For seven long years Simon and Ishamane Neville saved and saved for a deposit for a home of their own.
But their teaching salaries, plus the fact that the couple were spending circa £1,800pcm to rent a tiny flat in Hoxton, meant that their progress was painfully slow.
“We started to think that it was not really going to happen,” says Simon.
Late last year the couple agreed on a lifestyle change. They wanted to move out to the borders of London and Essex for more open space, and began looking around for a new rental.
“When we moved to Hoxton we were 27 or 28 and it was perfect for us,” said Simon. “But by the time we were in our thirties we wanted somewhere quieter and more peaceful.”
One of the flats the couple, both 35, viewed was at The Green at Epping Gate, a Fairview New Homes development in Loughton.
They loved the atmosphere and – just to see the lay of the land – popped into the marketing suite for a chat.
To their astonishment they realised that they didn’t need to rent at all – they could afford to buy.
Six weeks later, in February they had the keys to a brand new one-bedroom flat. And their mortgage costs £200 less than they were paying their Hoxton landlord.
The couple put down a deposit of £16,950, five per cent of its £339,000 price, based on their savings plus a little help from the Bank of Mum and Dad.
Developer Fairview (fairview.co.uk) gifted them another five per cent under its Deposit Unlock scheme.
“To be a homeowner and actually be paying less a month is a great feeling,” said Simon.
The couple both still work at their schools in east London and the daily journey to work takes them about an hour each way.
“We don’t mind the commute,” says Simon. “We go together, and considering our much better financial situation now it is well worth it.”
When they are at home they are loving the chance to explore the wilds of Epping Forest, which is on the doorstep, and go running at Roding Valley.
“The area is quieter than Hoxton, and it feels safe,” says Simon. “It feels like a slightly healthier place too; the air is fresher.
“We are both super happy. We still get a taste of London so we have got the perfect balance.”
