Biro isn’t your typical first-time buyer. In a refreshing twist on the usual property ladder struggles, Biro (who prefers not to share their last name) has bypassed the mortgage route entirely, purchasing a £1 million home in Brighton with cold, hard cash.
The move marks a significant lifestyle change for Biro. “Having lived in central Brighton and before that London, it’s a welcome peaceful change,” Biro says. “Maybe it’s my age!”
The secret to this impressive feat? A lucrative exit. “We paid in full because a few months before, my partner and I sold our B2B tech business,” Biro explains. The windfall allowed them to forgo the traditional mortgage process altogether, avoiding any monthly repayments.
Biro’s story, while undoubtedly aspirational, sheds light on the growing divide in the housing market. While some first-time buyers struggle to save even a fraction of a deposit, others can leverage successful business ventures to secure their dream home outright.
So, what are the ongoing costs of Biro’s Brighton paradise? “About £1,500 in bills,” Biro says, “with no mortgage on top, of course!”
Biro’s experience may be atypical, but it’s an interesting reminder of the ever-changing landscape of homeownership. It also highlights the importance of a diversified financial strategy, with entrepreneurship offering a potential path to property ownership beyond the traditional mortgage route.
