Kate-Lois Elliott – a former actor-turned-comedian- thought she was going to have to live in a rented flat for the rest of her life due to her career choice
Comedian Kate-Lois Elliott once thought she was destined to live in a rented basement flat forever because of her career choice. As a former actor turned comedian with a partner also in acting, she felt their unpredictable incomes made saving for a deposit and securing a mortgage seem impossible.
However, her outlook changed when she took on a temporary role at an estate agent to help her learn the ins and outs of the property market. This brief stint, which lasted about six months in Brighton, provided her with the knowledge and confidence she needed to climb onto the property ladder.
Comedian Kate-Lois Elliott was resigned to renting for life but got on the property ladder by temporarily becoming an estate agent – to learn the tricks of the trade – alongside saving with a Lifetime ISA.
Kate-Lois emphasised that her experience taught her that knowledge is key and first-time buyers should get everything in writing. She stressed the importance of finding a solicitor who will communicate with you directly, and choosing an estate agent who treats you as a person, not just a client.
Reflecting on her time, Kate-Lois said: “It helped me realise important things – the first is that buying a property often goes wrong for one reason or another. Also 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!’”
“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.
In order to stash away the crucial deposit, Kate-Lois realised she needed to up her game in money management. To help do this, she used a Lifetime ISA (LISA), a government-backed savings scheme aimed at aiding young folks to squirrel away a deposit for their first home and gear up for a cushy retirement.
She said: “When I found out that there was up to £1,000 free money up for grabs each year if we could save £4,000, it was hugely motivating and it definitely set me on a path to saving all I could.”
While Kate-Lois managed to beat the odds and secure a spot on the property ladder, she acknowledges it’s not always a walk in the park for others, particularly those who are self-employed or work in the arts. Something she’s keen to highlight at her comedy gigs.
She added: “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 her journey to homeownership through the LISA scheme. Currently, over 1.5 million people in the UK are saving or investing with a LISA. Statistics from top LISA provider Moneybox show an increasing trend towards this product, with a 38% surge in new accounts last year compared to the previous one.
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 remain 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.”