what i own: we paid £125,000 for our london houseboat — we charge our lodger £1,200 a month

We’re on a houseboat this week (Picture: Belinda Jiao)

Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

When 40-year-old Rachael Smith and her partner Euan first thought about swapping traditional London renting for the boat life,they decided to dip their toes in the water by renting one first.

Trying out a mooring in Bermondsey,South London,they quickly decided to take the plunge,and ended up moving back to the same spot when they bought a place of their own in 2023.

Finding a second-hand boat for £125,000,they’re now part of a community of 40 others,with neighbours – both renters and owners – ranging from as young as two months to 80.

They decided to take out a private mortgage with the previous owner,and took a tenant of their own on board to gather an extra £1,200 per month towards the costs.

Here’s what Rachael had to say about their property journey…

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This article was originally published on April 6,2024.

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