WHAT I OWN: I PURCHASED MY £592,750 EAST LONDON TWO-BED FLAT AT THE AGE OF 22

Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

Last week, we were in Nottingham visiting 28-year-old Emily Smith who, together with her husband, bought a new-build property during the pandemic. Four years later, she’s transformed it into a colourful haven with velvet sofas and wall prints galore.

Now, we’re back in the Big Smoke visiting 22-year-old Pari Pande, who purchased her £592,750 two-bedroom flat in East London a few months ago.

After starting up her own educational YouTube channel as a student, she’s now moved into investment banking in the city, which allowed her to save up to fund her own place.

Here’s what she had to say about her property journey…

Tell us about yourself – how old are you, what do you do for work, and where are you based?

I’m Pari, I’m 22 and I was born in Nottingham. I lived there until I went to university to study Economics, then I moved to London last July to start my first job at an investment bank in the City.

I also used to make academic content on YouTube, on my channel ‘Life of Pari’ – this took a break while I was busy at university, but the plan was, once I moved into my own flat, I would start filming again. I also tutor GCSE and A-Level subjects online. I find it really rewarding to teach and guide young people.

When I first moved to London, I rented a room in Ilford, but I recently purchased my very first home – a two-bedroom, two-bathroom apartment at Riverscape, in the Royal Docks. I’m usually in the office five days a week, which is why I wanted a well-connected home with easy transport links.

Whereabouts is your property? What do you think of the area?

I moved to Riverscape this March. It’s in East London’s Royal Docks, located by the riverside and close to West Silvertown and Pontoon Dock DLR stations.

This location is great – it’s super close to central London, with great connectivity and a nice sense of community. Safety has always been a key factor for me, and my family.

Before now I never felt safe walking alone in the dark, so I used to get Ubers everywhere – even between the tube station and home when I was renting in Ilford.

Since living here, I feel safe being on my own, even walking home in the evenings, because there are always people around. There’s also always the option to call the concierge/security on-site, which is a great sense of comfort.

The atmosphere and local area are amazing – nothing like ‘typical London.’ There’s so much greenery and no hustle-and-bustle.

You get a genuine community feeling, and people are so friendly. It reminded me of up North, where you can talk to anyone and everyone while just crossing the street! I haven’t seen or experienced this anywhere else in London.

When did you move in?

March 2024.

How much did your property cost?

£592,750.

How much was your deposit?

It was 50% of the value of the property – £296,375.

What’s the monthly cost of living here now, both mortgage and bills?

My mortgage is around £1,300 per month, and my bills come to £405 p/m (£205 council tax, £100 electricity, £50 WiFi, £50 water).

How did you save up for your deposit?

While I was at university, along with YouTube, I also had my own tutoring business for about four years, which contributed significantly towards my savings. I only touched these when necessary, to help my deposit fund grow steadily over time.

Later on, I also saved about 60-70% of my salary from work each month. For any remaining balances, my parents kindly helped me.

What was the process of getting a mortgage like for you? Did you find any parts challenging?

Understanding the financial landscape was crucial in making informed decisions about my mortgage options.

A large deposit would mean that I could borrow less and secure a lower interest rate. Realising this, the “Bank of Mum and Dad” pitched in. Their support enabled me to place a bigger deposit on my first home and allowed me to access some of the best first-time buyer mortgage deals available. The result was lower monthly repayments, making my financial commitment more manageable.

By combining my savings with parental support and making informed mortgage decisions, I successfully transitioned from renting to owning my own home quickly, ensuring lower monthly repayments and financial stability.

Can you share details on your mortgage (rate/term)?

It’s a 27-year loan on a two-year fixed rate of 4.17%.

Where did you live before this – were you renting or living with family?

Before moving to Riverscape, I rented a room in Ilford, East London. Prior to this, I lived with my parents and dog in Nottingham, and later went to university in Warwick.

What made you want to buy rather than renting?

I chose to rent in Ilford because I had to be relatively close to the City for work, but given the current high prices to rent in relatively central London, I thought I might as well buy my own apartment if I can!

How did you find this property? What made you choose it?

Prior to finding this apartment, I probably had at least 150-200 flat viewings since I started looking.

I didn’t know much about different areas within London. We were advised to look at Islington initially, but after being grossly disappointed with what you get for your money there, my family and I started exploring other areas.

We then focused on Stratford, and I even reached the final stage of exchange with a flat there. However, we found out at the last minute that pets are not allowed, so it fell through (we have a family dog, Oscar, who is a Lhasa Apso and is my pride and joy.)

Within days of the Stratford flat falling through, I was relentlessly speaking with agents, in desperate search of my dream flat. Then one agent called me up in October and said, ‘Pari trust me, just have a viewing at Riverscape – they have an open house tomorrow, you will love it – I promise.’ The next day, we fell in love immediately.

Because I work long hours, location was key – I didn’t want to spend more than 40 minutes commuting every day, as I’m usually in the office from 6:45am to 5:30pm.

From my home now it takes 35 to 40 minutes (max) door to door, which is superb for London. We’ve got West Silvertown and Pontoon Docks DLRs, the 241 bus a four-minute walk away, Custom House Elizabeth Line and the Uber Boat from Royal Wharf Pier.

How have you made the property feel like home?  

When I first moved, it took a long time to find the right pieces of furniture. Every free moment I’d have, my parents and I would go to all the shopping centres near us and look for statement items to fit the Pinterest vision I had.

I’d like to think it has come along almost exactly as I had imagined! More bits and pieces need to be added in time, but for now, it does feel like a home.

What’s the inspiration for your interior decor style?

After my offer was accepted, I got busy making a Pinterest board with inspiration on how to decorate my apartment! I’m not sure how to explain my style, but I’d characterise it as elegant and chic.

What’s your favourite room and why?

The kitchen, because it’s open-plan and so it’s the hangout area whenever people are over.

It’s so nice to be able to watch telly and cook and hang out with people at the same time. I also bought some really vibey lights for night-time, and have my speakers in the kitchen. I love music, so basically everything right about the flat is in the kitchen.

Do you feel like you have enough space?

I do. I bought a two-bedroom, two-bathroom flat because I’m really close to my parents, so it means they can come and visit whenever they like and stay in the second room.

I don’t have a balcony, but with Lyle Park on the doorstep I feel surrounded by green space.

Do you have plans to change the property?

No, it’s perfect for me at the moment.

Are there any problems with the property that you have to deal with?

The design of my apartment means the windows don’t actually open – it has a comfort cooling system, but I’m used to having radiators which are efficient.

What do you want people to know about buying a home?

The first place you have an offer accepted on will likely fall through, and you’ll end up somewhere completely different to where you initially expected, but when it happens you will realise that it was because something much better was in store for you that ticks way more of your boxes!

Also, to not be closed off to some areas, or only focusing on one specific place – initially, I was looking at Stratford or Islington and never had heard of Royal Wharf, but after my Stratford flat fell through, I looked here and discovered how amazing the area is, and how beautiful each flat and each building is. So many wrongs may happen for you to find your right!

What are your plans for the future, in terms of housing? Do you plan to stay here long-term?

Yes, I will be staying here for at least another five years; probably until I have a family and kids of my own (which isn’t for a long time!). But for now, as a young single professional, this area is perfect for me.

Everything I need is within arm’s length, and the community also seems to be populated with like-minded people. I wouldn’t want to leave to be honest, until I need to move from a flat to a house.

Shall we take a look around?

Do you have a story to share?

Get in touch by emailing [email protected].

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