I’ve lived in Wanstead all my life and my hopes were raised by an ‘affordable’ development
Q Since graduation from art college in 2009, I’ve been able to live at home rent free so despite being on a lowish salary of £20,000 as a trainee teaching assistant, I have managed to save a total of £35,000. By the end of June when I graduate from teacher training, I will move on to a salary of £28,000 which will go up to £30,000 after a year.
I’ve lived in Wanstead all my life and never assumed that I could afford to buy here but recently read that Pocket Living will be building 20 one-bedroom flats near Wanstead station. The flats will be priced at £275,000 in an area where flats are normally priced at upwards of £300,000. I fit Pocket Living’s eligibility criteria for buying as I will be a first-time buyer and I already both live and work in the borough.
Sadly, because my salary will be £28,000, the biggest mortgage I can get – if I borrow five times my salary – would be £140,000. I’m unsure of what to do for the future. If I don’t buy now, I will carry on saving – probably more than now after my salary increase – as my mother has no intention of moving or charging me rent. But I feel that for every year I save flat prices will increase and I will be forever playing catch up unless I take out a help-to-buy equity loan but I don’t know if that’s a good idea. I have no desire to live or buy in another part of London either and I wish to buy alone. I understand that I’m striving for the impossible but would be grateful for any advice or insight.
EP
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