually good and what is not. We went to see places that we didn’t like the look of online, just to explore the area and see what we could get for our money.  You don’t know what you want until you see it. Also, we used an Independent Mortgage Broker because they will look for the best deal for you across all banks. They get commission from the bank after the process is complete too, so you don’t pay them. 

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Jack - Don’t expect it to be an easy ride, you will face difficult times in the process and knock backs, but don’t stress too much as it’s normal. It will take time but for us, it’s the best thing we’ve ever done. It feels so good to own your own place and I feel very proud of us.

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