Money Mechanics - With Sarah Poynton Ryan

S1 Ep11: Episode 11 - Mortgages For Beginners - Different Types & How To Choose For You

Listen Later
Episode 11 - Mortgages

In Episode 11 of the Money Mechanics Podcast, Sarah Poynton delves into the crucial topic of mortgages, specifically focusing on the differences between interest-only and repayment mortgages. This episode is packed with practical insights for first-time homebuyers and anyone interested in understanding the financial implications of their mortgage choices.

Key Topics Covered:

  1. What is a Mortgage?

    • Understanding the definition and history of a mortgage ("death pledge").
    • The basics of getting a mortgage for buying your first home or an investment property.
    • Interest-Only Mortgages:

      • What interest-only mortgages are and how they work.
      • The pros and cons of paying only the interest and the risks of owing the original debt after the mortgage term.
      • Repayment Mortgages:

        • How repayment mortgages allow you to pay down the capital and interest over time.
        • The benefits of eventually owning your property outright and becoming mortgage-free.
        • Key Differences Between Interest-Only and Repayment Mortgages:

          • Comparing monthly payments, long-term financial impact, and future ownership of the property.
          • The advantages of interest-only mortgages for lower monthly payments and the long-term benefits of repayment mortgages for full ownership.
          • Choosing the Right Mortgage for You:

            • How to decide which mortgage fits your financial goals.
            • The importance of consulting with a mortgage broker to find the best deal and guidance on refinancing when needed.
            • Resources Mentioned:

              • Money Mechanics Book: Includes deeper insights into leveraging other people's money and understanding your mortgage options. Grab a copy here www.sarahpoynton.com/moneymechanics. 
              • Mortgage Brokers: How brokers can help you navigate the market and find the right product for your needs.
                Why You Must Listen:
                This episode is essential for anyone considering homeownership or looking to better understand the long-term impact of mortgage choices. Whether you're a first-time buyer or someone considering refinancing, Sarah provides clear and actionable advice to help you make the best decision for your financial future.

                Follow Us:

                • Website: www.sarahpoynton.com
                • Social Media: www.instagram.com/moneymechanics.global
                • YouTube: www.youtube.com/@SarahPoynton
                  Subscribe & Share:
                  If you found this episode helpful, don't forget to subscribe, rate, and share with your friends!

                  ...more
                  View all episodesView all episodes
                  Download on the App Store
                  Money Mechanics - With Sarah Poynton RyanBy Sarah Poynton-Ryan