Kate-Lois Elliott, a comedian from Brighton, thought she was going to be a lifelong renter until she took drastic action to finally get herself on the property ladder
Comedian Kate-Lois Elliott feared she would be stuck in a rented basement flat for life due to her career path. As a former actress turned comedian, married to another actor, she shared that their unpredictable income seemed to offer little chance of saving for a deposit or securing a mortgage.
However, her fortunes changed when she took on a temporary role as an estate agent to learn the ins and outs of the industry. This brief stint, which lasted about six months in Brighton, helped her and her partner save and put down a deposit on a home in just seven years.
Reflecting on her experience, she said: “It helped me realise important things – the first is that buying a property often goes wrong for one reason or another, and also that people always have such an idealistic view of what they want.
“They’ll be like ‘it has to have a garden, it needs to be in this area, it needs to be next to a train station’ and often by the end of the process, they’re just like, ‘it just has to have a kitchen!’ So what really worked for us was we narrowed our wish list right down to the basics and decided to look at it as a starting point so we could own somewhere of our own.”
She added that the experience taught her ‘knowledge is key’ and first-time buyers should get everything down in writing. Furthermore, she emphasised the importance of having a solicitor who will communicate with you directly, and choosing an estate agent who treats you properly.
However, she recognised she also needed to be smarter with her money to help save for the deposit. This is when she stumbled upon the Lifetime ISA (LISA), the government-backed savings scheme.
The scheme is designed to assist young people in saving for their first home and preparing for a comfortable retirement. When Kate-Lois found out she could receive a free £1,000 extra each year if they saved £4,000, she said “it was hugely motivating, and it definitely set me on a path to saving all I could.”
By committing to regular savings, contributing more during quieter months, she and her partner managed to save for their deposit over seven years, and were ready to buy last Spring.
While Kate-Lois was able to get on the property ladder herself she acknowledges that it’s not always straightforward for others, particularly those who are self-employed or work in the arts – something she has began incorporating it into her comedy routines.
She said: “I mean, especially for a comedian, you either go to the Edinburgh Fringe and debut, or you buy a house. I think it is really, really difficult for people who choose to work in the arts, and I think they’re very much undervalued.
“At the start of the process, I was really pragmatic and thought I’ll open a LISA, and if it doesn’t work out and I can’t buy, at least I’ve got a retirement fund for when I’m old in my rented basement flat.
“It ended up being a lifeline, keeping us focused and motivated when there were so many situations along the way where we had to compromise but we were like, we’re just going to make it work, and as a result, we got our flat.”
Kate-Lois isn’t alone in using the LISA to help her achieve her dream of owning her own home. Over 1.5 million people in the UK are currently saving or investing with a LISA. Data from LISA provider Moneybox shows the product’s increasing popularity, with a 38% rise in accounts opened last year compared to the previous year.
Brian Byrnes, head of personal finance at Moneybox, commented: “In recent years, young people have faced some of the toughest market conditions in decades. Saving a suitable deposit continues to be one of the biggest hurdles many face, while house prices and borrowing costs remain high as interest rates stay elevated.
“While there’s no one-size-fits-all solution to address the issues affecting the UK housing market as we look to the Spring Statement next week, we’ve been campaigning for the government to future-proof the Lifetime ISA, ensuring it continues to provide vital support for the next generation of homeowners.
“Regularly reviewing product rules in line with evolving market conditions will help safeguard this crucial financial lifeline for those who need it most.”
