How To Jump Straight On The Property Ladder
The property situation in the UK has been steadily rising for many decades now, but finally it seems slowing down and possibly the reverse happening. Currently the market is very unsteady, some experts predicting a slight recession whilst others saying it’s merely a slight hold up before continuing to rise again. Either way it is making everyone a little nervous and more reserved than usual.
Due to the unease it is the perfect break for the opportune developer looking to jump on the ladder. As less people are investing, you will find more attractive offers that you can seize and capitalize on. However before you jump straight in and start manically house hunting, bear in mind the following factors first, and in particular the hidden financial costs that can ruin any potential development by sapping up the whole budget!
Firstly decide on a suitable mortgage that will allow the cash needed to buy a property and do it up, if necessary, but does not cripple you with excessive repayments. As a general rule of thumb the mortgage repayments should be less than 35% of your total monthly income. Remember mortgage lenders will generally lend about 3x your salary, however if you opt for a joint mortgage it is possible to get approximately 2.5x your combined salaries.
According to recent figures, first time buyers are priced out of 80% of the towns in the UK. This is a very daunting statistic for any first time buyer, which explains why more and more are opting for help from another party, be it a family member or friend. Teaming up can make investment much safer, easier and less stressful especially making redevelopment less work. Unfortunately more often than not will cause disagreements and in the worst possible scenario a complete break up between both parties. In any case it is essential to draw up a valid, detailed contract that clearly states what happens if one partner wants out.
There are many mortgages available, from many different lenders, tailored to suit different peoples needs. If you are not an expert, it is worth seeking an experts advice, the advice received should outweigh the cost of choosing the wrong mortgage and being stuck with it. One simple point to note is that, the more deposit you can lay down initially, the better mortgage deal you will be able to negotiate. Also remember to take into account additional factors such as the interest rate, lock-ins and redemption penalties.
Whilst going through the process of purchasing an ‘average’ house, worth approximately 217k the purchaser will incur approximately 4250 of additional costs, including:
Mortgage arrangement fee
Land registry fee
Solicitors fee
Stamp Duty
Valuation service (from lender)
Structural building survey
And on top of that building and contents insurance is a definite must. Considering most developers thinking about refurbishing a property, to add value, need to keep costs down to a minimum, this could seriously affect the rest of the budget.
However with careful and thorough planning and a sensible budget, there is no reason not to invest in your first property. What’s more Deputy Prime Minister John Prescott has recently revealed the government has set aside 600m to fund cut price housing to help first time buyers. In conclusion I say do not hold back, in fact use these unsettled times in your favour, make the lenders compete to win your custom, find the perfect first time investment and jump straight on the property ladder!
About the Author
John Mce writes on behalf of Bishop’s Move a removal company which excels in moving houses and business, with over 150 years experience. John Mce is not a financial advisor and is not responsible for any actions taken as a result of this publication.
Table Vs Ladder
| | DOUBLE TRIPLE LADDER “210″ NOTE 2006 $1 A 2111 0005 E…”111″ & “000″ $5.50 |
| | LADDER DOUBLE TRIPLE NOTE 2003 $1 F 2221 1100 I…FANTASTIC LADDER…”210″ $8.50 |
| | LADDER NOTE 1969B $5 G 1123 3444 C…FANTASTIC LADDER NOTE…1234…OLDER NOTE $49.00 |
| | 3-DIGIT RADAR NOTE 1969A–UNCIRC. $1 D 3361 1633 B …NICE RADAR LADDER “3361″ $17.00 |
| | FANCY 6 DIGIT BROKEN LADDER SN# FR39m 1917 $1 RED SEAL LEGAL TENDER US NOTE $199.99 |
| | ★ 2006 $1 FANCY Mixed Ladder SN32110222 G-C FRN AWESOME US Currency Note Chicago $1.95 |
| | ★ 2009 $1 UNC FANCY Mixed LADDER S/N 01234567 FRN AWESOME US Currency Rare Note $19.95 |
| | ★ 2006 $50 VF FANCY Mixed Ladder SN987654 G-A FRN AWESOME US Currency Rare Note $59.95 |
| | GEM Uncirculated 2003 $1.00 San Francisco LADDER Star Note L00223444* $4.99 |
| | 100 Trillion Dollar Zimbabwe Note ( Mixed Ladder # 0123456 ) $7.99 |
| | 3-DIGIT RADAR NOTE 1969–UNCIRC. $1 C 3347 7433 A …NICE RADAR LADDER “3347″ $17.00 |
| | 1976 A – $2.00 *STAR* Note ( Fancy Ladder Serial # ) $8.99 |
| | Liliput HO VINTAGE CIBA-GEIGY Wagon MINT Original Box Note: Ladder came unglued $19.00 |
| | 1976 – $2.00 UNC Note ( Fancy Mixed Ladder # 12345678 ) $9.99 |
| | 7-$1 BILL-UNC-MIXED COMBO LADDER NOTES-NICE SERIALS-8-6-1-MIXED $11.11 |
| | 2 x $50 FRN star notes up ladder JG 00456789 & down ladder 00876543, unc, rare $3,456.78 |
| | GREAT LADDER NOTE 1995 $1 A 1234 5490 G…”12345″ $5.00 |
| | 3-DIGIT RADAR NOTE 1969–UNCIRC. $1 C 3319 9133 A…NICE RADAR LADDER “3319″ $17.00 |
| | 3-DIGIT RADAR NOTE 1981–CU $1 H 3435 5343 A…LADDER NUMBER—NUMBER “3435″ $18.00 |
| | 2003 $2 FED. RES. LADDER NOTE GEM UNC.67 S/N I 12334567 B $69.95 |
| | 2008 PHILIPPINES 100 peso UP Centennial Commemorative Note Ladder EV 123456 UNC $99.00 |
| | 2008 PHILIPPINES 100 peso UP Centennial Commemorative Note Ladder EV 654321 UNC $99.00 |
| | RADAR NOTE 1981–UNCIRC. $1 H 3454 4543 A…NICE LADDER NUMBER “3454″ $17.00 |
| | MATCHING QUAD NOTES 1999–CU $1 & 2003 $1 4366 6654…LADDER LIKE NOTE…”6666″ $15.00 |
| | RADAR NOTE 1981–UNCIRC. $1 H 3450 0543 A…NICE LADDER NUMBER “3450″ $18.50 |
| | 2009 $1 Federal Reserve Note “L” One Dollar Bill~ Ladder Serial #L 62653595 H $1.95 |
| | LADDER RADAR NOTE 1977A–UNCIRC. $1 H 3567 7653 C…NICE RADAR NUMBER “3567″ $17.00 |
| | 2006 $1 NOTE FANCY SERIAL # MIXED LADDER OF 39458267 (23456789) $29.00 |
| | 3-DIGIT RADAR NOTE 1969D–CU $1 C 3534 4353 A…NICE LADDER RADAR NUMBER “3534″ $16.00 |
| | MATCHING POKER..5-4’s.. NOTES 2006–CU $1 & 2003A $1 3442 4434…LADDER “234″ $15.00 |
| | 1934 DOWN LADDER Fancy serial # 00004321* Star note KC ! pcgs graded $4,321.00 |
| | RADAR NOTE 1981–UNCIRC. $1 C 3452 2543 D…NICE LADDER NUMBER “3452″ $17.00 |
| | 3-DIGIT RADAR NOTE 1969B–UNCIRC. $1 C 3382 2833 A..NICE RADAR LADDER “3382″ $17.00 |
| | 1981–CU $1 LADDER “654-456″ RADAR NOTE B 2654 4562 J— FANCY OLDER NOTE $16.00 |
| | LADDER POKER+ NOTE 1995 $1 E 3333 2334 H…6-3’s…”234″ $5.00 |
| | 2010 PHILIPPINES 100 Peso Note, Arroyo & Tetangco, Ladder Number ET 123456, UNC $12.88 |
| | 2010 PHILIPPINES 100 Peso Note, Arroyo & Tetangco, Ladder Number DB 654321, UNC $12.88 |
| | 2010A PHILIPPINES 100 peso Note, Arroyo & Tetangco, Ladder WR 123456–Unusual $18.88 |
| | 2010 PHILIPPINES 100 Peso Note Arroyo & Tetangco Ladder 2 pc JQ 123456 JQ 654321 $28.88 |
| | 2009 PHILIPPINES 50 Peso Note Arroyo & Tetangco Ladder 2 pc CL 123456 CL 654321 $28.88 |
| | 2010 PHILIPPINES 50 Peso Note Arroyo & Tetangco Ladder 2 pc PK 123456 PK 654321 $28.88 |
| | 2011 PHILIPPINES 20 Peso Note, Aquino III & Tetangco Ladder Number ZD 123456 UNC $9.99 |
| | 2011 PHILIPPINES 20 Peso Note, Aquino III & Tetangco Ladder Number XG 654321 UNC $9.99 |
| | 2010 PHILIPPINES 20 Peso Note, Arroyo & Tetangco Ladder Number ZG 654321 UNC $9.99 |
| | 2010 PHILIPPINES 20 Peso Note, Arroyo & Tetangco Ladder Number ZA 123456 UNC $9.99 |
| | 2010 PHILIPPINES 20 Peso Note Arroyo & Tetangco Ladder 2 pc VG 123456 VG 654321 $22.88 |
| | 2009 PHILIPPINES 20 Peso Note Arroyo & Tetangco Ladder 2 pc GB 123456 GB 654321 $22.88 |
| | 2009 PHILIPPINES 20 Peso Note, Arroyo & Tetangco Ladder Number LV 123456 UNC $9.99 |
| | 2009 PHILIPPINES 20 Peso Note, Arroyo & Tetangco Ladder Number HF 654321 UNC $9.99 |
| | 2003A–CU $1 RADAR NOTE J 6540 0456 C—RADAR—LADDER “456″ $14.00 |
| | Verdun Meuse-Argonne France/Cathedral Interior-Large Altar/Note Ladder/WWI/RPPC $4.00 |
| | Hyundai Hmall KOREA [design tag] ladder note memo illust post-it $7.75 |
| | FANCY 1999 $1 DOUBLE TRIPLES E 3332 2212–LADDER NOTE “321″ $7.00 |
| | 2003-A $1 FRN FEDERAL RESERVE NOTE CURRENCY ★FANCY LADDER SERIAL★ A12355444B $9.95 |
| | 1929 FRBN BROWN $20 NATIONAL CURRENCY NOTE LADDER FANCY SERIAL# E 012 12 123 A $229.99 |
| | $2 2003A Uncirculated 3-Note Ladder Sets 123-456-789 Endings! $9.99 |
| | $1 3-Note 10-Digit Broken Ladder Set 123 – 4567 – 890 Endings! $6.95 |
| | Fire Truck Ladder Brown Birthday Thank You Note FLD $4.35 |
| | $1 CU 3-Note, 10-Digit Ladder “Brick Sets” with 1234-567-890 Endings. $6.95 |
| | NICE “LADDER” NOTE 2009 $1 L 1234 5300 F $6.00 |
| | 2011 PHILIPPINES 50 Peso Note Aquino III & Tetangco Ladder NO. UY 654321 OFFER $12.99 |
| | LADDER NOTE 2006 $5 ID4456 7892 A…”456789″…GREAT NUMBER $14.00 |
| | FANCY PARTIAL LADDER NOTE 1999 $1 K 0345 6776 F $5.00 |
| | 6-NOTE FANCY LADDER SERIAL SET $1 #98765-43210 GEM CU! $1,050.00 |
| | RARE FANCY LADDER MATCHING 3 NOTE SET $5 #00876543 GEM $499.99 |
| | FANCY POKER+ NOTE 2003A $1 F 3132 3333 H…6-3’s…LADDER…”123″ $5.50 |
| | 2009 PHILIPPINES 50 Peso,Note, Arroyo & Tetangco, Ladder Number GP 654321, UNC $11.99 |
| | 2010 PHILIPPINES 20 Peso,Note, Arroyo & Tetangco, Ladder Number CK 654321, UNC $11.99 |
| | LADDER DOUBLE TRIPLE NOTE 1999 $1 G 1100 0222 D …FANTASTIC LADDER…”102″ $6.50 |
| | ★ 2006 $1 Dollar Federal Reserve Note L09876024R ★ Fancy Ladder 0 9876 0 $1.75 |
| | ★ 2006 $5 Dollar Federal Reserve Note HF14056783A ★ Fancy Partial Ladder Atlanta $6.25 |
| | RARE FANCY LADDER SERIAL 2-NOTE SET 2004A $20 #123-1234 GEM CU! $499.99 |
| | 43-43-22-11 $5 DOLLAR REPEATER REPEATING LADDER SERIAL NUMBER BILL NOTE FIVE $19.19 |
| | 2006 $5 Perfect Ladder 01234567 *Superb Gem Federal Reserve Note* Heritage $1,700.00 |
| | LADDER TYPE 1969 $10 D 5599 9867 A…”56789″…NICE NOTE $17.00 |
| | 1991 $20 Note, PMG Graded G-UNC-65, BC-58d, Descending Ladder, B606 $929.82 |
| | 2010 PHILIPPINES 50 Peso Note, Arroyo & Tetangco, Ladder No. NX 123456 OFFER $12.99 |
| | 2009 PHILIPPINES 50 Peso,Note, Arroyo & Tetangco, Ladder Number ME 123456, UNC $12.99 |
| | 2009 PHILIPPINES 100 Peso Note Arroyo & Tetangco, Ladder Number CD 123456 OFFER $12.99 |
| | 3-DIGIT LADDER REPEATER NOTE 1999 $1 K 3231 3231 I…NICE LADDER “3231″ $12.00 |
