Look I understand what it is like to have the passion for property but lack the knowledge to get going.
I remember when I was buying my first house and I enlisted the help of my dad! He introduced me to this mortgage broker he knew and we both went down and visited him at his office.
My dad did most the talking (being his usual self!) and the broker produced these mortgage illustration sheets. I looked at the number at the bottom and it said £89 per month.
Quite naively I said “Yes I will accept this mortgage as it is only £89 per month” and they both laughed at me! The £89 per month was just the payment in to the endowment plan (which were fashionable back in those days) and did not include the interest payment of £300 or so every month.
But not knowing these things can never be a barrier to success. This sort of knowledge is the lowest form of knowledge. Someone tells you it, you understand it and move on. Nothing more fancy than that.
The real knowledge is making financial decisions. Evaluating risk and going to your goals. That requires real intelligence which I am sure you possess!
However if you are wondering what LTV, BMV, stepped tracker, yield, ROCE or anything else alien sounding to you do not worry. Just contact us and we will give you the necessary knowledge and then we get in to the real business of BUYING PROPERTY.
Ajay
Posted on: 26th Jul 2010
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