On this episode of the podcast, we will be discussing the various obstacles that first-time buyers may encounter and how to navigate them towards getting your first home.

Time Stamps

PART ONE

00:00 – Introduction

01:38 – Recap & ‘Overcoming the Barriers as a First-Time Buyer’

03:39 – Four Main Things

03:52 – Deposit

• 03:52 – Finances of a Deposit
• 05:09 – Living With Family
• 05:53 – Getting Financial Help from Family

07:26 – Income

• 07:26 – Borrowing & Protection
• 08:52 – Changes In Income
• 10:18 – Example
• 11:27 – Overtime

INTERMISSION

12:26 – ‘Definitely Not A Silly Question’ Segment

12:54 – Question

13:04 – Answer

14:58 – Contact Info for Questions

15:24 – Risk Warning

PART TWO

16:01 – Outgoings

17:40 – Expectations

• 20:15 – Concluding Statement

20:43 – My Personal Experience

25:15 – Summary

26:49 – Conclusion

––––––––––––––––––––

Notes

(00:00 – 01:37) Introduction

Introducing the podcast and providing details for listeners on where to contact.

Website: mhcmortgages.co.uk

(01:38 – 03:51) Recap 

• We’re coming towards the end of season one and hopefully we’ve helped you in your first quest to buy your first home!
• I’m always conscious of what we hear about the difficulty and barriers that first-time buyers face when getting onto the property ladder, so I wanted to talk them through with you and show you how you can overcome them.
• One of the big issues is knowledge. There are many aspects to obtaining a mortgage and it is helpful to know what all of these are. A mortgage broker can help centralise all of these things, being knowledgeable about it all, and provide you with understanding of the situation all the way through.
• Ultimately, most barriers are down to affordability. This why it is so important to use a mortgage broker to look at options and help you navigate things. Options will vary greatly from lender to lender. It’s no exaggeration to say that some clients have found that they can borrow double the amount from one lender compared to another!
• There’s four areas I want to talk about in this episode:
• Deposit
• Income
• Outgoings
• Expectations

(03:52 – 07:08) Deposit

• Many people struggle to save