HAPPY HOMEOWNERS: Jake Cohen and his partner Sean have managed to secure their dream home in Horwich, Greater Manchester, before the age of 30. The couple used a strategic loophole and their dedication to saving to get on the property ladder. Now, they’re enjoying the benefits of their new build.
Jake, a 29-year-old Senior UX designer in corporate banking, couldn’t be happier with his property in Horwich. Their home is located at the historic old Locomotive Works, a place with a rich history of steam train building since 1886.
The couple purchased their dream home for a total of £267,000 in October 2023. Thanks to their smart financial planning, they were able to save up a 10% deposit. To their surprise, Bellway, the developer, contributed an additional £7,000 towards their deposit, allowing them to splurge on furniture and upgrades for their new home.
Managing their finances responsibly, Jake and Sean split all bills, including the monthly mortgage payment of £1,174, which adds up to around £987 each. Other expenses, such as bills and food shopping, come to approximately £900 per month.
Jake’s journey to homeownership began in 2017 when he started saving money. In 2021, he discovered Lifetime ISAs and opened one with Moneybox, which earned him an additional £4,000 bonus from the government. During the lockdown period, Jake took advantage of the opportunity to save even more. Working from home meant reduced expenses, and he also explored side hustles, such as paid surveys, to earn extra cash.
To maximize his savings, Jake diligently sought high-interest savings accounts and made sure to take advantage of cashback offers on his spending. His dedication paid off, and he was able to accumulate enough savings for a 10% deposit.
Jake’s mortgage journey was made easy with the help of Moneybox Mortgages. As he already had a Lifetime ISA with Moneybox, he simply requested an appointment through the app to discuss his mortgage application. The process was straightforward, and he could track the progress through the app, ensuring he was always in the know.
Opting for a two-year fixed mortgage with an interest rate of 5.15%, Jake and Sean are hopeful that rates will decrease before they need to remortgage.
Now settled in their new home, Jake and Sean are enjoying their shared love for gaming and the sense of community they’ve found in Horwich. Their journey to homeownership serves as an inspiration to other young couples looking to achieve their property dreams.
I had been renting since I started university in 2013. My partner and I started renting together in 2015. However, it never truly felt like home as we couldn’t decorate or make any modifications. That’s why owning a home has always been a dream for us. It’s a chance to make the property our own and have an asset to call our own.
Our new home is located in the town where I grew up, Horwich. It’s a great location for us as it’s close to both of our parents and also near Manchester city centre where we work. The surrounding West Pennine Moors provide beautiful walks and stunning views.
We are part of the multi-million-pound regeneration project called Rivington Chase. This former industrial site has plans for new green spaces and community areas, which adds a lot of potential to the area.
After moving in, we slowly started buying furniture for each room as we saved up more money. Currently, our home has a minimalist style with a neutral color palette. The white walls work well with the smart lighting system we have in place, allowing us to choose any color of light.
If I had to choose a favorite room, it would be the kitchen. It gets plenty of sunlight through the French doors and we invested in premium floor tiles, a hard worktop, and delta lights.
Storage space is not an issue in our house. We recently boarded and shelved the loft, which is now our main storage area. Our next goal is to work on the garden space and purchase a shed to store our bikes.
For now, we don’t have any immediate plans to make changes to the property, except for creating a good garden space. We have been fortunate to only experience minor cosmetic issues, which have already been fixed.
Saving up for a home takes time and effort, but it’s definitely worth it in the end. Consistency was key for us, setting aside a portion of our income each month as if it were a regular bill. Additionally, utilizing a Lifetime ISA is a great way to maximize your house savings, especially if you’re under 40.
Currently, our house is perfect for us, so there are no plans to move. However, we might consider upsizing in the future.
Overall, we are thrilled to finally own a home and have the opportunity to create a space that truly feels like ours. It’s been a journey, but we couldn’t be happier with the result.
The kitchen is bathed in natural light, creating a bright and inviting space. Lego flowers adorn the room, adding a touch of color and vibrancy. A collection of magazines is neatly stacked, providing essential reading material. The decor is inspired by ancient Rome, with sculptures adorning the space. A stunning light fixture serves as a focal point, adding a touch of elegance. A diffuser emits a pleasant aroma, creating a soothing atmosphere. It’s clear that the owner is a fan of Lego, as evidenced by the various Lego pieces on display. Can you spot the fake plant amidst the greenery? Multiple screens are a necessity in this modern space. Halloween enthusiasts will appreciate the festive decor. More Lego flowers can be found throughout the room. A polka dot rug adds a playful touch to the decor. Another angle of the landing showcases the stylish design. Ample storage space is available to keep the room organized. Plants are scattered throughout, bringing life and freshness to the room. Essential bedtime reading materials are within reach. Is that a lava lamp adding a retro touch? A fluffy friend adds warmth and coziness to the space. And there’s another one!
