Home Ladder as Relief

Welcome to Home Relief Bulletin Board

Monday 03 September 2018

by the Property  Team

Post No. 52



This is the case of the “K” family.

This week, we would like to share with you the home ladder story of one of the low income earning families who become home owner – the “K” family.  For reasons related to General Data Protection Regulations (GDPR), their personal details including their annual incomes and occupations, the property addresses and particulars will not be revealed.

The “K” family’s story

The “K” family is true story of a family, made of a couple with their young daughter, who was living in a privately rented one bedroom flat in Streatham (London) in 1996.  The family rented this flat at the rental of £500 per calendar month at that time.  As they were not earning enough, they were claiming housing benefit from the London Borough of Lambeth to meet the rent shortfall.

The “K” family put together all their little incomes, time and skills to move on the home ladder

In 2003, the family who worked hard pledged all their small assets for security of home loan.  They managed to assemble all their little incomes from all the various sources they had and raised a deposit of £10,000.  They then purchased a 3-bedroom maisonette in Penge at the market value of £135,000.   They were repaying interest only on the mortgage on that property.

The “K” family seized the arising housing market opportunity of the time

In 2008, as the housing market was favourable to them, with the agreement of their lenders they sold the maisonette and bought another 3-bedroom house in Bromley (London) at the market value of £215,000.  This helped them to achieve a gross positive equity of around £80,000. 

Now, they are repaying both the interest and the loan, amounting all together to around £1,000 a month as their endowment mortgage repayment.  The last market valuation of their 3-bedroom house was around £317,000 this year.    

Gaining a foothold on the housing ladder has been a relief for the “K” family

The “K” family has now a place they can really call home which has provided a relief for them.  They have now virtually become a middle income family. 

The “K” family story is one of the millions examples on how low income earners can gradually move the housing ladder and become outright home owners.  It took nearly twelve years for the “K” family to achieve their dream of becoming home owner, likely they managed to do so. 

If you have similar stories of moving the housing ladder and would like to share, please let us know.  Home Relief will comply to the new GDPR when dealing with your case.

Have a story about ownership home or just a home to give, work with Home Relief.

Need to know more about home-buying and -selling process as a low income earner, why not work with Home Relief for information, guidance and advice?

Prospective home buyers and sellers can consult Home Relief to discuss their individual cases, home buying or selling plans and the suitable options for them.

For more information about our property service to home buyers and tenants, please go to https://homerelief.co/tenants/

For more information about our property service to home sellers and landlords, please go to https://homerelief.co/landlords/

For properties to rent and let, go to https://homerelief.co/property-search/

For weekly property news and updates, please read our weekly posts.

Thank you for reading this post.

We look forward to receiving your regular visits to Home Relief website and to doing business with you.

Many thanks!

Home Relief – a freelance e-property agent that relieves your needs


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