The first buyers to purchase a home in London with just a 1% deposit thanks to Fairview’s game-changing Save To Buy Scheme,  Laura, a 29-year old Senior Brand & Digital Manager and Sam, a 28-year old Paramedic, bought their new home at Dock28 in Woolwich.

Laura and Sam purchased their two-bedroom property at Fairview’s Dock28 development in Woolwich for £400,000 with just a 1% deposit of £4,000 thanks to Save To Buy, making them the first buyers in the capital to benefit from Fairview’s game-changing scheme.

Previously only available in Essex, the scheme launched in the capital earlier this year, enabling first-time buyers to move in with a 1% deposit and save for their final deposit via fixed monthly payments while living in their new home. The payments are based on the area’s average monthly rent and the buyer’s personal finances, 100% of which goes toward the buyer’s deposit.

The pair first heard about Save To Buy in the last year as they searched for a new home in the capital, “We were casually browsing and looking at the different properties available in our preferred areas when we came across Dock28.

“We were looking for a new build as it wouldn’t require any further investment for repairs and improvements, and we loved the look of the apartments that were available.

“When we found out we could purchase our dream home through Save To Buy, we were delighted as we knew the scheme would be a really good fit for us, allowing us to get on the property ladder much sooner than expected.”

The scheme was designed to help first-time buyers who are struggling with record-high rental costs, which has seen a staggering 11.7% increase in the capital between March 2023 and 2024. [1]

Sam and Laura cut their savings plan from three years down to just one with the scheme, “Our initial plan was to save for a deposit for two to three years, at a rate of £10,000 per year to give us a deposit of between £20,000 - £30,000. However, Save To Buy meant that we only needed a 1% deposit required to move in, followed by a 5% deposit on completion - £20,000 with half of that already saved. This gave us plenty of time to save up the remainder of our deposit while being able to live in and enjoy our new home.”

The pair started looking for their new home at Dock28 after growing tired of the increasingly challenging rental market in the capital, where Greenwich has been named as one of the top ten rental hotspots in Britain after costs rose a staggering 15.8% in the last year [2]. “We were previously renting a one-bedroom in East Croydon but were getting tired of paying someone else’s mortgage. The rent in London tends to be quite high so it makes it difficult to save given a large portion of our salaries goes toward rent and bills. As a result, we had less disposable income and had to make sacrifices to ensure we were saving enough for a deposit each month. When we found out about the Save To Buy scheme we were delighted as we could save while already living in our new home.

 “The process itself was very straightforward: we started off by conducting an affordability check with a mortgage advisor, and once we got our Agreement in Principle, Fairview guided us on next steps, provided us with a few recommendations for solicitors, and kept us informed at all times.

Once we were ready to move in, Fairview arranged a home inspection with us to ensure everything was up to standard and in full working order, and walked us through all details and warranty and cover provided. It really was a seamless process.

“We are expecting to fully complete in just six-months’ time, so late October 2024 – just before Christmas! We’ve been delighted with the whole process, which has allowed us to move into our dream home two years sooner than planned.

“The process was no more complicated than a standard move – we had to complete an affordability check with a mortgage advisor where we were asked to share our employment status, salaries, savings and credit histories.

“The scheme is so refreshing as your monthly payments are going towards your deposit rather than down the drain with renting. We were getting so frustrated with the high rental cost and home ownership allows for more financial stability and disposable income later down the line.

We would absolutely recommend the Save To Buy scheme, we’ve already told all of our family and friends about it with many of them not knowing this kind of scheme was even available to first-time buyers.”

The couple chose a new build home due to ease of living, “We knew we wanted a new-build home for the ease of living and protection it offered us, including the 10-year warranty which covers any damages in the property. There is also no chain, and you buy a home that is fully yours to customise from the offset. Particularly in the case of Dock28 we found the property built to high building standards with great safety and security measures. It was also move-in ready, with no renovation required!”

A new-build property also meant for more environmentally-friendly living, “We were impressed with the more sustainable living found at Dock28. The property is EPC rated B, so not only are we saving on energy bills monthly, but we are also reducing our own impact on the environment by relying on energy much less.”

Dock28’s prime position in the waterside neighbourhood of Woolwich also drew the pair to the property, “We are both new to the area but have settled in with ease. We love the proximity to the river and the abundance of restaurants and coffee shops on our doorstep. There’s also an abundance of transport connections for us to commute with ease – the Elizabeth Line, Thameslink, South Eastern, DLR and Uber Boat to name a few!

“I [Laura] can get to my office in London Bridge in under 40-minutes door-to-door. We are also both keen to lead a healthier lifestyle and are really looking forward to walking and exercising more often, made easier by the Thames Trail and living in such a bustling waterside community. We have access to bicycle storage at the development so look forward to cycling along the river as it gets warmer.”

Laura’s advice to anyone thinking about purchasing their first-home would be thorough, “Do your research, set yourself a clear budget, be consistent in your saving and ask all of the important questions when considering a property.

“Our advice would be to sign up to a Lifetime ISA if you are a first-time buyer as the government top up any savings by 25%, making it a great way to reach your goal faster as well as ensuring consistency by putting aside a fixed amount each month. We also topped up our LISA whenever we received any bonuses or worked overtime.

“Had we not done as much research as we did, we may never have found Fairview’s Save To Buy scheme and would still be saving for our property today!

[1] According to rental data from Benham and Reeves, London rents increased by 11.2% from £1,848 in March 2023 to £2,055 to March 2024.

[2] Benham and Reeves