31 January 2024 ·
"Trying to save during this cost-of-living crisis whilst stuck in the London rental cycle can be very daunting and intimidating - the Save to Buy scheme is a god send!"
Recruitment Business Partner, Davina Oriakhi and her partner Hamza Idris, a Commercial Property Account Manager, used to rent together in London and were tired of putting money in a landlord’s pocket instead of their own future. The couple were unsure they’d be able to buy “the conventional way” anytime soon, so when they came across Save to Buy, they leapt at the opportunity…
In November 2023, first-time buyers Davina, 29 and Hamza, 29, moved into their new apartment at Epping Gate in Loughton after successfully applying for Save to Buy - the scheme which allows buyers to live in their new home rent-free with an initial minimum 1% deposit, while saving for the remainer of their deposit via fixed monthly payments.
Having rented in London together for a number of years - where rents are averaging an all-time record of around £2,627 pcm - Davina and Hamza were keen to get on the ladder but their dream of homeownership seemed a far reach.
Davina said: “We hadn’t been saving for a house for all that long, so we knew buying our first home in the conventional way wasn’t on the cards for at least another three or four years.
“Trying to save during this cost-of-living crisis whilst stuck in the London rental cycle can be very daunting and intimidating – the Save to Buy scheme is a god send!
“We enquired about the scheme early in 2023 around the time when it launched. When the property we wanted became available in September, Fairview got in touch and within a couple of months, we moved in!
“We’ll also be able to make use of Deposit Unlock, which means we’ll only need a 5% deposit and will officially become homeowners in April this year (2024).”
Stepping foot into the homebuying market can feel like the unknown for some, but Davina and her partner felt supported by Fairview right from the start.
Davina added: “The staff at Fairview were incredible. The whole process was a lot quicker and simpler than we initially anticipated. All of our questions and concerns were dealt with promptly, and there was a real human touch to everything they did.
“In truth, the primary reason we chose to buy with Fairview is because they are the only developer offering Save to Buy. That said, we’re glad it’s Fairview who offer the scheme because everyone we’ve met and that has helped us in the process have been wonderful!”
The couple had been looking at homes for around a year whilst they saved for their deposit, when they came across Save to Buy. Despite the scheme being the biggest driver for them to purchase at Epping Gate, Davina and Hamza are delighted with the specification and location of their new home.
“We knew we always wanted a new build for its modern features and energy efficiency. Buying new has given us the chance to put our stamp on the property right from the very start.”
“We love the modern feel to our apartment and the development, and how close we are to the train station and shops. It feels like a great place to raise a family.”
Davina’s advice to other first-time buyers is: “Keep on top of what’s happening in the economy and the housing market. That way you can find the right time to make it happen and you may come across a scheme like Save to Buy, just like we did.
“If everything aligns, go for it!”