Countryside St Paul's Square Case Study Bank of Mum and Dad

Sisters keep it in the Family at St Paul's Square

According to conveyancer myhomemove, last year one in 20 homebuyers relied on the ‘Bank of Mum and Dad’ in order to get on the property ladder.

Sisters, Lucy (24) and Sophie (22) Mason have been able to invest in their future with the financial support of both their Dad and Grandad and bought a two-bedroom apartment at Countryside’s St Paul’s Square development in Bow, E3.

Originally from Leeds, Lucy, a post production assistant and Sophie, a merchandising administration assistant for Topman, were previously living separately in Brixton, renting and sharing with housemates. With the London Help to Buy scheme and support from their family, they are now saving on the cost of rent.

Countryside St Paul's Square Case Study Bank of Mum and dad
Lucy and Sophie Mason

Lucy explains: “We were each spending a lot of money on rent and wanted to invest in our own future rather than putting money into someone else’s pocket. We thought a mortgage would be more manageable than renting; it made financial sense for us to purchase together. We were very lucky that my dad and grandad were able to help us out with the deposit, we couldn’t have done it without them. Although we both had been saving, with the high cost of living in London, it was difficult for us to save a significant amount each month. Now that we are on the ladder our mortgage payments are considerably less than we were both paying in rent. By using the London Help to Buy, we needed a smaller deposit and we also used Countryside’s Bank of Mum and Dad scheme.”

Homebuyers whose family members support them by putting a deposit down on a Countryside home, are eligible for the ‘Bank of Mum and Dad’ scheme.  In appreciation of this huge act of generosity, on completion Countryside will gift £2,000 back to the parent or family member who provided the deposit as a thank you.

St Paul’s Square provides a collection of one, two, three and four bedroom apartments, ideal for young professionals. All homes feature an excellent specification throughout, boasting comfort and style. Each home also offers its own private outside space in the form of a balcony or terrace, with many apartments on higher levels enjoying views of the city or Canary Wharf.

Countryside St Paul's Square Kitchen dining room
St Paul's Square Show Home

Sophie explains: “The specification of the apartment is great and the build quality is excellent; it was reassuring to know that with a new build we wouldn’t have any maintenance. We have a spacious open plan kitchen, dining room and lounge, two bedrooms and two bathrooms. There is also heaps of storage space. We wanted to live somewhere whereby we felt safe and we feel very secure living on the development.”

The Olympic Village and a vast number of local facilities are nearby, which range from local markets to Westfield Stratford City. The development is within walking distance of open green spaces and parks, including the innovative Mile End Park and Bartlett Park. Mile End Park Leisure Centre and Stadium is less than a 10-minute walk from St Paul’s Square, offering a range of facilities including a gym, athletics stadium, swimming pools, outdoor pitches, sports halls and a health suite.

Lucy explains: “Bow really appealed to us as it is an up and coming area; we are finding it a really fun area to live in. It is close to Stratford and Canary Wharf and Shoreditch is on the doorstep with lots of bars, nightlife, restaurants and shops. There is also lots of green space and nearby parks which will be perfect for the summer.”

Lucy continues: “St Paul’s Square ticked all the boxes for us, we couldn’t ask for much more. We love that it is only a short walk to Mile End tube station and yet isn’t sat right on a main road. We both work in Oxford Circus, so we just hop on the Central Line.”

St Paul’s Square is perfectly located just over a mile from Canary Wharf and also within easy access of excellent transport links for commuting in and around London. Mile End underground station is less than a mile away, located on the Central, Hammersmith & City and District lines. Liverpool Street is only a short five-minute tube journey away and the development is only 0.6 miles from Devons Road tube station and within a mile of Bow Church DLR. 

Sophie concludes: “It is the little things that count, we have experienced a very good aftercare service from Countryside, which included their handyman service that offered help with DIY when moving in.”