How To Be A Home Owner In United Kingdom

I am adressing this to UK residents. 
- How does one go through buying a house (with mortgage of course)?
- What percentage is required to get a mortgage in buying a house and are there any rules against re-mortgage?

Please every response and help would be appreciated.

Thanks.Your response is highly appreciated.but i dey dissapointed say uk Nairalanders no show face.

ok be specific

i bought my first home last year. Mortgage of course. I paid 10% deposit. My mortgage was worked through Halifax Bank. It is very lucrative if you must know , and you have to keep your eye on the trends in different areas. I would suggest if you wanted to make money, start by buying at auctions , do the house or flat up to reasonable taste and standard sell off and buy another. Depends on where u want to buy. many places in London are sky high inprice, areas that are up and coming are South west and North east.

some are 0%mortgage but be prepared to pay a huge monthly mortgage. some schemes allow shared ownership, you pay say 40% of the amount and the govt pays the other amount, shop around see what suits you and why you want it. For me i wanted my own home and a possible investment for the future, so when i get married i have this property as an income generator

Why do u ask about re-mortgage if you havent bought a property yet? do you want to buy to let, buy for yourself or buy to invest?

What area in the Uk are you looking for???

London and anywhere in the south of england is the most expensive.  House prices are rising by the mintue. There are many towns very close to london within travelling distance that are much cheaper to buy than actual london.

Eurphoria

How many bedrooms did you get?  What type of property.  I want to buy with my fiance.  The cost of rent is almost the same as a mortgage.  We could be able to put down a deposit of around £15,000 between us with extra money aside for the other costs.  But I'm worried about all the extra costs that come with a new house like renovation.

It was suggested we buy a flat and rent it out.

Your advise is welcome

@LadyT.
    Only Eurphoria can respond if the Auctions are meant for Cash down or could be Mortgage.I know they might have some Hidden cost.One gotta becareful and ask around for Info before stepping In .
    Euphoria please respond.

Thanks I will contact you!

Thanks thats why i calculated that with all the fees and possible cost of renovation which will run into thousands our deposit wont be huge.  I think the idea of part ownership is our best bet.

I can't live in the south east too many nigerians!!!

I live in North London so I was looking there but even in areas like hackney cheapest is like £190,000 for a one bedroom hole!

I am not in the property business but i know buy to let in the UK is a good idea if you have the capital to put down.

a lot of borrowers will ask for 15% for buy to let mortgage.some new developments eg fairview homes may offer to pay stamp duty or part of the deposit etc. a good mortgage broker may be able to get good mortgage deals from banks.

London is getting very expensive.the average property is now 350k.(on the news today).try manchester.

shared ownership with Sutherland housing in London helped us get onto the housing ladder 9yrs ago.we owned 60% of it.the down side was getting only 60% of the profit when we sold it  4yrs ago    but it was enough for us to buy on the open market.

Just a couple of things.

First off to Awolumate, as you are not an EU national and do not propose to buy the property with cash,
you may well have problems raising a UK mortgage. The banks expect to see a financial history, e.g work record,
where you have lived for the past three years. Even if you do obtain a mortgage there are lots of other things you will
have to take into account that may eat into your profits. For example, you may be liable to income tax, will you be letting out the property yourself or handing it over to an agent? If the latter then have you factored agent's fees into your overall costs? In addition
when letting there may be periods when you have no tenants, how will you cover the costs of your mortgage in such an eventuality?

To Lady T

The longer you put off buying a property the more difficult and expensive it becomes. You just have to bite the bullet at some point.
My advice to you when buying is

buy a house and not a flat if at all possible. Trust me you will not regret it. 
.Don't necessarily stick to an area you are familiar with, cast your net far and wide. So easy to do with the internet.
. Look to buy outside London, the suburbs. You get more for your money and I know transport may be a headache but you will cope.
. A friend of  mine moved from London to Swindon to pick up a very lovely property, he hasn't regretted it.
.If you don't want to renovate then look for new build properties. But remember such properties are often little bigger than shoe boxes,
  older properties have larger rooms.
. Always look at the property with an eye to the future. EG If we have kids where will they eat, is there room for a dining table, does the   property   have outside space for them to play etc?

Anyway good luck.
   

Thanks for the advice!

Problem is rent is almost the same as paying a mortgage, so you might as well buy

WOW thats a bloody good deal!

what area are you in?  I know we would never find prices like that now!

Where the hell is Barwick?

Everyone seems to be moving to Kent and those kind of places.  In a London girl I can't see myself doing that.  But the housing market is so disgusting right now.  Its something we have to think about. 

Oh no its one of those places where they wont sell gari! Thats too far out for me!

If you  are looking to purchase a property in the UK but your are non resident you will find it diffcult getting a mortgage you'll have to put cash down. One way round it is to partner with someone you trust (and know very well)  split the cost 50-50 you bring cash and the other party takes out a mortgage for their share of the remainder.

In terms of good places to buy London would have been ideal but the prices are stupidly high, my advice is to steer clear of London unless you are buying a new build (off plan) and / or with huge discounts or incentives, instead of London try Kent - Dartford, Luton , Stevenage e.t.c houses are much cheaper just make sure its in an area where there is a demand (schools, transport links e.t.c).

If you are feeling adventurous you  can widen your search and move further up North where properties are much cheaper although rental income may not be fantastic.

Buy to Let is a medium to long term investment so be ready to have your money tied up while your investment increases in value, as an investor I tend not to buy in London because I believe London properties have hit the ceiling whereas in other areas they are still rising.


For those looking to get on the property ladder but cannot afford prices in London I would suggest purchasing a buy to let property up north within you means, let it out for a few years  and then re mortgage to raise more capital hopefully  you'll be able to purchase something closer to home in a few years time,