Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,167,943 members, 7,869,911 topics. Date: Monday, 24 June 2024 at 11:12 AM

Living In The UK: Property,Mortgage And Related - Travel - Nairaland

Nairaland Forum / Nairaland / General / Travel / Living In The UK: Property,Mortgage And Related (63055 Views)

Getting Into The UK Property Market. How To? Teach Us How To? Get In Here / Living In The Uk/life As A UK Immigrant / Living In Australia/life As An Australian Immigrant (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (46) (Reply) (Go Down)

Living In The UK: Property,Mortgage And Related by semmyk(m): 9:04am On Jan 21, 2023
Solumtoya:
Time for UK Mortgage thread

🏘️🏚️🏠 There's been numerous calls in the Living in the UK thread (www.nairaland.com/6719932/living-uk-life-immigrant-part-2/) for a #mortgage thread. 🏘️🏚️🏠🏡
This thread aims to achieve that. Posts here are about AND must be about Mortgage-related issues in the UK.
Clarity around housing (the house, structure of the house, rules around housing ...) are welcomed, including those of rental. However, request for rental availability or how to rent ARE NOT ALLOWED! Do not post them here.

Over the lifetime of this thread, key terms will be added.
Sit back, keep calm and enjoy the mortgage-sourcing
While at it, read all things mortgage on the UK government site: - Buying or selling your home

[Key Terms] To be populated over time
Property: the house or flat or building
Leasehold: A property owned through a lease (legal agreement) for a period of time (10, 20, 50, 90 years). At the end of the lease, the property reverts back to the freeholder. www.gov.uk/leasehold-property
Freehold: Ought to be the defacto for a buyer. A property you own outright in perpetuity (the building and the land it stands on). In the Land Registry, you are referred to as the 'freeholder', owning the “title absolute”.
Commonhold: A variant of freehold, where multi-occupancy building is subdivided into smaller, distinct freehold units on the same land. Commonhold was created by the Leasehold Reform Act of 2002, which overcomes some of the worst aspects of leaseholds. See Home Owner Association . NB: Referred to as Sectional Title in South Africa, Strata Title system in Australia, and in North America the condominium system.
Bond: Loosely, a term for a mortgage. Used in North America
Mortgage: Essentially, a loan for securing a house. {Oxford} legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking the title of the debtor's property ...
Conveyance: {Oxford} the legal process of transferring property from one owner to another
Lender: typically the bank or financial/mortgage institution that loans the money for the mortgage
Mortgage Broker: They act as the go-between for a lender (financial institution) that offers loans that are secured with real estate (property in this case) and borrower who want to buy a property. They are the middleman who manages the mortgage loan process.
Borrower: the person (individual, group) that is sourcing funds to buy a property
Solicitor: The lawyer that assists with the mortgage process
Conveyancer: the legal person/entity (in the mortgage process) who handles the transferring and registering of the property.
Title Deeds: Documents showing the chain of ownership for land and property | https://hmlandregistry.blog.gov.uk/2018/02/19/title-deeds/ | NB: You may 'never' get to have the original title deed, however, you can get a copy of the title deed through the HM Land Registry department, through their digitisation project.

EPC Rating: Energy Performance Certificates. Ensure you are provided a copy by your seller (or potential landlord in the case of rent). www.gov.uk/buy-sell-your-home/energy-performance-certificates
Council Tax: Also known as property tax (mileage tax) in the States or Rates in South Africa, is the tax amount you pay on the property to Councils (local govt, borough) for services. It is based on property valuation, location, and number of occupants. See www.gov.uk/council-tax/print
Buy2Let: Propert(ies) bought by a landlord with the primary aim of renting out. Caveat emptor Beware of tax and regulations. NB: Rent-a-room has its own rules.
FTB: First time buyer is the place person(s) buying a property for the first time. (S)he has not owned a property before or deed register(ed) in their name, whole or in part (in the UK) anywhere (globally)
Primary Residence: Property that is the main residence (place of abode).
Lodger/Boarder: Occupy a room/space in your property with you. A lodger that shares facilities with you is an '[u]excluded occupier[/]'. However, the lodger that 'do not' share common facilities with you in the house has basic protection and should be 'evicted' like a normal tenant! PS: There's a thin line differentiating between the two. The general rule of thumb: boarders are generally non-rent paying.
Free loader: Essentially a boarder you took in.

S24: Known as tenant tax, refers to section 24 of the Finance Act 2015. NB: There is also section 24 of the Landlord and Tenant Act 1954 as amended (In Ireland, it is the Residential Tenancies Act 2004).
Ownership Structuring:
LISA: Lifetime ISA (individual savings allowance)
LTV: Loan-to-Value. An indication of mortgage amount the lender will advance to the borrower as a % of the property value
Deposit: refers to the amount of money youa borrower need to put down to purchase a house. You can deposit more than the shortfall in the LTV.
AiP / MiP / DiP: Agreement in Principle or Mortgage in Principle or Decision in Principle is an indication of a specified amount the lender might provide to a borrower, based on details the borrower has provided about their income, spending and debts. It is (typically) a soft credit check (Kindly confirm with them before proceeding: thanks @Ticha for the advice). It does not guarantee the actual amount that will be offered upon full application (which comes with detailed questions and hard credit check).
BMV: Below Market Value comes with learning, exposure, experience. It's an art of buying by knowing the 'best' value to put in for a property below the value that the market currently suggests.
HMO: House of Multiple Occupancy, a way of maximizing rent cash flow, is a multi-let property where
- 3 or more tenants live in the property (thereby forming more than 1 household)
- The tenants share common facilities (such as toilet, bathroom or kitchen.
Property Chain: linked property transactions, where a seller of one property is a buyer of another (How to buy, Gov.uk). Oft, offer to purchase or mortgage agreement has suspensive clause for chain unlocked!
SPV: Special Purpose Vehicle - regular limited company, used solely for a particular purpose. In the case of property investment, it's used to purchase, sell and rent out properties (thanks Bourne007)
First Home Scheme: discounts for first-time buyers, for up to 30% to 50% less market value
HTB: Help to Buy (Equity Loan) ended. Archive: www.gov.uk/help-to-buy-equity-loan

CF: Council Flat - require assessment that might include mean test
PL: Private landlord - the normal rental whether direct or through an agent.

____________________
@justwise @Ticha @Fatima04 @Solumtoya @Santa2 ...

17 Likes 1 Share

Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 9:04am On Jan 21, 2023
Placeholder 1
____________________
[Common Mortgage Type: Interest Free or Capital Repayment]
Ogbaba123:
... please what are the pros and cons of an interest only mortgage? I have read about these difference but still not sure why any of the options should be picked over the other. Please can someone explain further the advantages and disadvantages of the different kinds of mortgage payments. Cheers!
dupyshoo:
With interest only mortgage, let's say your mortgage is £100k, you will only be paying the interest and the capital will not reduce. So, the amount you will be paying monthly will be very small, say about £100 monthly depending on the interest rate. At the end of the mortgage tenure, you either sell the house to pay the mortgage lender the £100k or take it from your savings.
Whereas, with repayment mortgage, you will be paying more every month as you are not just paying the interest on the loan but you are repaying back the loan, so you might be paying about £500 per month. At the end of the mortgage tenure, you will have finished paying the £100k, so you wont have to pay the bank any more money.
Tbh, I am not sure you will get any lender to give you interest only mortgage anymore. It's only those doing buy-to let that lenders give interest only mortgage to.
Ticha:
Avoid interest only mortgages unless you're earning money from that house. That is the only time there is a pro for interest only because the repayments are lower and therefore makes your cash flow better. Actually, another pro will be if you already have the money and want to invest it, of course if you lose that money then you'll lose your home come crunch time.

For a property you live in, capital repayments all the way. It pays down the over all loan over the duration of the mortgage and the house belongs to you wholly when paid off. Of course, over the lifetime of the mortgage you can also borrow some of that capital back for other purposes which you often can't do with an interest only mortgage because the equity doesn't stack up as much.

If you take a loan of 75k and pay interest on it for 5,10, 15 years. At the end of that time, you still owe 75k which must be paid or you lose your home.
Lexusgs430:
Interest free mortgage, would eventually become a very nasty trap (if that's the only property you own)........ grin
Repayment mortgage is the best, you're paying the interest + capital........

Let me explain Interest only mortgage to you, in the simplest form ......
- You buy a £200,000 property, mortgage term is 25 years........
- The interest on the mortgage is £70K............. In 25 years, you would have only paid back £70K.......
- At the time of maturity, you must pay your lender the balance of £200K ........

If you're now semi retired, and lucky enough to have £200K, under your pillow (goodluck).......
If you don't ...... You don buy wàhálà......... ;Dv
____________________

2 Likes

Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 9:05am On Jan 21, 2023
Placeholder 2
____________________
[Mortgage waiting period]
Goldie10:
... For those who have gone the route of purchasing their first property after moving to the UK, please I have some questions:
- Did you have to wait for atleast 2 years before purchasing?
- How did you go about finding a mortgage broker that was not asking for 25% deposit (this seems to be the norm for those of us without up to 2years residency in the UK)
- Now that Help to buy is over - what other options are available for first time buyers aside LISA that has a cap of £450k on property value?

Recommendations for brokers who have experience with immigrants witout ILR will be appreciated. We really need a guide o for newbies here please

Zahra29:
If you're a cash buyer then it's very possible. If you need a mortgage then it would depend on several factors such as the type of visa you are on- work, spousal etc and your circumstances e.g. how long you have lived in the UK. If you're married to a British national or settled status, then it might be easier because of their permanent status. However most lenders will require minimum 25% deposit and may have further conditions such as a minimum length of UK residence and time left on the visa
Zahra29:
This is the norm where the applicant, or for joint applications - either or both applicants, do not have at least ILR or settled status. Halifax is one of the few lenders who might make exceptions in certain circumstances such as if the applicant(s) have lived in the UK for over 5 years and/or have earnings over £100k
_____________________

1 Like

Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 9:06am On Jan 21, 2023
Placeholder 3
____________________
[LISA] - See www.gov.uk/lifetime-isa
Lifetime ISA (Individual Savings Account) to buy your first home or save for later life. You must be 18 or over but under 40 to open a Lifetime ISA.
You can put in up to £4,000 each year, until you’re 50. You must make your first payment into your ISA before you’re 40.
The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
NB: The Lifetime ISA limit of £4,000 counts towards your annual ISA limit. This is £20,000 for the 2022 to 2023 tax year.
Read more ... link: LISA at a glance
Save the students guide on LISA - link

While on LISA, don't lose sight of options
semmyk:
[PROPERTY INVESTMENT]
... ...
There are 4 types of Individual Savings Accounts (ISA):
- cash ISA
- stocks and shares ISA
- innovative finance ISA
- Lifetime ISA

NB: NS&I (National Savings and Investments), a state-owned savings bank in the UK, offers Premium Bonds and a range of other savings and investments, including Direct Saver.
NS&I is a non-ministerial department.
Ticha:
If you're under 39 years old, open a LISA account. Start paring down your expenditures. You can also round up your spends and save the spare change to the nearest pound. Sell anything you have that hasn't been used for 6 months or more - cos the chances of then using it again is quite low. Get a 2nd job if you have the time (do not sacrifice family time as you'll never get that time back) and save every penny from that 2nd job. Consider saving a fixed monthly amount as well.
Remember unless you're rolling in wealth, your first home is just a stepping stone into property ownership. Be realistic as to what you can buy. Good luck!

6 Likes

Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 9:06am On Jan 21, 2023
Placeholder 4
____________________
[ Repost of earlier attempt at collating selected posts on property investment]
semmyk:
[PROPERTY INVESTMENT]

Be ready for research, research, research. Don't follow the pack. Research and follow through on your intent. It's a marathon, not a sprint. Be ready to put in the hardwork, gain insightful experience, sacrifice and live a non-BUGA life (that doesn't mean you don't treat yourself!).

www.gov.uk/individual-savings-accounts/how-isas-work
There are 4 types of Individual Savings Accounts (ISA):
- cash ISA
- stocks and shares ISA
- innovative finance ISA
- Lifetime ISA
www.gov.uk/individual-savings-accounts/how-isas-work
NS&I (National Savings and Investments), a state-owned savings bank in the UK, offers Premium Bonds and a range of other savings and investments, including Direct Saver.
NS&I is a non-ministerial department.

"... property is a long game, we have leveraged ..." ~ Ticha Mar 2022
"... Buy close to transport links ..." ~ Ticha Jul 2021
Gemma11:
My advice is to get yourself in the system and build up a credit profile asap as soon as you arrive in the country. It is ok to do cash in hand but having a job which is subject to tax and NI is important as well. Once you get a job, get a credit card to use and pay off regularly in (don't miss any payments) to build up your credit score so when it comes to applying for a mortgage you will be in good stead. A contract phone is also another way...just make sure you pay on time each month. Good idea to set up standing orders or direct debits so you don't miss anything. In this fast UK lifestyle it is very easy to forget to pay something so it is best to automate key payments.

If you are under 30 and intend to buy then do so asap as you are more likely to get a 35 year mortgage. Don't be put of by the number of yeats because anyhouse bought today is not going to increase in value. The UK is an Island and only around 10% of the land is built on and so there is always going to be high demand for properties.

Look into schemes that the UK Govt has to help first time buyers like LISA where you get £1k free each year for every £4 saved to help you build up a deposit. You and your partner can both open LISA accounts and get up to £1k free each every year which can be combined to make your deposit

Many may not be too comfortable about the advice below but here is what I did..
... ...
Buy properties in high rent locations like near key stations, universities, amenities ect.
....
Oh yeah and once a house increases in equity, remortage if you can take out the money and use it as a deposit on another house..that's if your intent is to build a property portfolio.

Another tip, always overpay your monthly mortgage if you can as it reduces the interest.
hustla:
So, after all the gbas gbos, how did you go about getting properties in seemingly expensive areas? Hurdles of BTL, tenants, etc
Let us learn
grin
Ticha:
Help to buy as a whole closes in Oct 2022. It's altogether possible that it has closed in some areas. The help to buy ISA is closed. The help to buy equity loan scheme is still open till Oct.

https://www.gov.uk/help-to-buy-equity-loan
Ticha:
I am buying as long as the deal stacks up! No one is creating more land. My tenant vetting processes have always been robust and we aim for tenants that any black mark on their credit would be abhorrent to them. The one 'bad' tenant we had paid rent throughout even with her skoin skoin.

Scotland has a rent increase and eviction ban in place till March 2023 at least. England is currently in consultations over a rental cap. Wales has stringent regulations in place. If you are aware of all the regulations and potential pitfalls, it's easier to manage. Property is like running any other business. Enter with a solid strategy and arm yourself with knowledge.
Ticha:
Pension and wealth planning for the future - very long read..
... ...
... ...
This is not financial advice. Just sharing what we have done.
Ticha:
The earlier you start the better. Usually the biggest obstacle is the deposit so once you have that, Bob's (We need a 9ja name) is your uncle.
...
From old thread:
Ticha:
... ...
Flats are a good first step onto the property ladder. Plus it's easy to resell especially in Bristol to other FTB when you trade up. PS - Ex council flats are also very good in the right location. They have heaps and heaps of space and hold their prices very well
... ...
From old thread:
Ticha:
... ...
Recycling cash out of property is the way to go however it pays to know exactly what you're letting yourself in for. Buy right and hold. Property is a long term game. You buy and sit on it and you make the gains. We haven't had to front up a cash deposit in a long time.

You want to go into property? Ignore all those property gurus on YouTube.
Do not pay for any training courses!
- Join a PIN (Property Investor Network) group in your area - they usually meet monthly and network.
- Join Property Tribes.
There are some useful UK property groups on FB.
- Get clued up on financing property.
- Find a very good broker and lastly, have a source of income no matter how little.

Property goes through lean and good times ...
... ...
Ticha:

It's called property Log. Link below
Google chrome... ...

An earlier attempt at collating
semmyk:
Towing the line of -screenshoting' as admonished by @Lexusgs430
Discourse on freehold and leasehold around page 359
...
For completeness, from the closed old thread
Page 84 by Lexusgs430: www.nairaland.com/4158866/living-uk-life-uk-immigrant/83#73329511

Page 708 by Ticha:
Pearlyfaze:
Our Ticha and other Ancestors, Please how long do one need to be in the YouKay before he/she can start looking for/start Engaging Mortgage Advisors in order to enter property ladder.
...

2 Likes 1 Share

Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 9:07am On Jan 21, 2023
Placeholder 5
_______________
[Mortgage Brokers]
{Vouch Level: 0 - 10] Depends on the number of mentions, references, feedback,s testimonies ...} PS: Vouch level is not an endorsement!
1. Moneybox - @Tshoboy | unverified | Vouch level: 1 | app | [url]moneyboxapp.com/[/url]
2. Mojo - @SemmyK | unverified | Vouch level: 0 | online | https://mojomortgages.com/
3. London & Country L&C - @Ticha| unverified| Vouch level: 2 | online | www.landc.co.uk/
4. Haysto - shaybebaby| unverified | Vouch level: 1 | online , hybrid | https://haysto.com/
5. Strike (previously Housesimple) - SeyeJohn94| unverified | Vouch lovely: 0 | online, email | https://strike.co.uk
6. Cascade mortgage solutions -@Rapitex | unverified | Vouch level: 1 | phone, physical | http://cascadems.co.uk/
7.
8.
9.
10.

3 Likes 2 Shares

Re: Living In The UK: Property,Mortgage And Related by justwise(m): 9:07am On Jan 21, 2023
semmyk:


There's been numerous call in the Living in the UK thread (www.nairaland.com/6719932/living-uk-life-immigrant-part-2/) for a #mortgage thread.
This thread aims to achieve that. Posts here are about AND must be about Mortgage related issues in the UK.
Clarity around housing (the house, structure of the house, rules around housing ...) are welcomed, including those of rental. However, request for rental availability or how to rent ARE NOT ALLOWED! Do not post them here.

Over the lifetime of this thread, key terms will be added.
Sit back, keep calm and enjoy the mortgage-sourcing

[Key Terms] To be populated over time
Bond:
Mortgage:
Lender:
Solicitor:
Mortgage Broker:

EPC Rating:
Council Tax:
Buy2Let:
Primary Residence:
Boarder:
Free loader:
S24:
Ownership Structuring:

____________________
@justwise @Ticha @Fatima04 @Solumtoya ...

1 Like

Re: Living In The UK: Property,Mortgage And Related by Tolzeal(m): 9:25am On Jan 21, 2023
Following ; thanks SemmyK for helping us get a home in UK.

1 Like

Re: Living In The UK: Property,Mortgage And Related by Regex: 10:22am On Jan 21, 2023
Following oh... Make I learn one or two things.
Re: Living In The UK: Property,Mortgage And Related by Ticha: 10:35am On Jan 21, 2023
I don answer present! grin

Semmyk plenty blessings for you!

2 Likes

Re: Living In The UK: Property,Mortgage And Related by kwakudtraveller(m): 11:34am On Jan 21, 2023
I pin here. House must touch me this year. Thank you @ semmyk
Re: Living In The UK: Property,Mortgage And Related by dduchess90(f): 12:05pm On Jan 21, 2023
Hello all

I can hopefully give ideas on Shared Ownership scheme( part own,part rent) if anyone is interested in that.

Cheers

7 Likes

Re: Living In The UK: Property,Mortgage And Related by bigtt76(f): 2:21pm On Jan 21, 2023
😀
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 2:43pm On Jan 21, 2023
[Freehold or Leasehold] Extracts of previous posts #edited #truncated

semmyk:
Towing the line of 'screenshotting' as admonished by @Lexusgs430
Discourse on freehold and leasehold around page 359 - Re: Living In The Uk-life Of An Immigrant (part 2)
semmyk:
... ...
Just pointing to the following:
[1] Source www.gov.uk/leasehold-property
You only own a leasehold property for a fixed period of time. (different from freehold or technically 999yrs lease)
Ownership of the property returns to the landlord when the lease comes to an end.
[2] Source https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/leasehold-v-freehold-whats-the-difference
There are two fundamentally different forms of legal ownership: freehold and leasehold. Although estate agents tend to gloss over it, it can be the difference between a home that is worth buying and one that isn’t. ...

For completeness, from the closed old thread (of Living In The Uk-life Of An Immigrant)
Page 84 by Lexusgs430:
Lexusgs430:
Page 708 by Ticha:
Ticha:

As oga Lexusgs43 admonishes, make it count!
Lexusgs430:
Welcome to the United Kingdom's mortgage regime...... cheesy smiley wink angry Better grab the mortgage, make your 25 years start to count ....... grin cheesy
NB : Ensure you fully understand the difference between, freehold vs leasehold properties........
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 6:37pm On Jan 21, 2023
Cross post from Living in the UK thread
tshoboy:
Barclays can also do 90% LTV, but you should have stayed in the UK for three years and be on a work visa (or similar visa that has long term residency). Moneybox has a free brokerage service. You can chat them up and they will advise you based on your situation.
Goldie10:
Hello All,
For those who have gone the route of purchasing their first property after moving to the UK, please I have some questions:
- Did you have to wait for atleast 2 years before purchasing?
- How did you go about finding a mortgage broker that was not asking for 25% deposit (this seems to be the norm for those of us without up to 2years residency in the UK)
- Now that Help to buy is over - what other options are available for first time buyers aside LISA that has a cap of £450k on property value?
Recommendations for brokers who have experience with immigrants witout ILR will be appreciated. We really need a guide o for newbies here please
kwakudtraveller:
Has anyone here been successful in buying a house with their student visa or dependent visa? With the amount I'm paying for rent, I think it's better to just buy a two bedroom apartment but I don't know how to go about it. If you have, the please help a brother out with some information.

1 Like 1 Share

Re: Living In The UK: Property,Mortgage And Related by hustla(m): 7:02pm On Jan 21, 2023
grin cheesy

Finally!

We full here
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 7:04pm On Jan 21, 2023
Semmyk..... You dey try .......

RENT MONEY IS DEAD MONEY........

ASK YOURSELF THIS QUESTION ??......

WHY DO I WANT TO KEEP PAYING MY LANDLORD'S MORTGAGE??........

12 Likes 1 Share

Re: Living In The UK: Property,Mortgage And Related by ProfJYK(m): 7:24pm On Jan 21, 2023
Thank You @Semmyk.

I look forward to learning everything from this thread.
Re: Living In The UK: Property,Mortgage And Related by Regex: 7:44pm On Jan 21, 2023
semmyk:
Cross post from Living in the UK thread



Do I need to own an account at Barclays? I am on a work visa (5yrs), I have lived in the UK for 2yrs. How do I go about this?

3 Likes

Re: Living In The UK: Property,Mortgage And Related by dupyshoo: 7:45pm On Jan 21, 2023
You are right!!!
tshoboy:

Barclays can also do 90% LTV, but you should have stayed in the UK for three years and be on a work visa (or similar visa that has long term residency). Moneybox has a free brokerage service. You can chat them up and they will advise you based on your situation.

1 Like

Re: Living In The UK: Property,Mortgage And Related by dupyshoo: 7:48pm On Jan 21, 2023
Don't think so. Contact a broker to help with the application.
Regex:


Do I need to own an account at Barclays? I am on a work visa (5yrs), I have lived in the UK for 2yrs. How do I go about this?
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 9:09pm On Jan 21, 2023
Did a quick search. Interesting findings and learned new terminology AiP (adding to the list of key terms)

@Regex: I can't find anything from their site requiring one to have an existing account with them (Barclays) - www.barclays.co.uk/mortgages/agreement-in-principle/
As indicated by @Dupyshoo, it's best to go via a mortgage broker. Just ensure you engage with a credible broker.
Over time, I hope to curate a list of brokers mentioned on this forum. {Maybe, I could even ipe them to a list and do data analysis and ML/NLP on them! cheesy )

From www.barclays.co.uk/mortgages/help-to-buy/mortgage-guarantee-scheme/
"The government’s mortgage guarantee scheme enables us to offer 95% mortgages for first-time buyers and people looking to move to a new home – as long as they have a deposit of between 5% and 9.99%. It’s available for buying a property that will be your only home, and you’ll need to submit your mortgage application to us by 31 December 2023."
Well, apparently, the 95% LTV won't be available to those without ILR or residency less than 3yrs. Nonetheless, it's worth exploring.
I must say, without reading this and the 'email' response to @tshoboy, I won't consider Barclay for a mortgage. Hum, no wonder they say never judge a book by its cover!

dupyshoo:
Don't think so. Contact a broker to help with the application.
Regex:
Do I need to own an account at Barclays? I am on a work visa (5yrs), I have lived in the UK for 2yrs. How do I go about this?
tshoboy: :
Barclays can also do 90% LTV, but you should have stayed in the UK for three years and be on a work visa (or similar visa that has long term residency). Moneybox has a free brokerage service. You can chat them up and they will advise you based on your situation.

1 Like

Re: Living In The UK: Property,Mortgage And Related by ukay2: 9:09pm On Jan 21, 2023
Thank you Semmyk for this thread...long overdue

1 Like

Re: Living In The UK: Property,Mortgage And Related by dupyshoo: 9:12pm On Jan 21, 2023
Easiest way to find out about what each mortgage lender accepts is to search for the lender name with intermediaries. For example, searching for Natwest intemediaries will give you details about Natwest lending criteria.
semmyk:
Did a quick search. Interesting findings and learned new terminology AiP (adding to the list of key terms)

@Regex: I can't find anything from their site requiring one to have an existing account with them (Barclays) - www.barclays.co.uk/mortgages/agreement-in-principle/
As indicated by @Dupyshoo, it's best to go via a mortgage broker. Just ensure you engage with a credible broker.
Over time, I hope to curate a list of brokers mentioned on this forum. {Maybe, I could even ipe them to a list and do data analysis and ML/NLP on them! cheesy )

From www.barclays.co.uk/mortgages/help-to-buy/mortgage-guarantee-scheme/
"The government’s mortgage guarantee scheme enables us to offer 95% mortgages for first-time buyers and people looking to move to a new home – as long as they have a deposit of between 5% and 9.99%. It’s available for buying a property that will be your only home, and you’ll need to submit your mortgage application to us by 31 December 2023."
Well, apparently, the 95% LTV won't be available to those without ILR or residency less than 3yrs. Nonetheless, it's worth exploring.
I must say, without reading this and the 'email' response to @tshoboy, I won't consider Barclay for a mortgage. Hum, no wonder they say never judge a book by its cover!



4 Likes

Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 9:51pm On Jan 21, 2023
Awesomely remarkable. Did a quick search. Interestingly, there are 'bodies' for intermediaries.
My opinion will be if engaging an intermediary, as part of DD (due diligence), verify if they belong to a body or are affiliated to a body for 'accountability'.
IMLA: Intermediary Mortgage Lenders Association - www.imla.org.uk/membership/members-list/
AIM: Association of Mortgage Intermediaries - www.a-m-i.org.uk/about-us/
dupyshoo:
Easiest way to find out about what each mortgage lender accepts is to search for the lender name with intermediaries. For example, searching for Natwest intemediaries will give you details about Natwest lending criteria.

6 Likes 3 Shares

Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 10:57pm On Jan 21, 2023
This page is so rich in information already!

2 Likes

Re: Living In The UK: Property,Mortgage And Related by Regex: 11:55pm On Jan 21, 2023
semmyk:
Did a quick search. Interesting findings and learned new terminology AiP (adding to the list of key terms)

@Regex: I can't find anything from their site requiring one to have an existing account with them (Barclays) - www.barclays.co.uk/mortgages/agreement-in-principle/
As indicated by @Dupyshoo, it's best to go via a mortgage broker. Just ensure you engage with a credible broker.
Over time, I hope to curate a list of brokers mentioned on this forum. {Maybe, I could even ipe them to a list and do data analysis and ML/NLP on them! cheesy )

From www.barclays.co.uk/mortgages/help-to-buy/mortgage-guarantee-scheme/
"The government’s mortgage guarantee scheme enables us to offer 95% mortgages for first-time buyers and people looking to move to a new home – as long as they have a deposit of between 5% and 9.99%. It’s available for buying a property that will be your only home, and you’ll need to submit your mortgage application to us by 31 December 2023."
Well, apparently, the 95% LTV won't be available to those without ILR or residency less than 3yrs. Nonetheless, it's worth exploring.
I must say, without reading this and the 'email' response to @tshoboy, I won't consider Barclay for a mortgage. Hum, no wonder they say never judge a book by its cover!




Thank you brother.
Re: Living In The UK: Property,Mortgage And Related by Regex: 11:55pm On Jan 21, 2023
dupyshoo:
Easiest way to find out about what each mortgage lender accepts is to search for the lender name with intermediaries. For example, searching for Natwest intemediaries will give you details about Natwest lending criteria.

Thank you Nwanne
Re: Living In The UK: Property,Mortgage And Related by Ticha: 1:23am On Jan 22, 2023
semmyk:
Placeholder 5
_______________
[Mortgage Brokers]
{Vouch Level: 0 - 10] Depends on the number of mentions, references, feedback,s testimonies ...} PS: Vouch level is not an endorsement!
1. Moneybox - @Tshoboy | unverified | Vouch level: 1 | app | www.moneyboxapp.com/
2. Mojo - @SemmyK | unverified | Vouch level: 0 | online | https://mojomortgages.com/
3.
4.
5.
6.
7.
8.
9.
10.

London and Country are free and whole of market. All high street banks will also have mortgage advisors although they'll only be aware of their own mortgage products. Don't do more than one AIP unless they can confirm that it is a soft search

3 Likes

Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 6:24pm On Jan 22, 2023
You mean watch 'em fly away 💸
Well, time to build empires 🏢🏬🏫 not just 🏠
What says ye Gemma11
Lexusgs430:
.......
RENT MONEY IS DEAD MONEY........
ASK YOURSELF THIS QUESTION ??......
WHY DO I WANT TO KEEP PAYING MY LANDLORD'S MORTGAGE??........
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 8:37am On Jan 23, 2023
Updated key terms
Re: Living In The UK: Property,Mortgage And Related by semmyk(m): 8:38am On Jan 23, 2023
Placeholder 7 [Home Builders]
_______________
They are property developers that typically build off-plan. That is from architectural plan to physical completion.

Homebuilders vary in size and reputation. Here's an attempt at compilation. We shall update the list as need be.
Thanks @Lolo for the initial 'list'.

Source: Ranked by the highest number of homes sold
Developer #homes sold / completions Ave selling price
Barratt | 17,579 |£288,900
Persimmon | 16,449 | £215,563
Taylor Wimpey | 14,933 |£263,900
Bellway | 10,307 | £284,937
Redrow | 5,718 | £332,300
Countryside | 4,295 | £252,820
Galliford Try | 4,193 | £235,250
Bovis | 3,759 | £273,200
Berkeley | 3,678 | £725,000
Crest Nicholson | 3,020 | £393,000
McCarthy & Stone | 2,134 | £300,000

_________________________________________

Santa2:
I recall sometime ago(i think last year ), someone did sort of review on property developers for new build family homes properties , I think in that barratt and taylor wimpey came at the bottom in terms of quality and low price, I am trying to find out ones on the other side of the spectrum. I wonder if anyone has a general overview of developers, best ones to go for.
Iolo:
Persimmon, Redrow, Bellway are some of the largest developers in the UK with reasonably good quality. In terms of build quality I do think it varies on the development and sometimes on the property within the same development itself. For example, a persimmon home in Leeds may be rubbish but another in Colcester of good quality.
The key thing is to make sure you do your background work as much as possible, and once the deal is closed get a professional snagger to identify issues and get them to fix it.
New builds will typically come with a 10 year warranty with the developer directly fixing issues within the first 2 years of your moving in.

Nov 2020 Post from part 1 of living in the UK. See pp 431-432
nihilistjnr:
New Builds should be avoided as much as possible. Many of these developers are thieves.
For example, during this stamp duty holiday, new-build prices have gone up to swallow the money that buyers would have instead paid the government.
Same thing with help-to-buy, the 20% you get from the government has been priced into the cost of the house.
https://www.independent.co.uk/money/spend-save/help-buy-house-prices-loans-first-time-buyers-savings-a8958056.html
https://www.mirror.co.uk/money/help-buy-pushed-up-prices-16501487

The top 4 property developers in the UK are currently under investigation for their shady sales practices
https://www.business-live.co.uk/retail-consumer/barratt-countryside-properties-persimmon--18878586
Not all house na house...shine ya eyes cheesy

6 Likes 1 Share

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (46) (Reply)

On Nigerians And The 'must Travel Mentality' / This Is Iyana-ipaja Bus Stop In 2015 - (pics) / Photos From The Helicopter Crash In Lagos- Metronaija

Viewing this topic: Solumtoya, deept(m)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 113
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.