# Your Ultimate Guide to Buying a Home

An episode of [A Little Bit Richer](https://invisiblenetwork.ai/podcast/1706157445), 21 Aug 2025, 20 min.

Audio: https://pscrb.fm/rss/p/traffic.omny.fm/d/clips/2e9a850c-e6b9-48c2-afec-a8f8010f70f4/61b6e292-1c73-49e1-81ce-b075010b275f/29bbbdf4-1469-41b9-99cc-b33d0116955e/audio.mp3?utm_source=Podcast&in_playlist=aee4b1cb-b4f6-4283-99aa-b075010cd6b0

Buying a home is one of life’s biggest financial and emotional milestones, but it can also feel overwhelming. From deposits and legal fees to mortgage rates and market changes, there’s a lot to consider before you get the keys. In this episode, our host Iona Bain sits down with Sarah Tucker, mortgage expert and founder and CEO of The Mortgage Mum, to break down the home buying journey step-by-step and what it all might cost. With recent changes to Stamp Duty and mortgage lending, Sarah shares her expert insights on the housing market. Together they cover the stages, typical costs, common pitfalls and the emotional rollercoaster of a homebuyer’s journey. Whether you’re a first-time buyer or looking to move, this episode is packed with practical advice and reassurance and your ultimate guide to making calm, confident, informed decisions for your next move. You can watch episodes on L&G’s YouTube channel And see behind the scenes content on TikTok and Instagram You can play the podcast and find other useful content on L&G’s website: https://www.legalandgeneral.com/podcasts/a-little-bit-richer Follow The Mortgage Mum on Instagram Iona and her guests share their own personal thoughts and opinions in this podcast. These might be different from L&G’s take on things. They give financial guidance for a UK audience that’s relevant at the time of recording. It’s general best practice, not the kind of personalised advice you’d get from a financial adviser. See omnystudio.com/listener for privacy information.

## Transcript

[0:01] Iona Bain: Hello, I'm Iona Bain and welcome to A Little Bit
[0:04] Iona Bain: Richer, brought to you by Legal & General. Now whether it's
[0:06] Iona Bain: your first time or you're ready to upgrade your space,
[0:10] Iona Bain: buying a home is one of the biggest financial and
[0:13] Iona Bain: emotional decisions many of us will make. From figuring out
[0:16] Iona Bain: what you can afford and navigating mortgage options to managing
[0:19] Iona Bain: the legal process and understanding recent government changes, it can
[0:23] Iona Bain: all feel a little bit overwhelming. So today we're going
[0:26] Iona Bain: to walk you through this journey with none other than
[0:28] Iona Bain: Sarah Tucker. Sarah is the founder and CEO of the
[0:32] Iona Bain: Mortgage Mum, a national mortgage and protection broker. She's a
[0:36] Iona Bain: qualified mortgage advisor, podcast host, and you'll often see her
[0:39] Iona Bain: as the mortgage expert on our ITV's This Morning, so she
[0:43] Iona Bain: really is the perfect person to make us feel confident
[0:46] Iona Bain: about our next move. Welcome, Sarah.
[0:49] Sarah Tucker: Hello. Thank you for having me.
[0:51] Iona Bain: So if you're thinking about buying somewhere for the first
[0:53] Iona Bain: time or you want to make that next move, what
[0:57] Iona Bain: do you need to think about, especially when it comes
[1:00] Iona Bain: to recent changes that might affect that process? Talk us
[1:04] Iona Bain: through what's been happening in the world of mortgages and
[1:07] Iona Bain: home buying.
[1:07] Sarah Tucker: Well, it's been a lot of change, so there's been
[1:10] Sarah Tucker: good change and there's been some negative change. So let's
[1:13] Sarah Tucker: start with the negative because then we can move on
[1:15] Sarah Tucker: to good news. The negatives is that the interest rates
[1:18] Sarah Tucker: have been higher, although we are starting to see them
[1:20] Sarah Tucker: come down, but they are fluctuating. We've got inflation that's
[1:24] Sarah Tucker: higher and the general cost of living is higher, so
[1:27] Sarah Tucker: people are a little bit more risk averse. But the
[1:30] Sarah Tucker: good news is affordability is on the up, so lenders
[1:32] Sarah Tucker: are lending more than they previously did. The mortgage stress
[1:37] Sarah Tucker: rates in the background, they used to really hinder affordability
[1:40] Sarah Tucker: for people because they're making sure you can afford the
[1:43] Sarah Tucker: mortgage if rates do go up more, but because interest
[1:46] Sarah Tucker: rates went up so much, those stress rates were really
[1:48] Sarah Tucker: affecting affordability and they've been reduced now, which is brilliant
[1:52] Sarah Tucker: because that means affordability is a lot better. So there's
[1:55] Sarah Tucker: some really positive news. The house prices haven't escalated too
[1:59] Sarah Tucker: quickly. You've obviously got world news, it affects the market
[2:02] Sarah Tucker: as well, but generally things are a lot more positive.
[2:05] Sarah Tucker: The Bank of England base rate's come down quite a
[2:08] Sarah Tucker: few times.
[2:08] Iona Bain: And it's not just about the mortgage, is it? There
[2:11] Iona Bain: are a whole set of other costs that people need
[2:13] Iona Bain: to consider when they're buying property.
[2:15] Sarah Tucker: Absolutely, and if you're a first time buyer, I think
[2:18] Sarah Tucker: we always just think about the deposit, but you do
[2:21] Sarah Tucker: have to think about the other fees. So I did
[2:24] Sarah Tucker: get an example of a 400, 000 pound house with a 10%
[2:27] Sarah Tucker: deposit, just to give you a bit of a flavor
[2:29] Sarah Tucker: of the different categories because when you first sit with
[2:31] Sarah Tucker: someone, you go, " Okay, how much deposit have you got?
[2:34] Sarah Tucker: Okay, have you got stamp duty?" And for a 400,000
[2:37] Sarah Tucker: pound house that's 10, 000 pounds. And then you need solicitor
[2:40] Sarah Tucker: fees to make sure that they can do the transaction
[2:43] Sarah Tucker: for you. That can be $ 1500 to a couple of
[2:45] Sarah Tucker: grand, depends how complicated it is. You've then got removal
[2:49] Sarah Tucker: costs if you want help. Lots of people say, " I
[2:52] Sarah Tucker: can do it myself," it's fine, but you'll still probably
[2:54] Sarah Tucker: need a van of some sort. So you need to
[2:56] Sarah Tucker: factor that in. And if you're buying a house, we
[2:59] Sarah Tucker: recommend a homebuyers valuation. You can get a normal valuation,
[3:03] Sarah Tucker: but you're looking at 350 pounds or you might be
[3:06] Sarah Tucker: lucky and get one free with your mortgage. But a homebuyer's
[3:09] Sarah Tucker: valuation is really good because it shows you what money
[3:11] Sarah Tucker: you're going to need to spend on that property in
[3:13] Sarah Tucker: the next few years. Of course, a mortgage advisor could
[3:16] Sarah Tucker: cost you money and fees and generally with a mortgage
[3:18] Sarah Tucker: you'll have an arrangement fee. So going back to this
[3:21] Sarah Tucker: example of a 400,000 pound property, yes you need a 10%
[3:25] Sarah Tucker: deposit, which is 40, 000, but you've probably got to factor
[3:27] Sarah Tucker: in this scenario about 15, 000 in fees, maybe a bit
[3:31] Sarah Tucker: less, maybe a tiny bit more, just depending on the
[3:34] Sarah Tucker: different things you select on that process. That gives you
[3:37] Sarah Tucker: an idea as to the cost of moving as well
[3:41] Sarah Tucker: that you just need to factor in.
[3:42] Iona Bain: And that's just before you've stepped foot in the property
[3:45] Iona Bain: and have to think about renovating it.
[3:47] Sarah Tucker: Yeah, exactly.
[3:48] Iona Bain: So we've talked about how you navigate this. If you are a
[3:51] Iona Bain: first time buyer, what if you already own a property
[3:54] Iona Bain: and you're looking to move? What are all the different
[3:56] Iona Bain: steps of the journey then?
[3:57] Sarah Tucker: Number one is looking at your current mortgage. So you
[4:01] Sarah Tucker: might have a fixed rate that you are in and that you
[4:04] Sarah Tucker: might even be tied into that for longer than you
[4:07] Sarah Tucker: want to be when it comes to moving. So the
[4:09] Sarah Tucker: first thing I want people to know is that you
[4:11] Sarah Tucker: can potentially port your mortgage and that will avoid you
[4:14] Sarah Tucker: paying an early repayment charge. But the limitation of that
[4:18] Sarah Tucker: is that you are with that lender if you've got
[4:20] Sarah Tucker: a fixed rate usually, and you have said to that lender, "
[4:24] Sarah Tucker: Effectively, I'm going to keep this for two years or
[4:26] Sarah Tucker: five years," and you'll see in your mortgage offer that
[4:29] Sarah Tucker: if you do end that early, they will charge you
[4:31] Sarah Tucker: something and it can be quite a bit of money.
[4:33] Sarah Tucker: So make sure you're looking at that first that you
[4:35] Sarah Tucker: know where you stand with your mortgage, and that comes
[4:38] Sarah Tucker: into your affordability anyway to look at how much equity
[4:41] Sarah Tucker: do I have in the property? So you could have
[4:43] Sarah Tucker: paid off quite a bit of your mortgage in the
[4:45] Sarah Tucker: time you've lived there and the property could have gone
[4:47] Sarah Tucker: up in value for example. And then subsequently you've got
[4:50] Sarah Tucker: to look at how much your property is worth and
[4:53] Sarah Tucker: start getting it valued by estate agents to put it
[4:56] Sarah Tucker: on the market and sell it. That's where we come
[4:58] Sarah Tucker: into what estate agent should I pick, how do I
[5:02] Sarah Tucker: know what it's worth? But when it comes to selling,
[5:05] Sarah Tucker: your house is worth what someone's willing to pay for
[5:08] Sarah Tucker: it, so rely on your local estate agents because they
[5:11] Sarah Tucker: really should be able to show you comparables and tell
[5:16] Sarah Tucker: you what they think it will sell for. And so
[5:18] Sarah Tucker: when we talk about the cost of moving, you need
[5:20] Sarah Tucker: to look at estate agency fees. Now they vary from
[5:24] Sarah Tucker: one and a half percent of the property's value. They
[5:27] Sarah Tucker: could be more than that, it could be less than that,
[5:29] Sarah Tucker: it depends if you can negotiate. And they're going to
[5:31] Sarah Tucker: want to know if you're going to go exclusively with
[5:33] Sarah Tucker: that agent or with multiple agents.
[5:35] Iona Bain: You spoke before about the changes that have happened with
[5:39] Iona Bain: mortgage affordability. And is that because mortgage lenders are coming
[5:44] Iona Bain: up with new products and want to draw more borrowers in?
[5:48] Sarah Tucker: Yeah, I think there's more innovation definitely. So we're seeing
[5:51] Sarah Tucker: products like the Helping Hand Mortgage for Nationwide, for example,
[5:54] Sarah Tucker: six times your income. We've seen lenders like April Mortgages
[5:58] Sarah Tucker: come out with seven times income. Now these are specific
[6:01] Sarah Tucker: products. They're still a general rule of 4. 75 times
[6:05] Sarah Tucker: your income, but there are lenders out there who are
[6:07] Sarah Tucker: really trying to be innovative, whether that is giving you
[6:11] Sarah Tucker: an opportunity to have additional boosting on your deposit or
[6:15] Sarah Tucker: giving you additional affordability like you say. So it's definitely
[6:18] Sarah Tucker: a lot more positive than it was.
[6:20] Iona Bain: So how do you work out how much someone can borrow?
[6:23] Sarah Tucker: So it depends with every single lender how much you
[6:26] Sarah Tucker: can borrow, and I really want to make that point
[6:28] Sarah Tucker: clear because you might be tempted to go on a
[6:31] Sarah Tucker: calculator or AI and ask how much you can borrow.
[6:35] Sarah Tucker: But let me tell you, it's completely different for every
[6:38] Sarah Tucker: lender. It's not just about the lender that lends the
[6:40] Sarah Tucker: most, it's the lender that lends the most to you
[6:43] Sarah Tucker: in your specific circumstance. If you pay childcare costs or
[6:47] Sarah Tucker: you've got credit cards, but you are clearing them every
[6:49] Sarah Tucker: month, you have different ways of the lender looking at
[6:52] Sarah Tucker: your credit card balances. Some will ignore them if they're
[6:55] Sarah Tucker: going to disappear and some won't. So these are just
[6:58] Sarah Tucker: ideas and examples of how different lender underwriters treat each
[7:03] Sarah Tucker: client and each case, the good news is that's our
[7:06] Sarah Tucker: job. We spend a lot of time in the background
[7:09] Sarah Tucker: building relationships with lenders so we can really understand who
[7:12] Sarah Tucker: they're trying to market.
[7:14] Iona Bain: And you touched on the government as well and the
[7:17] Iona Bain: regulator, the FCA that stands for Financial Conduct Authority and
[7:20] Iona Bain: they are conducting a review at the moment of the
[7:23] Iona Bain: mortgage market and talking about bringing back certain products like
[7:28] Iona Bain: interest only mortgages, mortgages with higher deposits, even a hundred
[7:32] Iona Bain: percent mortgages. What are your personal views around those kinds
[7:36] Iona Bain: of solutions for people who might otherwise struggle to get
[7:39] Iona Bain: funding for their mortgage?
[7:41] Sarah Tucker: We've just had the 100% mortgage launched by April Mortgages
[7:44] Sarah Tucker: recently, and we were right at the forefront of that.
[7:46] Sarah Tucker: And honestly, just in that product alone shows how needed
[7:50] Sarah Tucker: is because we had over 2, 000 people contact us
[7:54] Sarah Tucker: in the first day of it coming out. Actually a
[7:57] Sarah Tucker: lot of them just didn't have the right advice. They
[7:59] Sarah Tucker: could actually get a mortgage, they had 5% saved, they
[8:02] Sarah Tucker: didn't think that was enough. So they came to us
[8:05] Sarah Tucker: because of the 100% mortgage, but perhaps actually they've got a 95%
[8:09] Sarah Tucker: mortgage and they got different advice. They still think 20% deposit
[8:13] Sarah Tucker: is where it's at and they think they're so far
[8:16] Sarah Tucker: away and actually they could be able to move now.
[8:18] Iona Bain: And that's where advice can be really, really critical. But
[8:22] Iona Bain: there may be people watching all listening who will think, "
[8:25] Iona Bain: Well, why can't I just go to my bank and
[8:27] Iona Bain: ask what they can offer me? Because I already have
[8:30] Iona Bain: a current account with them or maybe some savings with
[8:32] Iona Bain: them. Surely they'd be able to help out and surely
[8:34] Iona Bain: that would be a lot quicker and more straightforward than
[8:37] Iona Bain: going to a mortgage advisor." What would you say to that?
[8:39] Sarah Tucker: They absolutely can. You are very welcome to do that
[8:42] Sarah Tucker: and lots of people still do, but just know there's
[8:46] Sarah Tucker: a whole world out there that you're not looking at
[8:48] Sarah Tucker: and you're not seeing the whole picture.
[8:50] Iona Bain: You could go to your bank, but the analogy that
[8:52] Iona Bain: I thought of was that if you go to your
[8:54] Iona Bain: bank and ask for the mortgage that they would offer
[8:56] Iona Bain: you, it's like going to a clothes shop that you've
[8:58] Iona Bain: always gone to in the past and asking them to
[9:00] Iona Bain: recommend you clothes when there could be a whole load
[9:03] Iona Bain: of other shops on that high street.
[9:04] Sarah Tucker: Yeah, I like that. Good analogy.
[9:06] Iona Bain: I thought you would. Can you briefly talk us through
[9:09] Iona Bain: the stages and timings in a typical home buying process,
[9:14] Iona Bain: so what it means to go from in principle to completion?
[9:18] Sarah Tucker: Okay, so should we focus on a first time buyer or a
[9:21] Sarah Tucker: home mover? What do you think?
[9:22] Iona Bain: Let's focus on a first time buyer.
[9:24] Sarah Tucker: Okay, so a first time buyer, you're going to speak to
[9:26] Sarah Tucker: an advisor, you're going to know how much you can
[9:28] Sarah Tucker: borrow, so you're going to feel really confident and they're
[9:30] Sarah Tucker: going to give you something called an agreement in principle.
[9:33] Sarah Tucker: So that means they've done a credit search with a
[9:35] Sarah Tucker: lender that they think is the best lender for you
[9:37] Sarah Tucker: in that moment. Hopefully they're doing a soft credit search
[9:41] Sarah Tucker: on you so we're not leaving too many footprints on
[9:43] Sarah Tucker: your credit file because too many of those is a
[9:45] Sarah Tucker: bad thing. And you've got hopefully a certificate or some
[9:48] Sarah Tucker: people do these passports now on your Apple Wallet. So
[9:51] Sarah Tucker: you've got proof to an estate agent I can borrow
[9:55] Sarah Tucker: enough money to look at these properties. And that's the
[9:57] Sarah Tucker: best bit because you know what you can afford. You're
[10:00] Sarah Tucker: going on Rightmove or Zoopla or other sites looking at
[10:03] Sarah Tucker: houses, speaking to estate agents saying, " Tell me what I can
[10:06] Sarah Tucker: look at, that's in my price range." And it's your
[10:09] Sarah Tucker: job to find the one. And you've got a mix
[10:11] Sarah Tucker: of head and heart decisions through the buying process. Head
[10:14] Sarah Tucker: is the money, heart is the property. You're going to
[10:17] Sarah Tucker: know within 10 seconds apparently when you walk through the
[10:19] Sarah Tucker: door and you just feel like, " Oh, oh." And as
[10:23] Sarah Tucker: you walk through the property, you'll just start to know, " I
[10:26] Sarah Tucker: really like this." And that's a magic feeling. Wait for
[10:30] Sarah Tucker: that feeling. It's like love. Don't kind of make it
[10:32] Sarah Tucker: fit because you're in a rush, wait for the right
[10:34] Sarah Tucker: property. When you do find the one, you will panic
[10:37] Sarah Tucker: because you'll love it. And anything that involves the heart,
[10:40] Sarah Tucker: you just lose your head and go, " Oh my gosh,
[10:43] Sarah Tucker: I've forgotten everything that the advisor told me and I
[10:45] Sarah Tucker: don't know what I'm doing." That's why an advisor is
[10:47] Sarah Tucker: so important because when you are in this space, that's
[10:49] Sarah Tucker: where you'll live for the rest of that transaction, we
[10:52] Sarah Tucker: are staying in the head for you. So you're saying, "
[10:54] Sarah Tucker: I'm in love with this property. Okay, how much is
[10:56] Sarah Tucker: it? Amazing. Okay, yeah, that's fine. We'll get you, there's
[10:59] Sarah Tucker: an application in. My estate agent's saying I need a
[11:01] Sarah Tucker: server." That's fine. We'll talk you through. We'll instruct that.
[11:05] Sarah Tucker: So we'll just try and keep it calm and exciting
[11:07] Sarah Tucker: in the background, but we'll be squirreling away to make
[11:10] Sarah Tucker: sure all your paperwork sorted. You will then need a
[11:12] Sarah Tucker: solicitor. They are as important as your advisor if not
[11:15] Sarah Tucker: more so, so really try and find someone that's recommended
[11:19] Sarah Tucker: because they can slow down your transaction or speed it
[11:21] Sarah Tucker: up and they really need to be good to be
[11:23] Sarah Tucker: able to give you everything you need. Not to go
[11:26] Sarah Tucker: into the legal process too much because I might bore
[11:28] Sarah Tucker: everybody, but they're going to search the property. They're going
[11:30] Sarah Tucker: to make sure that everything is as it should be.
[11:33] Sarah Tucker: In the meantime, we are getting your mortgage offer. Once
[11:36] Sarah Tucker: you get your mortgage offer, our job is technically done,
[11:38] Sarah Tucker: but that's not how we work at the Mortgage Mum.
[11:40] Sarah Tucker: We will then chase your estate agent, your solicitor, anyone
[11:44] Sarah Tucker: else we need to make sure everything's running as it
[11:46] Sarah Tucker: should and update you along the way. Make sure you
[11:48] Sarah Tucker: have a protection conversation. It's not just about getting your
[11:51] Sarah Tucker: mortgage, it's making sure you can keep it. So have
[11:54] Sarah Tucker: that while you're excited because it's too easy to just say, "
[11:58] Sarah Tucker: Oh yeah, look at that later. I just want to
[12:00] Sarah Tucker: get the house first."
[12:01] Iona Bain: And this is about making sure you insure your income.
[12:04] Sarah Tucker: Insured your, income protection, that if anything happens to you,
[12:08] Sarah Tucker: that mortgage gets paid off for your family. So think
[12:11] Sarah Tucker: about how much you love it and think about the
[12:13] Sarah Tucker: fact you don't want to lose it if something out
[12:14] Sarah Tucker: of your control happens. And that's a horrible thing to
[12:17] Sarah Tucker: talk to an excited buyer about, but it's so important.
[12:20] Sarah Tucker: So people will talk to you about exchanging. That means
[12:23] Sarah Tucker: the property is yours, everybody signs in your chain, say
[12:26] Sarah Tucker: it's yours. And then completion's when you actually put the
[12:29] Sarah Tucker: key through the door. I mentioned the word chain and
[12:31] Sarah Tucker: I just want to sit on that for a minute
[12:32] Sarah Tucker: because if you're a first time buyer, it's not as
[12:35] Sarah Tucker: simple as just finding that property and saying, " Yes, I
[12:38] Sarah Tucker: want it," because whoever owns that might have to buy
[12:41] Sarah Tucker: somewhere else and then that person might have to buy
[12:43] Sarah Tucker: somewhere else and what have you. So ask the estate agent
[12:47] Sarah Tucker: what the chain looks like. And if you see something
[12:49] Sarah Tucker: that says " NO ONWARD CHAIN" in capitals on Rightmove, the
[12:53] Sarah Tucker: reason why is because that's such a positive. It means
[12:55] Sarah Tucker: it's just you and the buyer and you are going at your pace.
[12:59] Sarah Tucker: So just be mindful. That's kind of the thing that's
[13:02] Sarah Tucker: out of your control, so you do have to surrender
[13:05] Sarah Tucker: a little bit to the process and just do what
[13:07] Sarah Tucker: you can, but the timing will be what it is basically.
[13:11] Iona Bain: Well, let's talk through the process of selling your current
[13:14] Iona Bain: home. What do you need to consider?
[13:16] Sarah Tucker: Okay, so first you need to know how much you
[13:18] Sarah Tucker: can sell it for. I would always recommend you speak
[13:21] Sarah Tucker: to three agents, at least I have a rule of three.
[13:23] Iona Bain: Three?
[13:24] Sarah Tucker: Three agents because the first one might be inclined to over-
[13:28] Sarah Tucker: hype your price. The second one might be really conservative.
[13:31] Sarah Tucker: The third one might be just right, like the three
[13:33] Sarah Tucker: little pigs.
[13:35] Iona Bain: You've got to look for Goldilocks.
[13:36] Sarah Tucker: Exactly. The rule of three is really important because it
[13:39] Sarah Tucker: gives you an overall picture and take your average from
[13:42] Sarah Tucker: that. And really listen to what everybody has to say. We
[13:45] Sarah Tucker: all want our property to be worth the most, of
[13:46] Sarah Tucker: course we do. But if someone's telling you, " It will sell
[13:49] Sarah Tucker: better if you put it up for this<" they are
[13:51] Sarah Tucker: a professional in their own right and you should listen
[13:53] Sarah Tucker: to them if you get that gut feeling for them
[13:55] Sarah Tucker: as well. I have found out about house dressings. So have
[13:59] Sarah Tucker: you heard of this?
[13:59] Iona Bain: House dressing?
[14:00] Sarah Tucker: So these are companies who will dress your home to
[14:03] Sarah Tucker: sell it. So they will hire furniture, they can decorate
[14:07] Sarah Tucker: it. Essentially, imagine a film set, but they're doing it
[14:10] Sarah Tucker: for your house.
[14:10] Iona Bain: Right. It's like a glow up.
[14:11] Sarah Tucker: It's a glow up. Yes, they should rename it, that's
[14:15] Sarah Tucker: a brilliant idea. And it adds up to 10% to
[14:17] Sarah Tucker: your purchase price they say and sells your home three
[14:20] Sarah Tucker: times faster. And I really believe this is the psychology
[14:24] Sarah Tucker: of the new buyer, especially people that love Pinterest, vision
[14:27] Sarah Tucker: boards like me.
[14:28] Iona Bain: But if you can't afford say, a home dressing company,
[14:31] Iona Bain: there are simple things you could do yourself.
[14:32] Sarah Tucker: Absolutely. I think removing clutter is a big thing. Just
[14:36] Sarah Tucker: do a Monica, shove it all in the cupboard, just
[14:39] Sarah Tucker: don't open the cupboards on the viewing. And simple things
[14:42] Sarah Tucker: like flowers and right now it's quite a new concept,
[14:46] Sarah Tucker: but I'm seeing more and more companies pop up and
[14:49] Sarah Tucker: I'm seeing more houses on Rightmove have this kind of
[14:51] Sarah Tucker: glow up.
[14:52] Iona Bain: It's all about tapping into the psychology of the buyer,
[14:55] Iona Bain: isn't it, and really trying to get them to imagine
[14:57] Iona Bain: themselves living in your property?
[14:58] Sarah Tucker: Absolutely. But equally, if you are somebody that can look
[15:01] Sarah Tucker: past it, credit to you because having that vision, that
[15:05] Sarah Tucker: is a gift. Not everybody has that. And if you
[15:07] Sarah Tucker: can see what you can do to a home, that's
[15:09] Sarah Tucker: an amazing thing as well.
[15:10] Iona Bain: Because that's where the bargains are.
[15:12] Sarah Tucker: Exactly.
[15:13] Iona Bain: So, if you are buying your first home with a
[15:16] Iona Bain: partner, that adds a whole extra layer of complication as
[15:21] Iona Bain: I've been finding out in recent times. Can you talk
[15:24] Iona Bain: through what some of the hurdles there are for couples
[15:27] Iona Bain: that are looking to buy?
[15:28] Sarah Tucker: Yes. So if you are a couple and one of
[15:30] Sarah Tucker: you as a first time buyer and the other isn't,
[15:32] Sarah Tucker: sadly the first time buyer kind of just misses out
[15:35] Sarah Tucker: on what they would've had if they were buying without
[15:38] Sarah Tucker: that person, which is a compromise. That could have been
[15:41] Sarah Tucker: a stamp duty saving, it could be a first time
[15:44] Sarah Tucker: buyer only product even from a mortgage company. But I
[15:47] Sarah Tucker: want to caveat, it's more likely to be the stamp
[15:49] Sarah Tucker: duty that's going to be the disappointment. There are first
[15:52] Sarah Tucker: time buyer products, but there are also really great products
[15:55] Sarah Tucker: if you have owned property before. So just really mindful
[15:58] Sarah Tucker: of that stamp duty conversation. We do see couples where
[16:02] Sarah Tucker: you've got other properties as well. So one of you
[16:05] Sarah Tucker: might own another property or even both of you might
[16:07] Sarah Tucker: own another property. And if you think about the timing
[16:09] Sarah Tucker: and the chains that we just spoke about and now
[16:12] Sarah Tucker: imagine, well that's got its own chain and that's got
[16:14] Sarah Tucker: its own chain. There's lots in there that affects stamp duty
[16:18] Sarah Tucker: as well. So if you have a second properties, 5%
[16:22] Sarah Tucker: additional stamp duty will be paid. However, if you're selling
[16:26] Sarah Tucker: your main residential and you're going to buy another residential,
[16:29] Sarah Tucker: but you haven't sold this one yet, so you technically
[16:31] Sarah Tucker: have two properties, you've got up to 36 months to
[16:35] Sarah Tucker: reclaim that stamp duty back. So it is a timing
[16:38] Sarah Tucker: thing, and it really depends on that love that I
[16:41] Sarah Tucker: said about earlier that if you really love a property,
[16:43] Sarah Tucker: some people will go as far as getting bridging loans
[16:46] Sarah Tucker: to make things work because they haven't sold a property
[16:50] Sarah Tucker: and they need the money to get the next property
[16:52] Sarah Tucker: and they don't want to lose that one. So imagine
[16:56] Sarah Tucker: doing that on your own. You've got to have someone
[16:58] Sarah Tucker: there that's holding all of those balls for you and
[17:01] Sarah Tucker: juggling them in the background so that you can focus
[17:03] Sarah Tucker: on the emotional journey that you're on of selling two
[17:06] Sarah Tucker: places to buy one. So yeah, it is a bit more
[17:09] Sarah Tucker: complicated if you're buying as an established couple I would
[17:12] Sarah Tucker: say that have more properties in the background.
[17:15] Iona Bain: So this has been such an interesting conversation, Sarah, but
[17:19] Iona Bain: I wonder if you can maybe distill what we've learned
[17:22] Iona Bain: into three tips for navigating the home buying process.
[17:27] Sarah Tucker: So number one, I think create a team. So whether
[17:29] Sarah Tucker: that's your advisor, a good friend that you can voice
[17:33] Sarah Tucker: note endless thoughts to, a good solicitor, create yourself a squad
[17:39] Sarah Tucker: to get yourself a property.
[17:40] Iona Bain: I was just about to say squad.
[17:41] Sarah Tucker: Yeah. So create yourself that squad because it's not just
[17:43] Sarah Tucker: your advisor, you need all sorts of people. Number two
[17:46] Sarah Tucker: is get your head facts together before you start emotionally
[17:51] Sarah Tucker: making decisions, and then once you've got your squad, you
[17:55] Sarah Tucker: can then lean into the heart space and really enjoy
[17:58] Sarah Tucker: the process. It is stressful and I'll tell you why
[18:01] Sarah Tucker: it's stressful because there's so many emotions wrapped in and
[18:03] Sarah Tucker: you're out of control and that's not something a human
[18:06] Sarah Tucker: really likes. So just try and be patient. Try and
[18:10] Sarah Tucker: do the head stuff first. And number three is yeah,
[18:14] Sarah Tucker: try and enjoy it because there's certain moments in life,
[18:17] Sarah Tucker: if you have children, if you get married, they become
[18:19] Sarah Tucker: stories as you age. And your house is huge story
[18:23] Sarah Tucker: in your life. And I do believe our properties hold
[18:27] Sarah Tucker: us through different periods of our life for a reason.
[18:30] Sarah Tucker: So try and immerse yourself in the experience good and bad.
[18:33] Iona Bain: Yeah, take the rough with the smooth.
[18:35] Sarah Tucker: Yeah, and trust the process. You will always end up
[18:38] Sarah Tucker: with the place you're meant to be in.
[18:39] Iona Bain: After going through quite a lot of home buying turmoil
[18:42] Iona Bain: in my life, that's exactly what I needed to hear.
[18:44] Sarah Tucker: Oh, good.
[18:45] Iona Bain: It's going to happen.
[18:46] Sarah Tucker: It's going to happen. And when it does, it would
[18:49] Sarah Tucker: all make sense. And you'll go, " I'm really glad all
[18:52] Sarah Tucker: these rubbish things happened because now I'm here." And whatever
[18:55] Sarah Tucker: that moment is for you, just keep visualizing it because
[18:58] Sarah Tucker: it will happen.
[18:58] Iona Bain: Brilliant. This is the pep talk that I needed.
[19:00] Sarah Tucker: Good.
[19:01] Iona Bain: Thank you, Sarah. You really helped clarify that home buying
[19:04] Iona Bain: and selling process for us in a way that I'm
[19:07] Iona Bain: sure everyone will find very helpful. Next time, friend of
[19:10] Iona Bain: the show, Claire Barrett will be back to debate property
[19:13] Iona Bain: versus pensions. Should you prioritize getting on the housing ladder
[19:16] Iona Bain: and paying your mortgage or perhaps put off the property
[19:19] Iona Bain: dream to save more into your pension? I'd love it
[19:22] Iona Bain: if you could follow the podcast, leave us a review,
[19:25] Iona Bain: and help others get a little bit richer too. This
[19:27] Iona Bain: podcast is brought to you by L& G. You can
[19:30] Iona Bain: keep up the show on YouTube, TikTok, and Instagram at
[19:33] Iona Bain: Legal & General. Until next time, happy house hunting and see
[19:37] Iona Bain: you soon.

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