London first-time buyers: our financial exit strategy for our Help to Buy flat in Wimbledon

(Matt Writtle)

After five years renting in London, Daniel and Tris Acutt are finally settling into their first home, which they bought with help from the Help to Buy scheme that cuts deposits down to manageable levels.

They moved into their two-bedroom apartment in Wimbledon Grounds, the reboot of the former Wimbledon Greyhound Statement, this summer with their 10-month-old rescue dog, Charlie.

Although it is early days, they have already worked out their financial exit strategy to make sure that they don’t get saddled with spiralling interest payments on their government loan down the line.

“So far we are absolutely loving it,” said Daniel, 36, an investment manager. “It feels like we are living in a hotel suite. It is light, bright and the community is really good, too.”

Daniel and Tris, 35, an executive assistant at the Thyssen-Bornemisza Art Academy, met and married in South Africa, and moved to London in 2015.

They gravitated to south-west London and rented various properties in Battersea and Earlsfield.

“We had always been looking at buying some day because it just makes much better financial sense,” said Daniel. “If you rent it is very hard to save for a deposit and you are just paying someone else’s mortgage.”

Before their move they were living in Earlsfield, paying £1,700pcm for a two-bedroom flat.

They were aware that the Help to Buy scheme ends in March 2023, and started house hunting last year because they wanted to take advantage of it.

Remaining in south-west London was a non-negotiable — both of them need to be in town for work and would prefer to put their income into a mortgage rather than commuting.

But because the scheme is capped at properties up to £600,000, they found limited options in their area of choice.

Luckily, Wimbledon Grounds ( was the exception and, after viewing several flats, selected a north-east-facing one which would enjoy “morning light and afternoon cool”.

The property cost exactly £600,000 and after taking financial advice they put down a £30,000 deposit — made up of their joint savings — and took out a 22 per cent government loan.

They raised the rest of the money with a mortgage, which costs them £1,380pcm. They also pay a service charge of £300pcm.

After five years the couple will also have to factor in interest payments on their government loan, but Daniel is hoping to get around this.

Under Help to Buy rules, if the value of a property increases, so does the debt. “We plan to overpay into the mortgage over the next three or four years, and then remortgage to pay off the loan before … [the flat] … goes up too much in value,” said Daniel.

Internet Explorer Channel Network
News Related


Deutsche Welle website partially blocked in Belarus

© Provided by German media outlet Deutsche Welle is based in Bonn and Berlin The website of Germany’s public state-owned international broadcaster Deutsche Welle (DW) was partially blocked in ... Read more »

Man killed, teen wounded in Tulbagh shooting

© CAPE TOWN – A man has been killed and a 14-year-old girl has been wounded in a shooting in Tulbagh. The man sustained several gunshot wounds during the ... Read more »

Ayanda Thabethe says skip Gucci and get an inverter instead, so you can keep the lights on

© Provided by Times Live Television presenter and model Ayanda Thabethe recently took to Twitter to share her 2 cents worth about power cuts that have affected the whole of ... Read more »

Southampton dealt massive injury blow ahead of Watford, fans will be absolutely gutted - opinion

© Provided by Football FanCast broja After being kicked out of the Carabao Cup in midweek by Chelsea, Southampton have a big Premier League game on the horizon against Watford ... Read more »

‘Should be some clash of styles' – Sky Sports pundit offers prediction for Fulham's crunch clash with West Brom

© Provided by Football League World Premier League – West Bromwich Albion v Fulham Two of the top teams in the Championship this season meet in London this Saturday lunchtime ... Read more »

Imagine him & Richarlison: Everton must swoop for £17m dynamo who has “huge potential” - opinion

© Provided by Football FanCast 2021-05-21T015320Z_1433901014_HP1EH5L058ST8_RTRMADP_3_SOCCER-LIBERTADORES-OLP-INL-REPORT Everton are reportedly scouring the transfer market for further attacking reinforcements after being linked with a move for Internacional striker Yuri Alberto. What’s the ... Read more »

Lage must unleash £40k-p/w Wolves "outstanding talent" who could become "a top player" - opinion

© Provided by Football FanCast Ki-Jana Hoever Having joined Wolverhampton Wanderers in an initial £10m move back in the summer of 2020, Ki-Jana Hoever may not have progressed as quickly ... Read more »

5 things spotted in Liverpool training including Naby Keita boost and a rare appearance

Liverpool had no time to revel in the fact they have reached the last eight of the Carabao Cup as their attentions immediately turned to Premier League action. Jurgen Klopp ... Read more »

12 arrested for illegal quarrying, mining in Rizal

Twelve individuals were arrested by agents of the National Bureau of Investigation’s Environmental Crime Division for their alleged involvement in illegal quarrying and mining operations in Rodriguez, Rizal. According to ... Read more »

Report: MLB Reinstated Brandon Taubman in 2020 After Outburst at Female Reporters

© Provided by Sports Illustrated Former Astros executive Brandon Taubman is eligible to return to MLB despite his 2019 outburst toward female reporters. View the original article to see embedded ... Read more »

"You may see them..." - Journo drops intriguing NUFC transfer claim involving James Ward-Prowse

Newcastle United will have set their sights on signing Southampton captain James Ward-Prowse when the transfer window reopens in January, according to Newcastle World journalist Liam Kennedy. © GiveMeSport Members ... Read more »

Victims' families and survivors of S.C. gunman Dylann Roof's massacre reach $88M settlement with DOJ

The Department of Justice will pay $88 million to the survivors and families of victims shot by racist gunman Dylann Roof in a South Carolin church. A faulty background check ... Read more »

‘His lack of managerial experience has to be a worry' – Fulham figure linked with Cardiff City job: The verdict

© Provided by Football League World Premier League – Everton v Tottenham Hotspur This article is part of Football League World’s ‘The Verdict’ series, which provides personal opinions from the ... Read more »

GM factory adding overtime shifts amid improvement in chip supply

General Motors Inc. factories are adding new overtime shifts as the semiconductor chip supply improves, the Dallas Morning News reported. © Getty Images GM factory adding overtime shifts amid improvement ... Read more »

Jair Bolsonaro wird Ehrenbürger von italienischer Gemeinde

Der brasilianische Präsident macht von seinem Trip von Rom nach Glasgow einen Zwischenhalt im Nordosten Italiens. Er wird in einem kleinen Ort geehrt, was zu heftiger Kritik führt. © Foto: ... Read more »

"Could be a real star": Journo makes big prediction on MCFC prodigy who "wants to emulate Foden"

Cole Palmer has set his sights on emulating Phil Foden after breaking onto the scene at Manchester City, according to the Sun journalist Tom Barclay. © GiveMeSport Manchester City boss ... Read more »

'Why are kids going on a trip to a gay bar?!' Florida elementary school is slammed for taking its children on field trip to a gay bar

Broward County school board member Sarah Leonardi posted pictures of a group of Wilton Manors Elementary School children at Rosie's Bar and GrillThe children were pictured inside the popular Florida LGBT bar whose interior featured rainbow colored décor and menu items with sexual puns The bar and grill, which opened in 2006 is located in Wilton Manors and operates during the day as a restaurant that also serves alcohol Many online questioned if a bar, gay or not, is any place to take elementary school aged children on a field trip in the first place 'Could honestly care less if the establishment was "gay" or whatever WHY A BAR OF ALL THINGS,' someone tweeted Read more »

Pregnant and breastfeeding women don't generate antibody levels after the first COVID-19 vaccine dose as high as those who aren't mothers, study finds

Researchers compared 84 pregnant women, 31 breastfeeding women and 16 non-pregnant women, all of whom were fully vaccinatedAfter the first dose, pregnant and breastfeeding women had lower antibody levels than non-pregnant womenAfter the second dose, antibody levels of pregnant women returned to 'normal' while breastfeeding women had levels similar to non-pregnant womenThe findings show how important it is that pregnant and breastfeeding women receive the second dose on timeCDC data show just 34.6% of pregnant women in the U.S. are fully vaccinated Read more »

'She's one tough cookie': Mitt Romney goes all out for Halloween by dressing up as Ted Lasso from the hit Apple TV show and even enlists Kyrsten Sinema as his co-star

Mitt Romney went all out for Halloween on Thursday, showing up to work at the Capitol dressed as Ted Lasso from the hit AppleTV show of the same nameHe recruited Senator Kyrsten Sinema to participate and posted an image and gif on his Twitter giving her a small pink box of biscuits'She's one tough cookie,' Romney tweeted In the show, Lasso gives his boss a small box of biscuits each day for something the character calls 'Biscuits with the Boss' Romney posted three tweets of him portraying three scenes from the show  Read more »

COP26: Queen presents award over video link after withdrawing from climate change summit

On Tuesday night, it was confirmed the Queen will not be attending the COP26 climate summit, where she was due to host a reception for world leaders and delegates. Read more »

'Biggest smile on my face', 'Things you love to see' - Many Celtic fans buzzing over club's post

A whole host of Celtic fans are buzzing on Twitter with the club’s latest post about Ange Postecoglou. © Provided by This is Futbol Postecoglou The Australian manager was brought ... Read more »

"But I was also told...": George Caulkin drops fresh NUFC twist that'll intrigue fans - opinion

© Provided by Football FanCast Paulo Fonseca smiles before Roma clash The Athletic’s George Caulkin has seemingly delivered a twist in regards to Newcastle United’s pursuit of a new manager. ... Read more »

"Noises from the club...": Journo drops eye-opening Leeds claim that'll concern fans - opinion

© Provided by Football FanCast Marcelo Bielsa looks on (2) Leeds Live’s Beren Cross has revealed what he’s seen at Leeds United amid the club’s tough start to the Premier ... Read more »

Brexit: France detains British trawler amid dispute over fishing rights

Two English ships were fined during checks off Le Havre, France (AP) France has detained a British trawler fishing in waters off its coast, amid an escalating dispute over fishing ... Read more »

Mammogen Touts Growing List of 2021 Awards and Recognitions for its Work in Women's Health and Breast Cancer Diagnostics

After recent partnership announcements, female-led women’s health startup, Mammogen, showcases growing list of 2021 awards and recognitions ALISO VIEJO, Calif., October 28, 2021–(BUSINESS WIRE)–Mammogen, a female-led women’s health company, today ... Read more »

Obstetrical patients diverted, new admissions paused as rural hospitals deal with COVID-19 outbreaks

© Charles Krupa/The Associated Press Some rural Alberta hospitals have been forced to divert obstetrical patients elsewhere, due to COVID-19 outbreaks. As hospitals in rural Alberta grapple with COVID-19 outbreaks, ... Read more »

Democrats at odds over 'billionaires tax' to fund sweeping Biden agenda

By Richard Cowan and David Morgan © Reuters/Elizabeth Frantz U.S. senators depart after meeting with White House officials on Capitol Hill in Washington WASHINGTON (Reuters) -Senior Democrats in the U.S. ... Read more »

You Need to Hear Penn Badgley's Chilling Narration on This Joe Goldberg Fan Video

There are just two words from Joe Goldberg that would always stop us dead in our tracks in real life: Hello, you. And well, for some lucky fans of Netflix’s ... Read more »

Bachelorette's Ashley, J.P. Rosenbaum Finalize Divorce 1 Year After Split

Officially over. Ashley Hebert and J.P. Rosenbaum have finalized their divorce after announcing their split last year, Us Weekly exclusively confirms. © Provided by US Weekly Bachelorette’s Ashley Hebert and ... Read more »

The world's most crucial climate summit is starting - sign up to get our daily newsletter

THE HUGELY IMPORTANT UN annual climate summit, probably one of the most crucial to ever take place, is just a few days away. COP26 takes place in Glasgow and will ... Read more »

‘Almost schizophrenic': Judge rips DOJ approach to Jan. 6 prosecutions

A federal judge thrashed the Justice Department on Thursday for offering “petty offense” plea deals to Jan. 6 defendants who she said tarnished America’s reputation in the world and enabled ... Read more »

BLM chapter calls for resignation of sheriff charged with lying about Black news deliveryman

“What he did was malicious,” said Washington State chapter strategist Sakara Remmu. “This sheriff was trying to get an innocent man killed.” A chapter of Black Lives Matter in Washington ... Read more »

Eskom takes load shedding down to stage 3 on Thurs night

© JOHANNESBURG – Eskom has announced that load shedding will be reduced to stage 3 from 9 pm on Thursday. The power utility will further downgrade rolling blackouts to ... Read more »

City Power maintains blackouts in JHB north addressed despite complaints

© City Power via Twitter. City Power says its directors and technicians are working hard to restore power in some parts around Johannesburg after an overnight planned maintenance. JOHANNESBURG – ... Read more »

UK summons French ambassador as fishing rights row escalates

France’s ambassador in London was summoned and two Royal Navy patrol vessels were put on a state of “high readiness” to tackle potential port blockades by French fishing boats as ... Read more »

Walmart staff left behind as Starbucks ups hourly wage to $15

© Getty Images Walmart has raised its hourly wage to $13 – Getty Images Starbucks has announced that it will boost wages from $12 (£8) to $15 (£11) an hour, ... Read more »

No mosque burnt, photos on social media fake: Tripura police

Tripura police has denied that no mosque was burnt as was being made out in fake photographs posted on social media. A mosque was allegedly vandalised during a rally in ... Read more »

UK flood warnings LIVE: Hundreds evacuated & railway lines blocked as danger to life storm sees major incident declared

HOMES in Hawick are being evacuated after a major incident was declared due to the flood risk posed by torrential rain. Police Scotland declared the major incident with up to ... Read more »

UK Covid death toll rises by 165 as cases continue to fall from latest peak

The UK has recorded 165 new Covid-19 related deaths in the past 24 hours – taking the official death toll to 140,206. © PA Archive Coronavirus – Thu Apr 8, ... Read more »

Will Ferrell turned down $29M for ‘Elf 2' because he's ‘honest'

Will Ferrel’s 2003 holiday kids comedy earned over $200 million at the box office. ©New Line Cinema/Courtesy Evere Will Ferrell’s 2003 Christmas film “Elf” has cemented itself as a holiday ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic