Buying a property is one of the biggest decisions you’ll ever make, and we know from personal and professional experience that the whole process can feel overwhelming.
That’s exactly why we have created our new video series, Home Made By The Lathams. We wanted to open the doors to our Surrey home and share what we’ve learned from working in the mortgage industry, and from buying homes ourselves.
In the very first episode, we talk about the key things you should be thinking about before you even start viewing properties. If you’re planning to buy a home in the UK, here’s a clearer, more relaxed breakdown of the things I believe will make your journey much smoother.
Start With Location (And Be Honest About What You Need)
When we bought our first place together, location played a huge part in our decision. We spent a lot of time exploring different areas and thinking about what mattered most to us, things like commuting, community feel, and access to green space.
I always recommend that you start by asking yourself the same questions:
- Do you want to stay close to where you are now?
- Are schools important, either now or in the future?
- How far are you willing to commute?
- What kind of environment do you want to live in?
Once you have an idea, have a look on Rightmove or similar sites to get a sense of what properties in that area typically cost. It’s the best way to align your expectations with the real market.
Understanding What You Can Actually Afford
One thing we’ve learned over years of advising clients is that people often underestimate how differently lenders calculate affordability. You may think you know what you can borrow, but the reality can be very different depending on your income type, employment status, and even the lender you apply to.
That’s why I always suggest speaking with a mortgage broker early on. When I work with clients, I go through their income and documents exactly the way a lender would. That gives you a true understanding of your budget, not a rough guess based on an online calculator.
When you know what’s genuinely achievable, everything else becomes clearer.
It’s Not Just About the Deposit
Many people assume that once they have their deposit saved, they’re ready to buy. But there are several other costs that need to be part of your planning. Based on both personal experience and years of mortgage advising, these are the expenses that often surprise homebuyers:
- Solicitor fees
- Stamp Duty / Land Tax
- Surveys (especially for houses)
- Mortgage product fees
- Broker fees
- Moving costs
- Renovation or initial decorating
And of course, while a 5% deposit is the minimum in most cases, there are options for clients who don’t have a deposit at all. However, those products come with stricter criteria and higher costs, so it’s important to speak with someone who can guide you through them.
Where Your Deposit Comes From Matters
Deposits aren’t always simple. If your deposit is:
- Gifted by family
- From inheritance
- Coming from overseas
- Saved in multiple accounts
…you’ll need to prepare additional documentation.
As mortgage advisers, we typically need around three months of statements, but solicitors can sometimes require up to two or three years of history. It’s always better to be prepared early so nothing delays your purchase later on.
Why You Need a Proper Decision in Principle
Before you book viewings or fall in love with a property, you should have a Decision in Principle (DIP) in place. While it might be tempting to do one yourself online, these are often inaccurate because the income is typed in without being checked against lender criteria.
When we produce a DIP for clients, we check:
- Payslips
- Bank statements
- Proof of ID
- Employment type
- How lenders treat things like overtime, commission, bonus pay
- Self-employment income (which varies dramatically between lenders)
This means the DIP reflects what you can genuinely borrow, not a number that might fall apart later when the lender sees your real documents.
Preparation Makes the Whole Journey Easier
One thing we have learned is that preparation truly is everything. When you take the time to:
- Understand the area you’re buying in
- Get clarity on your affordability
- Be aware of all the costs
- Organise your documentation
- Secure an accurate Decision in Principle
…you remove so much of the stress that people often associate with buying a home.
We guide our clients step by step, from the first conversation right through to completion, so the whole process feels calm, organised, and well supported. That’s exactly why we wanted to create this video series, to help you feel that same clarity even before you start the journey.
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Watch the full video on our YouTube channel and please subscribe to follow the full series...
https://www.youtube.com/watch?v=VvPN3B-KVrs
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.
Make sure you’re subscribed to our YouTube channel for new videos, and follow us on social media for updates.
https://www.youtube.com/@zitalathammortgages
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Enquire here:
info@zitalathammortgages.co.uk
