In this new episode on Home Made By The Lathams, Zita and Jarrod talk about all things budgeting and the importance of using a budget planner. Every household manages their finances differently. Some will have one person taking care of the financial responsibilities, others it’s a shared task.
But when you’re buying a home, transparency is important. Quite often, people don’t like using a budget planner. They feel it’s exposing, or that it’s a lot of work. It’s often overthought, and only needed by your mortgage adviser/broker and yourself.
(Most lenders don’t ask for a budget planner, they focus more on building a picture, your income, and realistic statistics.) It’s a helpful exercise to do, because it might highlight things you’re paying for that you no longer need, giving you a chance to free up some extra cash.
With a budget planner, you populate your income and your outgoings. This is to help calculate your realistic affordability for a monthly mortgage payment. It’s not about maximising your mortgage payments, but to ensure that you still have funds and disposable income, for items that mean a lot to you (i.e. gym memberships, phone, streaming services etc).
And of course to be able to save for emergencies and special occasions. Naturally, the more you can contribute to your monthly mortgage payment, the better your rates and terms might be. You might end up paying less interest overall, or you might be able to reduce the number of years, and so on.
The best thing to do is to speak to a broker like us, to look at your affordability and your budget planner, before you start looking at properties and getting too excited!
Find out more in this video, and download our FREE budget planner here…
https://linktr.ee/zitalathammortgages
Watch the full video on our YouTube channel and please subscribe to follow the full series...
Home Made By The Lathams
In this new video series, Zita and Jarrod Latham invite you inside their Surrey home in the UK, to share their insights, experiences and knowledge surrounding the home buying process and mortgages.
Zita, originally from Hungary, and Jarrod, from New Zealand, have a great deal of personal experience in relocating, and buying property in the UK.
Your mortgage and house buying process shouldn’t be stressful. This friendly and conversational style series will help you feel calm and informed about many areas of the mortgage and home buying process.
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