S7 Ep5: Financial FAQs, 5: Buying a House

In the fifth episode of this season on financial FAQs gleaned from the Internet, Bex picks Simon’s brain on the topic of Buying a House.

Some key points of interest covered in this episode include the following:

• Bex starts off by asking Simon for his thoughts on how we know whether or not it is appropriate and prudent for us to decide to buy a house. [02:02]
• Bex goes on to ask Simon to explain the nature and purpose of a mortgage. [03:26]
• Bex then follows up with questions about what kind of deposit is required for a mortgage [08:21] and the kind of checks that lenders undertake in order to establish the ability of a borrower to pay off the mortgage being requested. [10:16]
• Further questions asked by Bex are as follows: Are mortgages fixed or variable? [13:53] Are mortgages secured or unsecured? [16:18] Can mortgages be paid off early? [17:29] What additional costs need to be included in a budget when planning to buy a property? [22:36]
• Simon provides three top tips arising from this week’s discussion. [25:01]
• The focus of next week’s episode will be on Financial Planning. [28:57]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

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