Oct. 07, 2023 at 7:00 am

Deirdre, whose fixed-term rate has gone up from 1% to 6%

October 7, 2023no commentNo tags

Deirdre has recently been affected by rising rates (Picture: Susannah Ireland)

Welcome back to What I Own.

We’ve seen from the last 12 months that getting on the property ladder is by no means the end of housing worries – particularly with rising mortgage rates.

This week, we are chatting to Deirdre McGettrick who bought her home in 2017, but has recently been affected by rate increases.

After taking out a prior fixed-rate mortgage of 1.09%, this has since increased to 5.94%. Here’s what Deirdre has to say about her buying experience…

Tell us about yourself.

I’m 36, originally from Sligo on the West Coast of Ireland. I moved to London 12 years ago. I live in Woolwich and am the founder of ufurnish.com, a search and comparison website that brings 100+ furniture retailers including John Lewis, Dunelm, Heals, Bensons for Beds and many more onto one website to make search easy for the consumer.

I live with my husband, Ray, who is a co-founder of the business.

The couple live in Woolwich (Picture: Susannah Ireland)

Where is your property? What do you think of the area?

Woolwich, in south east London. I love the riverside location, watching the Uber boats, the barges, party boats and cruise ships coming up the Thames and also watching the planes come and go from London City Airport.

When did you move in?

I moved in 2017.

How much does your property cost?

I paid £410,000 for a two-bed apartment.

How much was your deposit?

10%.

‘I’m on a tracker so expect it could be more pain to come’ (Picture: Susannah Ireland)

What is the monthly cost of living here now; both mortgage and bills?

£1,800 for mortgage and about £300 for bills, which mainly consists of the service charge.

But I’ve gone from around £1,000 to over £1,800 a month. I’m on a tracker so expect it could be more pain to come.

How did you save up for your deposit?

Saving from work.

What was the process of getting a mortgage like for you? Did you find any parts challenging?

I was fortunate to be working in banking early at a decent salary and having saved a good deposit. I used a broker who helped explain the whole process to me.

Can you share details on your mortgage (rate/term)?

My mortgage has increased a lot this year. My prior fixed term of 1.09% has increased to 5.94%. I took a 35-year mortgage originally.

They pay £1,800 for mortgage and about £300 for bills (Picture: Susannah Ireland)

Where did you live before this – were you renting or living with family?

I was renting a house with friends in Tooting Bec.

What made you want to buy rather than renting?

As my friends started to move out, I felt too old to share a four-bed house with strangers. I considered renting a room in a two-bed apartment but the monthly mortgage repayment was the same cost as renting a room in a two-bed.

It made sense to pay my own mortgage rather than someone else’s.

How did you find this property? What made you choose it?

I used Rightmove once I had decided on the area. A colleague of mine was living in Woolwich and recommended the area to me which was a good commute from Canary Wharf where I was working and my assumption was that it should benefit from capital appreciation once the Elizabeth Line opened (I didn’t realise it would be five years late but it makes a huge difference in commuting into the City).

How have you made the property feel like home?

I completely redecorated inside, including painting throughout, removing dark wood in the kitchen that was making the space dark. I added a mirror splash back which allows the natural light in the main room to flow back to the back of the room. I moved the TV to the opposite wall, running the cable across the ceiling so that my sofa faces the city. I got a chaise sofa to make the most of the view of the City. I love my view!

They both work from home (Picture: Susannah Ireland)

What’s the inspiration for your interior decor style?

I grew up by the sea on the west coast of Ireland and now I’m living with the view of the river in London, so I love a coastal look and incorporating the colour blue into my interiors. I’m not a big pattern person, but I love different textures and some splashes of bold colour.

What’s your favourite room and why?

My main kitchen, dining and living room. The Chaise Sofa is my favourite spot to put my feet up and watch the world go by.

Do you feel like you have enough space?

Yes, while it is a small space, you expand to fill the amount of space you have so I believe if I had more space, I would easily fill it with stuff I don’t need. Having said that, given me and my husband both work from home, it would be nice to have a second office rather than one of us working from the living room but I wouldn’t sacrifice the view for a third bedroom that wasn’t on the river.

Cute (Picture: Susannah Ireland)

Do you have plans to change the property?

Not really, all of the cosmetic changes that I made have made it very cosy. I do have a dream of changing the master bedroom to build the bed into an alcove within the wardrobe but I’ve been thinking about that for years and never done anything about it. Like most people, I’ll probably get around to doing it if I ever think about selling

Are there any problems with the property that you have to deal with?

Some small wear and tear issues, the lock on the balcony door got stuck locked during Covid. It took three months to get someone in to fix it as I was weary of having someone come into the apartment.