What I Own: How We Bought a £315K Home by 25 After Three Years of Saving

June 12, 2025 Post a Comment

Welcome back to What I Own — JWtimurnews’s feature segment where we converse with homeowners about getting on the ladder.

During the three years they resided at home, 25-year-old Phoebe Miller and 23-year-old Owen Nichol saved money for their future. deposit fund .

Thanks to meticulous savings Spending time on spreadsheets and staying with Phoebe’s family, they managed to save £12,600 over three years.

In December 2024, they collected the keys to their ideal two-bedroom house and stepped across the threshold right before Christmas.

Here’s what Phoebe shared regarding their journey in property...

Tell us about yourself!

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I'm Phoebe Miller, aged 25, and my profession is that of a conveyancer.

Where is your property located? What are your thoughts on the neighborhood?

It's located at Whitstable Heights by Hyde New Homes, a stunning community of newly built residences in Whitstable.

We're just a brief stroll away from the main street, the shoreline, and lovely woods—a favorite place for our lively cocker spaniel, Bruno.

Our house is situated at a comfortable distance from the bustling High Street, which attracts many visitors in the summertime, ensuring our place remains tranquil. Yet, being within walking distance means all necessary amenities are conveniently close by.

When did you relocate here?

We relocated at the end of December 2024.

What is the price of your property?

£315,000 for a 100% stake and £126,000 for a 40% stake.

What was the amount of your deposit?

We acquired a 40% stake via shared ownership, with our down payment totaling £12,600.

What are the current monthly expenses for housing and utilities here?

£1,400 all in.

What steps did you take to accumulate your down payment?

We were staying with my mother and only paying low rent, which was quite beneficial. I've always had a knack for saving money, however, over the past three years, we have been diligently setting aside funds.

I'm someone who keeps tabs on every single cent. I've maintained a budget spreadsheet for as long as I can remember. Initially, Owen wasn't quite like that, but he has embraced it recently.

We've always been certain about wanting to purchase something, though we assumed it would be several years before we actually did it. Typically, we go out only with Bruno, which doesn’t cost anything, so we never felt like we were giving up too much.

How was obtaining a mortgage for you? Were there aspects that you found particularly difficult?

Frankly, it turned out to be simpler than anticipated. We showed our interest via email, completed the necessary paperwork, made the initial payment, and everything progressed very swiftly.

The people at Hyde have been amazing and extremely efficient. Everybody we've encountered here shares this sentiment.

Could you provide information about your mortgage (interest rate/loan term)?

A 30-year tenure at an interest rate of 4.90%.

What was your previous living situation – did you rent or stay with relatives?

Owen and I have been residing in a crowded house in Canterbury with my mother, my aunt, my younger sibling, and Bruno for nearly three years to cut costs.

We were many, and time seemed to drag on endlessly – we were more than eager to progress. Peaceful moments were nowhere to be found.

Whenever someone asks about my new home these days, I tell them it's incredibly serene. Coming back after work to an unoccupied and silent house feels wonderful. Even our pet Bruno has changed; he seems far more relaxed than before.

What influenced your decision to purchase instead of leasing?

All we wanted was to have a space we could truly call our own, which made renting and saving simultaneously unachievable.

What led you to discover this property? And what was it that made you decide on it?

We had expressed interest and gotten an email regarding the remaining two-bedroom residences at Whitstable Heights. Initially, we decided to go see it out of curiosity since we felt our savings weren't substantial enough yet.

We witnessed it and instantly felt sure. You often hear about 'that gut feeling,' but I never believed it was genuine. Fortunately, shared ownership made it possible for us to manage the cost.

In what ways have you managed to make the property feel like a home? Where do you draw inspiration from for your interior design style?

Most of our present inspiration stems from newly built homes showcased on TikTok and various online forums, allowing us to witness others in comparable circumstances turning their empty spaces into something special. I keep up with numerous home decor accounts and thoroughly enjoy watching other people’s concepts become reality.

Since we've only recently moved in and are still getting settled with our new construction, we haven't had much time for decoration so far. I'm fond of neutral colors and plan to introduce an accent color in every room.

Which room do you like best and what makes it special for you?

I particularly love our kitchen since it offers ample space for cooking and is usually adorned with fresh flowers. The bedroom also appeals to me, thanks to its very serene ambiance.

Are you feeling like there’s sufficient room available?

Certainly, we also have an extra room set up specifically for working from home.

What is shared ownership?

Shared ownership Mortgage plans enable you to purchase part of your property while continuing to pay rent to a landlord, local council, or housing association. Sometimes, this process requires only saving up for a deposit that covers 5% of your portion of the house.

This provides first-time and other purchasers with the chance to acquire a stake in a leasehold property. They secure this through taking out a mortgage On the portion they purchase, they pay rent on the remaining amount, typically to a housing association.

This is the most budget-friendly method to obtain or remain on the property ownership track if your income is insufficient or you lack adequate savings for purchasing through conventional means.

The mortgage and down payment are significantly lower; the down payment usually constitutes between five to ten percent of the property value, and the rental fee comes with a subsidy.

Are there any plans to modify the property?

Owen has ideas for the garden, but apart from that, we don’t need to change anything.

Is there anything wrong with the property that needs addressing?

No.

What message do you want to convey regarding purchasing a house?

Consider it as an option. Initially, we almost skipped viewing the house since we believed we were unable to purchase it. However, shared ownership unlocked a possibility we thought would only come much later.

What do you envision for your living situation in the future? Are you planning to remain here indefinitely?

Currently, this remains uncertain for us. At present, we're extremely satisfied with our home and intend to remain here for at least the next five years.