As interest rates began their slow, steady rise Caroline Hart and her husband Fintan O’Keeffe found their monthly mortgage payments increasing from expensive-but-doable to a complete financial drain.
To take the pressure off they embarked on an exit strategy which has seen them relocate from West London to an under-the-radar cathedral city which they chose partly for its affordability and partly for its vibe.
When Caroline and Fintan bought their two bedroom flat in East Molesey their monthly payments were some £1,300pcm. When this increased to around £1,800pcm the couple found themselves with no extra money to spend on holidays or going out. “We felt like we were slaves to our mortgage,” said Caroline, 48, who is an archive researcher for a TV company. “It was just too much pressure.”
To relieve the stress the couple agreed to move somewhere more affordable. They wanted to stay within easy striking distance of London, as Caroline needs to be in her office one day a week. They also didn’t want to be too far from family and friends.
During 2023 they began spending weekends doing day trips to potential places to move to. Some were ruled out because they were too expensive (Winchester, Guildford, Bath). Others were just a bit too dull. “I didn’t want somewhere with a bland high street and with lots of chains,” said Caroline. “We wanted somewhere with a bit of vibe and atmosphere.”
Eventually they went down to Salisbury, in Wiltshire, and somewhat to their surprise were rather taken with the place.
“There are so many beautiful independent cafes and shops, and a really thriving market square,” said Caroline. “There is even a brand new Everyman Cinema. It felt fairly diverse, which we liked, and its not too big.”
In February she and Fintan, 53, an antique and vintage homewares and furniture dealer. Sold their flat for £375,000 and spent just over £270,000 on a Victorian terraced house within walking distance of Salisbury’s city centre. Their mortgage payments dropped to less than £1,000pcm.
The fly in the ointment is that Caroline’s day in the office involves a 5.30am alarm call, a £70 return ticket to London, a 90 minute train ride followed by two tube lines to get her to work. “If it was more than one day a week I couldn’t do it,” she said.
