#18 - Mortgages 101 With @cktalksmoney

CK from @cktalksmoney joined me on this episode to talk all about mortgages. This episode is your crash course guide to understanding mortgages.

First, we talked about what a mortgage actually is and how the process of getting a mortgage works. CK broke it down very simply and walked us through the process of how getting a mortgage works in practice. As part of this we also spoke about using a mortgage broker, the pros and cons of this, and how this compares to using a bank.

Next, we talked through the costs involved with buying a property. Whilst the deposit is a large part of this, it's certainly not the only cost we will incur in buying a property. There may be a range of other costs and fees we need to incur, including solicitor fees, valuation fees, mortgage arrangement fees, stamp duty, cost of any furnishings, and so on. It's important to factor in all costs we will incur before jumping into buying a property.

To finish we spoke through 95% mortgages which were reintroduced earlier on in the year. Whilst they provide another option to us, and make it slightly easier getting on the property ladder, it is probably better for most to save for a larger deposit. The main cons of these 95% mortgages is the larger mortgage monthly payments and the risk of negative equity.

Listen to the podcast for full details!

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