Living on the Top Rung of the Property Ladder

Now is the Perfect Time to Progress

For those already on the property ladder, moving up to the top rung is easier now than it has ever been.

The property ladder – it’s something that is often discussed, and as metaphors go, it is one of the more elegant. After all, it is easy to visualise, with the first time buyers stepping nervously onto the first rung, the young professionals climbing up rungs two and three, and so on.

However, if a carpenter were to construct a genuine representation of the property ladder, in terms of the ease with which we can move from one rung to the next, it is something the DIY stores would refuse to stock. The first rung would be about three feet off the floor, while the subsequent rungs would be so close together, there would scarcely be room to place a foot on them, but the very top rungs would still be out of reach of the majority.

Your route to the top

The above might have forever ruined what was once a perfectly serviceable mental image, but it also explains why so much of what we read in the media about the property ladder involves its lowest level. Bad news sells newspapers, and trying to make a start is where all the trouble lies.

What is less commonly discussed, however, is that once you are on it, the ride to the top can be relatively serene. Whichever figurative rung you might be on right now, this is the time to be thinking big. That top step is genuinely within reach.

Time to live happily ever after

Owning your own property places you in the perfect position to own a better one. That might sound like a statement of the obvious, but the point is that the problem those first time buyers have is not with getting a mortgage. As long as they are earning and have a credit score that is north of “complete disaster,” that’s no problem. Their issue is getting that deposit together.

Once you have property under you, that’s one problem you no longer have to think about. The deposit is taken care of, and even if the “top rung” home you are eyeing up costs a million pounds and you only have £100,000 equity in the home you are selling, there will be lenders queueing up to offer you 900,000 pound mortgages as long as you have the necessary monthly income.

Other factors to consider

Before you rush out and spend a seven figure sum on your very own Scottish castle, however, there are a couple of points to keep in mind.

The first is location. It’s one thing viewing a property and saying “I don’t care that it’s in the middle of nowhere, I love it.” That two-hour round trip just to get a pint of milk and a loaf of bread can soon get wearing, especially in winter.

The other is running costs. From council tax to heating to the everyday maintenance that a large property in large grounds demands, really make sure you do your homework. Assume the worst, and over estimate every cost, just to be on the safe side.

Keep those factors in mind, and approach the purchase with a clear, business head on your shoulders, and you can’t go wrong.

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