The impact of the pandemic has prompted many people to re-evaluate their priorities, with nearly half (47%) of those aged between 18 and 44 now saying buying their first home is a bigger relationship commitment than getting married.
As big weddings become less popular, couples are diverting money away from wedding budgets towards a house deposit instead, with three in five (62%) having done so or are planning to. This financial redirection reflects the belief shared by almost two-thirds (63%) of people, who said that buying a first home is good value for money, more than double (29%) those who said the same about marriage.
Although taking the first step on the property ladder is a greater priority than getting married for almost two in three (64%) people, the process can still feel challenging, with uncertainty around where to go for guidance.
As one of the UK’s biggest mortgage lenders, Halifax has both the expertise and experience of helping first-time buyers realise their home-owning dreams. To distil this advice and make it easily accessible for current and future first-time buyers, Halifax is launching the Home Truths podcast.
The four-part series launches today with all episodes available now across all major podcast platforms. Hosted by financial content creator, Timi Merriman-Johnson, Mr MoneyJar, the podcast explores each stage of the buying process, speaking to mortgage experts and a moving expert.
The podcast series
Episode 1: ‘Where do I start?’
This episode is for first-time buyers who have decided they want to buy their first home, but don’t know where to start. Preparation is key, especially for life’s biggest moments and purchases.
In this episode, Mr MoneyJar is joined by Halifax Mortgage and Protection Adviser Alex Amidulla, to talk about how first-time buyers can get their finances in a good place before applying for a mortgage. Top tips for budgeting and need-to-know information on savings and discounts feature, as well as an exploration of the different types of homes available to first-time buyers and advice on finding the right home.
Episode 2: ‘Tips for getting your mortgage’
A mortgage is usually a crucial step to securing the keys to a new home. The process can feel complicated and difficult to understand but it’s important not to get overwhelmed.
In this episode, Mr MoneyJar chats with Mel Fox, a Halifax Mortgage and Protection Adviser to explain what a mortgage is, how they work and what documents first-time buyers will need. Mel also answers a quick-fire round of jargon busting to break down some common mortgage terms.
Episode 3: ‘The real cost’
Saving up for a house deposit is one of the first costs that first-time buyers encounter in the home buying journey. However, it’s important to be aware of other costs that usually feature, so they can be factored into budgets.
In this episode, Mr MoneyJar sits down with Mortgage and Protection Adviser Gurdeep Chahal to uncover the real cost of buying a home including the mortgage, conveyancing and survey fees and how to compare different types of mortgages.
Episode 4: ‘Celebrating the final step in the journey’
The big day is almost here, contracts have been exchanged and now all that’s left to do is wait for completion day and move into a new home.
In this episode, Mr MoneyJar chats with Andrew Urquhart from Colin Batt Removals to share his experience and expertise of home moving. Andrew shares the most common mistakes buyers make when moving home and advises how listeners can avoid the same happening to them.
Mel Fox, Mortgage & Protection Adviser at Halifax said: “One of the most satisfying and enjoyable parts of my role is helping first-time buyers to purchase their first home. I’ve seen that the process can be challenging and emotional through the events I help host for people who are new to home-buying.
“I was so pleased to be a guest on the Home Truths podcast, sharing advice, busting myths, and overall trying to make sure the process doesn’t seem quite so daunting. I hope people find the episodes helpful, and it eases their concerns as they take their first step on the property ladder, helping them to celebrate the moment with friends and family.”
Timi Merriman-Johnson, Mr MoneyJar added: “As a recent first-time buyer I have a first-hand experience of the ups and downs of the buying process, so I was delighted to be able to host this podcast and help others in a similar situation.”
To listen to the podcast search ‘Halifax Home Truths’ on all major podcast platforms.