Author: Dave Mills
Last month, I met with a young couple, prospective first time buyers, who were extremely nervous about the cost of buying a property and all of the implications of making such a purchase.
They were spending £850 per month on rent, but, on inspection, the house they were living in had damp in every room and no central heating. They were looking to start a family in the near future, and were naturally concerned about bringing a child into a world that was not safe or suitable.
Within an hour of meeting them, however, I had addressed their concerns and informed them that, with their 5% deposit, they could indeed purchase a property up to the value of £175,000, and that the monthly repayments should be £100 a month less than their current rent. They were relieved and delighted.
Last week, they collected the keys to their first property, having a fixed rate mortgage that will cost them £102 less per month than their rent.
They are a changed couple, able to look forward to their future together - and with addition(s) - with financial stability and confidence.
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