On this episode of the ReadytoBuy Podcast I will be having a conversation with one of my clients – Simone – who is a young first-time buyer that has, at the time of recording, just recently finished on obtaining her mortgage and just moved into her new home!

Time Stamps

PART ONE

00:00 – Introduction

01:38 – Meet Our First-Time Buyer – One Week After Completion

02:09 – Interview with Simone: Part One

• 03:00 – Situation When Buying First Home
• 06:45 – Saving for Deposit
• 09:07 – Huge Sacrifice?

INTERMISSION

13:00 – ‘Definitely Not A Silly Question’ Segment

13:29 – Question

13:34 – Answer

14:20 – Contact Info for Questions

14:46 – Risk Warning

PART TWO

15:24 ­– Interview with Simone: Part Two

• 15:24 – Describing the House Search
• 20:33 – Problems with New-Builds
• 21:40 – Feeling of Walking Into New Home
• 23:56 – Would You Do Anything Different?

26:31 – Conclusion

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Notes

(00:00 – 01:37) Introduction

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

Website: mhcmortgages.co.uk

(02:09 – 12:59) Interview with Simone – Part One

(Note: Points in brackets are mentioned by me)

Situation when buying first home

• Was living at home and saving.
• Decided to contact a broker to see what affordability was and what schemes were available or if potentially could buy property outright.
• Bit of a minefield when looking at government schemes and found that talking to a broker in person was the best option.
• (Everybody would rather buy through the standard channels, but sometimes we all need a little help.)
• Originally wanted a two-bedroom property, but realised that it wasn’t affordable and had to change expectations.
• (Was a bit of a challenge, living in London.)

Saving for deposit

• Whilst at home, was paying minimal rent to mum. This enabled saving for the deposit.
• Started properly saving in 2016 upon opening a Help To Buy ISA with NatWest and also opened a secondary Stocks & Shares ISA with Vanguard and split money between the two.
• This made it difficult to extract money and helped budget and save.
• New job after starting to save which brought more income. Still budgeted the same amount but increased amount being put into savings.
• Really challenging because there’s always...