A foot-up onto the property ladder, with Cameron Orcutt (OnLadder)
How to Lend Money to Strangers
Brendan le Grange
4.9 • 43 Ratings
🗓️ 7 July 2022
⏱️ 28 minutes
🧾️ Download transcript
Summary
We all pay a mortgage every month, just sometimes it's our landlord’s mortgage we're paying… I was in London for The Podcast Show in the last week of May and took that opportunity to record another in-person episode of HTLMTS - this time kindly hosted at OnLadder Towers by Cameron Orcutt, half of the exciting entrepreneur pair that’s using deposit loans to help first-time home buyers get on the property ladder faster.
Mortgage down-payments have always been expensive. A 20% downpayment on the average house in the UK 10 years ago, would have been about £30,000 and, at the time, that would have been 13 months of after-tax income for a typical household. So yeah, too expensive for many. But it’s gotten worse, much worse. Right now that same household would need to find 23 months of disposable income, having already paid over £100,000 in rental in the meantime.
You can learn more about OnLadder, and join their mailing list, at https://onladder.co.uk/ or find them on LinkedIn
Finally, if it is me you're after, feel free to connect on my LinkedIn page, my action-adventure novels on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is discussed at https://confirmu.com/ as well as on episode 24 of this show https://www.howtolendmoneytostrangers.show/episodes/episode-24
If you have any feedback or questions, if you would like to participate in the show, or if you'd like to find full written transcripts with timestamps head on over to HowtoLendMoneytoStrangers.Show
Regards,
Brendan
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Transcript
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| 0:00.0 | So we're going to cut that out. |
| 0:07.0 | It's my first podcast on nervous. |
| 0:17.9 | We all pay a mortgage every month, just sometimes it's our landlord's mortgage we're paying. |
| 0:22.6 | Welcome to the 50th episode of How to Lend Money to Strangers with Brendan Lagrange. |
| 0:28.1 | In the year it has taken me to get here, the average renter in the UK would have paid |
| 0:32.4 | just under £12,000 to their landlord. |
| 0:35.7 | If that same money had gone into their own mortgage repayments every month, the property |
| 0:40.6 | that mortgage had funded with zero down payment just to keep things simple would have appreciated |
| 0:45.9 | by £21,000. |
| 0:48.4 | So step right up and double your money. |
| 0:50.8 | And sure it is oversimplified and the sort of growth we've seen isn't going to happen |
| 0:55.1 | every year. |
| 0:56.1 | So I am being a bit facetious but you can see how homeownership can become such an important |
| 1:01.1 | path to wealth. |
| 1:02.4 | Now another big problem with the example I just quoted is that the mortgage I spoke about |
| 1:07.0 | would only have funded a property purchase of £200,000 in a market where the average |
| 1:12.6 | house is now £300,000. |
| 1:15.2 | Plus, and this is probably the biggest problem, there is no such thing as zero down payment. |
| 1:20.9 | So you need to have money available for that. |
| 1:23.7 | And for the STEM duty and for the solicitors fees and for the surveyors fees and it all |
| 1:28.7 | becomes so expensive that maybe we'll just have to wait until our salaries can catch up. |
| 1:33.8 | But that's a race where the odds are heavily stacked against us. |
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