She really shouldn’t be advising, or even commenting on, how much deposit to put down. If the housing market crashes / a buyer realises her house is on the verge of collapse, and she’s only got a small deposit she could end up in negative equity.
I am enjoying watching her try and defend her deposit in the comments though.
Absolutely this!
I find it absolutely astounding and embarrassing she is openly telling people it worked out better to put down a smaller deposit? I worked as a mortgage administrator a few years ago and as someone said above they were absolutely had by their mortgage broker. The broker earns their commission on the mortgage they sell, different lenders offer different percentages and of course the bigger the mortgage the more commission there is! The more deposit you have the better rate you can get as the loan to value is less, lenders usually have set brackets of interest rates correlating to loan to value, so if our client had 15% deposit, but could stretch to 20%, their rate would be lower on an 80% mortgage equalling lower monthly mortgage payments so we’d recommend the 20% deposit.
If anything I think she was so desperate to get their own house as fast as possible, it’s clear she has convinced herself the minimum deposit they put down and the lack of homebuyers survey was the right thing to do. I actually think it’s really poor she is putting these videos out that other young people may watch and think she is correct and knows what she is talking about! Having worked in that sector I feel so strongly that financial advice should be given in schools as I knew nothing about credit scores, mortgages or even council tax bills until I worked there and we had so many young buyers come to us with no clue either