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Tips for getting on the property ladder

Buying a property is a big commitment, but very rewarding. Here are some practical tips to help secure your feet on the property ladder
Two incomes are better than one Financial institutions and mortgage brokers alike love joint applications. This is because a joint application represents less risk of a mortgage defaulting. Hypothetically if one applicant is made redundant and is unable to meet monthly mortgage fees the other income owner can step in at any time to cover the other’s share. 
Consider buying in an emerging area Living in the trendiest area of a city can seem cool and hip, however most places don’t represent value when attempting to get on the property ladder. The best places to find your first property are the up and coming areas with developments currently being built. This might be a new transport link into town, a major highway that cuts your commute to work or even a big shopping centre that would create jobs as well as a place to shop for the community. All these factors will help to make your property appealing to any future buyers. 
Dependents will count against you in some circumstances Banks or mortgage lending institutions see children (or dependents) as a cost almost in the same league as credit card debt or a car loan. The perception is that let’s face it kids can be expensive. I totally agree that his is quite unfair as parents with children are statistically better financially responsible out of necessity, but hopefully one day this form of discrimination may be reversed to allow more parents to apply for mortgages. 
Save as much as you can This may be a case of stating the obvious, but saving as much money as possible for a deposit is the first and most important factor to getting on the property ladder. The more you put away, the more likely your Loan to Value (LTV) be less and more likely to be granted a lower interest rate.
Do you know of any other tips that could help to get on the property market?


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