My journey to homeownership; an easy to digest step-by-step guide
I moved to the UK in September 2011 to pursue my Master’s degree at the University of Brighton. Like many international students, I worked part-time to support myself, balancing studies with shifts at Brighton and Hove Stadium until June 2013.
In December 2012, I landed my first corporate role at the University of Brighton International College. For a few months, I worked two jobs to build myself up. A job is the first step to build a life and a healthy routine. The marriage, relationships, kids, and wealth follows itself.
Gradually, my financial stability grew, and in 2016, I secured my first leadership position, giving me the financial freedom to take a big step—buying my first home.
In November 2017, I got the keys to my house, where I still live today.
In February 2027, I will be mortgage-free, and the property’s value will have doubled. The house was brand new, fully refurbished, and extended with a minimalist and modern design. I will always be grateful to the seller for creating such a beautiful home.
Here’s how I did It: step-by-step
1. Saving for the Deposit and Costs
For 4 years, I saved £400 every month. This gave me the funds for my deposit, legal fees, stamp duty, and other associated costs.
I set up a direct debit to move £400 automatically into my ISA account each month. By the end of four years, I had £20,000 saved. Plus, ISA accounts are tax-free—a small but meaningful financial advantage.
Was it easy? Not sure what easy is for everyone. I worked full-time hours (37.5 hours per week), and maintained stable employment (no gaps in my employment). I think that consistency was crucial for my pension (when I reach that age -:)) and for my now and future financial security.
Pro tip: The earlier you start saving, the better. If you want help building a personalized financial plan, hire me as your life coach.
2. Securing the Best Mortgage Rate
I knew that finding the right mortgage was essential. I worked with a professional mortgage broker (his name was Brett and he was the best mortgage broker I have ever met) who helped me secure a competitive interest rate for my situation.
Mortgage brokers were free when I applied, but nowadays, you can expect to pay around £250. It’s a small investment for what could save you thousands over the mortgage term.
3. Searching for the Right Property
I viewed several properties and experienced my share of disappointment when offers were declined. The process was emotionally challenging, but that is part of the process.
One crucial lesson: Don’t get discouraged by this. Buying your first home is a little stressful but it is worth it afterwards. Also, the right property will come along when the time is right.
4. Making an Offer and the Exchange Process
The property I eventually purchased was listed at £140,000, but the seller kindly dropped the price to £135,000 as my funds were running low. He was a straightforward and punctual person, which made the buying process smooth and easy.
When I first met the seller, I said, “I like the house, but please, no games. I want to come for a second viewing, and once my mortgage is in place, I need you to keep your word.” Thankfully, he did just that, and the purchase moved forward seamlessly.
This taught me the power of being direct and a bit firm during negotiations. You want to show that you first keep your word, are an okay person and that you expect the same in return. You set the bar there.
Final Thoughts and advice
Buying my first home in the UK was, for me, a journey of resilience, discipline, and smart financial decisions. Resilience & discipline becomes second nature when you know you want somethingregardless. Nothing can stop you. With the right plan and consistent effort, I believe financial freedom is achievable, even in just a few years. You have to start from somewhere.
As a certified life coach, I help clients grow their careers, build financial freedom, and navigate property investment if they like property. My guidance is tailored to your goals, with practical, affordable support that delivers real results.
If you’re ready to take control of your finances and future, visit www.electracarter.co.uk to get in touch. Let’s make your goals a reality, together.
Thank you very so much for reading my work.
13th February 2025
