Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.
When Sashwat and Rupali Bannick first moved to the UK from India in 2022, they knew they wanted to strive towards homeownership.
Initially moving to Canary Wharf, the pair spent two-and-a-half years diligently saving for their deposit, and in 2024, they signed the paperwork for their two-bedroom flat in Woolwich.
At first, they found applying for a mortgage challenging as they hadn’t lived in the UK for long, but they soon landed on a 35-year term that worked.
While their home might be considerably over the average UK housing price (currently £268,400), the couple were able to get on the ladder for slightly under the going rate in London. Over the last year, homes in the capital have sold for £668,665 – £168,665 over what Sashwat and Rupali paid.
Here’s what Sashwat had to say about their property journey…
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Tell us about yourself!
My name is Sashwat Bannick, I’m 30 years old, and I work as a technology consultant. I live with my wife Rupali, and we are both originally from India.
Whereabouts is your property? What do you think of the area?
It’s great! The Royal Docks offer an exceptional blend of connectivity and lifestyle. Situated just a six-minute walk from Pontoon Dock DLR Station, it takes me approximately 25 minutes to Canary Wharf door to door and Bank in about 35 minutes, facilitating convenient commutes.
The proximity to the Thames Barrier Park provides access to green spaces, while nearby Royal Wharf offers a variety of shops, eateries, and recreational facilities.
Plus London City Airport is just minutes away, providing domestic and international travel options.
While there are several great coffee shops nearby, my personal favourite is a place called Little Hudson. It has a fantastic atmosphere and consistently great coffee.
When did you move in?
November 22, 2024.
How much does your property cost?
£500,000.
How much was your deposit?
£50,000.
What is the monthly cost of living here now, both mortgage and bills?
We pay £2,040 per month for the mortgage. Our energy bills vary depending on usage, but on average, we pay between £50 and £60 per month. The heating is between £60 and £70, electricity costs £50, and our water £40.
How did you save up for your deposit?
We saved a deposit of £50,000 through regular monthly savings over the last 2.5 years. Our main strategy was setting a fixed amount aside each month as soon as we got paid, treating it like a non-negotiable expense.
We also cut back on unnecessary spending, used simple Excel as a tool for regular budgeting to track our progress, and took advantage of Equity ISAs to maximise our savings.
For other first-time buyers, we would recommend setting clear savings goals, being disciplined with spending, and exploring Equity ISAs and, to an extent, government schemes that can help boost their deposit.
What are Lifetime Isas?
Lifetime Isas, otherwise known as Lisas, can be opened by anyone aged between 28 and 39. This is not the same as an Equity ISA (stocks & shares Isa).
Lisas can be used to save up to £4,000 a year, which can either be spent on a first home costing up to £450,000, or for retirement after you hit the age of 60.
The state adds a bonus of up to £1,000 per year on top of that, plus you earn interest on whatever you save, and that interest is tax free.
You must have had your Lisa for at least a year to be able to use it (and the government bonus) towards your first home.
If you use the Lisa to buy a house, you can then keep the account and use it to save money for retirement.
But savers making withdrawals for any other reason than buying their first home or saving for later life face a withdrawal charge of 25%.
The Lisa is an ISA (Individual Savings Account), and you can only pay up to £20,000 into ISAs in the 2025-26 tax year.
Therefore, if you put the maximum of £4,000 into your Lisa, you will only be able to put up to £16,000 into any other ISA accounts.
What was the process of getting a mortgage like for you? Did you find any parts challenging?
The mortgage application process proved to be quite challenging for us, particularly as we had only been in the country for two-and-a-half years. This relatively short duration significantly limited our lending options, restricting us primarily to institutions such as Halifax and Principality.
Can you share details on your mortgage (rate/term)?
Our rate is 4.86% and our term is 35 years.
Where did you live before this – were you renting or living with family?
Before buying our new home, my wife and I were renting a property near Canary Wharf.
What made you want to buy rather than rent?
We were keen to invest in a place of our own and have more long-term stability.
How did you find this property? What made you choose it?
We first discovered Fairview New Homes while exploring properties near Canary Wharf and also hearing from friends. The Silverton immediately caught our attention due to its proximity to key areas we value.
We also knew we ideally wanted a new build home because of the peace of mind that comes with a brand-new property – everything is fresh, modern, and built to the latest standards.
There’s also the added benefit of lower maintenance in the early years and the reassurance of a warranty. Plus, we loved the idea of moving into a home that hadn’t been lived in before and being able to make it our own from day one.
How have you made the property feel like home? What’s the inspiration for your interior decor style?
To make our property feel like home, we focused on creating a warm and inviting atmosphere that reflects our personal style, with nods to our life experiences with a few knick-knacks.
We wanted the space to feel contemporary and tranquil but also functional, cosy and practical, so opted for simple grey and white tones and prioritised cosy textiles, such as plush throws and cushions.
To add some colour and a connection to nature, we incorporated plants and greenery.
What’s your favourite room and why?
Our favourite room is the living room – the heart of our home where we gather with family and friends for quality time together. We love the open layout and comfortable seating as it tends to get everyone chatting in no time!
We’ve hosted movie nights and special occasions in the space, but I enjoy it most for relaxing on a quiet afternoon with a good book.
Do you feel like you have enough space?
We love the spacious layout and the massive balcony, which provides a perfect spot to relax and enjoy the view. The open-plan living area works really well for our lifestyle, especially since we both work from home.
Overall, the space, design and location have really enhanced our work-life balance.
Are there any problems with the property that you have to deal with?
When we first moved in, the heating was a slight issue initially, considering many people had not moved into the property, but apart from that, everything has been flawless.
What do you want people to know about buying a home?
If I were to give any advice before buying a first home, I would say: take your time and don’t rush the process. It’s important to carefully consider not just the price, but also the location, future resale value, and how well the property fits with your long-term goals.
I’d also recommend having a solid budget and a buffer for unexpected expenses. Finally, be sure to thoroughly research the development and the builder’s reputation, as this can make a huge difference in the long run.
What are your plans for the future, in terms of housing? Do you plan to stay here long-term?
Yes, we plan to stay here long-term and continue to invest in our home as our needs evolve. We’ve got some potential renovations and landscaping improvements in mind.
We’re also looking forward to deepening our roots in the community, engaging with local events and building lasting relationships with our neighbours.
Ultimately, our goal is to cultivate a home that not only meets our current lifestyle but also adapts to our future aspirations, making it a place where we can thrive for many years to come.
Shall we take a look around?
Do you have a story to share?
Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.
