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Living In The UK: Property,Mortgage And Related - Travel (24) - Nairaland

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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)

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Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 7:47pm On Jan 07
jedisco:


Hehe.. u nd this quote.. thankfully my rent was on the lowside and increase just once. But over 4 years, money wey I give my landlord go reach for deposit for many places.

When I moved to the UK, I was in the South and felt I would eventually settle in the Midlands when I get to a particular point in my career. When I got to that career point, the inertia of moving became obvious mainly cos I had built a good network and began to enjoy the area. Even now, there was another excuse to wait as I might be leaving the UK but got fed up of waiting for different things while property prices rise and bit the bullet.

A friend of mine just left the UK for Canada. He bought his house here some 3 years back. He rented it out and last I heard, he was trying to sell it. So, for anyone who is holding out because he intends to relocate, remember a house is an asset which you can sell. Just ensure you buy at a good price so you can easily sell without loss if need be.

4 Likes

Re: Living In The UK: Property,Mortgage And Related by AlakeOfEngland: 8:52pm On Jan 07
I need to be serious about our mantra of, "RENT MONEY IS DEAD MONEY" this year mbok. Has anyone heard of Tembo Money? They said they could guarantee professionals mortgages of 5.5/6x of salary if one uses them but at £499. Is it worth it and who has used them? @Ticha @Lexusgs430 @semmyk
Re: Living In The UK: Property,Mortgage And Related by bigtt76(f): 10:29pm On Jan 07
Thank you for what you do and congratulations on your new house.

My questions are as follows

1. Do you think an apartment in Leeds is worth going for? I work in the north together with my hubby
2. Do you think a house of £379k (semi-detached Leasehold) is worth going for on a combined income of £4.6k monthly?
3. The service charges is £988.00 per annum - is this ideal?
4. Property developer also noted that they are compelled to give up ownership to a third party in the future ....how does this affect me?


Solumtoya:


It's your choice actually.

The numbers: 35k is about £2.3k monthly. £250k house with a 10% deposit, if you stretch the tenure, you'd be paying about £1,200 monthly. That's half of your salary on Accomodation.

Not exactly ideal.

Have you considered buying in a closeby City like Northampton instead? You can get a 2 bed for half the price or even buy a 3 bed with change
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 10:31pm On Jan 07
AlakeOfEngland:
I need to be serious about our mantra of, "RENT MONEY IS DEAD MONEY" this year mbok. Has anyone heard of Tembo Money? They said they could guarantee professionals mortgages of 5.5/6x of salary if one uses them but at £499. Is it worth it and who has used them? @Ticha @Lexusgs430 @semmyk

Tembo is a broker, if you have Teflon credit score/history...... Pay the £499 (just sit back & relax)........😄

3 Likes

Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 10:36pm On Jan 07
bigtt76:
Thank you for what you do and congratulations on your new house.

My questions are as follows

1. Do you think an apartment in Leeds is worth going for? I work in the north together with my hubby
2. Do you think a house of £379k (semi-detached Leasehold) is worth going for on a combined income of £4.6k monthly?
3. The service charges is £988.00 per annum - is this ideal?
4. Property developer also noted that they are compelled to give up ownership to a third party in the future ....how does this affect me?




I hope you know buying a leasehold property, is just an upgraded version of paying rent ...........

Await the legislation on leasehold + conditions attached, if you want to go down the leasehold route......

Have you read the conditions attached to the service charges + upward reviews of the service charges........

3 Likes

Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 10:40pm On Jan 07
AlakeOfEngland:
I need to be serious about our mantra of, "RENT MONEY IS DEAD MONEY" this year mbok. Has anyone heard of Tembo Money? They said they could guarantee professionals mortgages of 5.5/6x of salary if one uses them but at £499. Is it worth it and who has used them? @Ticha @Lexusgs430 @semmyk

A whole Alake, should own the street he resides on ....... We would rename your road after you....... 😜

1 Like

Re: Living In The UK: Property,Mortgage And Related by jedisco(m): 10:40pm On Jan 07
arthurwillia:


Wow thank you
I’m currently in Bedford and started Lisa, 2 bed houses are like 250k and above. Is it something you’ll advise someone earning 35k to venture into and then rent to lodgers?

Are you in the north?

I'm in the south

Main issue would be how much the bank are willing to loan you.
Although no longer a BOE requirement, most banks would limit what the max they lend you to 4.5x your annual income. They might stretch above this if you have a good deposit and 'good' personal circumstance e.g professional and secure job. Considering your income, if you work on a bank lending you max of 140- 180k, then you could work out how much deposit you need for your house type.

2-3 beds are a sweet spot for rentals in general. Worth keeping in mind if you want to move on later.

Ultimately, it comes down to what you can afford but I'd personally go for a 3 bed if I can afford it. You wouldn't want to start looking for a new place the moment you get married. You'd also have family, friends e.tc visiting.

3 Likes

Re: Living In The UK: Property,Mortgage And Related by bigtt76(f): 10:41pm On Jan 07
Wow shocked ...thank you for this, so which is best as new builds - Freehold? Its kind of difficult seeing freeholds new builds but I'm open to directions on where to search for this. I will definitely await the legislation, just planning ahead.


Lexusgs430:



I hope you know buying a leasehold property, is just an upgraded version of paying rent ...........

Await the legislation on leasehold + conditions attached, if you want to go down the leasehold route......

Have you read the conditions attached to the service charges + upward reviews of the service charges........
Re: Living In The UK: Property,Mortgage And Related by AlakeOfEngland: 11:01pm On Jan 07
[color=#990000][/color]
Lexusgs430:


A whole Alake, should own the street he resides on ....... We would rename your road after you....... 😜

grin grin grin
Re: Living In The UK: Property,Mortgage And Related by arthurwillia(m): 12:14am On Jan 08
jedisco:


I'm in the south

Main issue would be how much the bank are willing to loan you.
Although no longer a BOE requirement, most banks would limit what the max they lend you to 4.5x your annual income. They might stretch above this if you have a good deposit and 'good' personal circumstance e.g professional and secure job. Considering your income, if you work on a bank lending you max of 140- 180k, then you could work out how much deposit you need for your house type.

2-3 beds are a sweet spot for rentals in general. Worth keeping in mind if you want to move on later on

Ultimately, it comes down to what you can afford but I'd personally go for a 3 bed if I can afford it. You wouldn't want to start looking for a new place the moment you get married. You'd also have family, friends e.tc visiting.

Wow south nice

Thank you for the breakdown. 3 bed, im not up to 2 years yet in uk, just over a year now.
Thank you once again

1 Like

Re: Living In The UK: Property,Mortgage And Related by deept(m): 5:55am On Jan 08
bigtt76:
Wow shocked ...thank you for this, so which is best as new builds - Freehold? Its kind of difficult seeing freeholds new builds but I'm open to directions on where to search for this. I will definitely await the legislation, just planning ahead.



What is the planned/proposed legislation on leasehold?
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 6:11am On Jan 08
deept:


What is the planned/proposed legislation on leasehold?

To start with, abolishing leaseholds ...... Let's see how far & deep, the legislation would reach .........
Re: Living In The UK: Property,Mortgage And Related by deept(m): 6:28am On Jan 08
Lexusgs430:


To start with, abolishing leaseholds ...... Let's see how far & deep, the legislation would reach .........

I wouldn't hold my breath for this one. Kill the cash cow?
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 6:45am On Jan 08
deept:


I wouldn't hold my breath for this one. Kill the cash cow?


The Leasehold and Freehold Reform Bill was introduced to Parliament on 27 November 2023 and is intended to give leaseholders a fairer deal, making it easier and cheaper to claim an extended lease or buy the freehold, and giving them greater rights and protections.13 Dec 2023


Let's hope .......🤣😁

2 Likes

Re: Living In The UK: Property,Mortgage And Related by deept(m): 8:06am On Jan 08
bigtt76:
Thank you for what you do and congratulations on your new house.

My questions are as follows

1. Do you think an apartment in Leeds is worth going for? I work in the north together with my hubby
2. Do you think a house of £379k (semi-detached Leasehold) is worth going for on a combined income of £4.6k monthly?
3. The service charges is £988.00 per annum - is this ideal?
4. Property developer also noted that they are compelled to give up ownership to a third party in the future ....how does this affect me?



1. Any property is worth going for if it meets your goals and the conditions are right.

2. Only you can answer this question. I will ask myself some questions: What is my outgoing if I am going to pay a mortgage? will I be able to take care of my other needs and save after paying a mortgage? If God forbid household income reduces, do I have some sort of buffer to continue to pay the mortgage until income increases... amongst other questions

3. It is not uncommon, however, question to ask myself is can i afford the extra ~£80 per month cost? what control do I have over 'service charge', this can go up at the discretion of the management company and you have to pay.

4. third party is there to make money

Research fleacehold

1 Like

Re: Living In The UK: Property,Mortgage And Related by deept(m): 8:07am On Jan 08
Lexusgs430:



The Leasehold and Freehold Reform Bill was introduced to Parliament on 27 November 2023 and is intended to give leaseholders a fairer deal, making it easier and cheaper to claim an extended lease or buy the freehold, and giving them greater rights and protections.13 Dec 2023


Let's hope .......🤣😁

Give with one hand and take with the other. Elections are coming
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 9:49am On Jan 08
deept:


Give with one hand and take with the other. Elections are coming

Let's wait and see .....👀👀👀
Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 12:36pm On Jan 08
bigtt76:
Thank you for what you do and congratulations on your new house.

My questions are as follows

1. Do you think an apartment in Leeds is worth going for? I work in the north together with my hubby
2. Do you think a house of £379k (semi-detached Leasehold) is worth going for on a combined income of £4.6k monthly?
3. The service charges is £988.00 per annum - is this ideal?
4. Property developer also noted that they are compelled to give up ownership to a third party in the future ....how does this affect me?



People have done justice to your questions so I will just throw in my opinion. These are personal opinions so seek professional advice or look at your situation closely before making any move.

1. That's totally subjective. An apartment in Leeds can be good or bad for you so one can't tell. I generally avoid buying Apartments for residential purposes for several reasons but they are great for renting.

2. Hmmm... The numbers. A 379k house on a 22 year 90% Mortgage at 5.53% is £2,200 monthly. Almost half of your income seems quite high and will be a struggle for most people. I used 22 year mortgage because I was guessing your age. If the buyer is 30, for instance, and does a 40-year mortgage, repayments could be as low as £1,700 monthly.
The second point is "Leasehold", as you can tell, most of us are not fans of leaseholds. I would avoid them if I can.

3. Service Charge of almost £1k per annum is already high. Anticipate it going higher in future. My service charge is less than £10 monthly. My friend's service charge was raised from about 3k to about 5k per annum. You have no control over that. But if you see a good deal, you have to stomach the service charge las las.

4. Better service, but typically higher costs

2 Likes

Re: Living In The UK: Property,Mortgage And Related by ToyosiR(f): 6:16pm On Jan 08
Can someone use income from 2 jobs as total income when determining the loan amount?

Can someone less than 2 years in the UK get a mortgage?
Re: Living In The UK: Property,Mortgage And Related by Estroller: 6:40pm On Jan 08
ToyosiR:
Can someone use income from 2 jobs as total income when determining the loan amount?


Yes, but what counts as income differ from lender to lender.


Can someone less than 2 years in the UK get a mortgage?

Yes, but choices might be limited.

2 Likes

Re: Living In The UK: Property,Mortgage And Related by LaXxOnebody(m): 11:22pm On Jan 08
Congratulations!

zeke100:
TESTIMONY TIME 😁

COMPLETION DONE AND KEY IN HAND

Barclays 5.4% 10% deposit with 2 years in the UK.

It will be ungrateful not to appreciate all the knowledge, nudge shared on this platform. As a silent reader for 2 years, following keenly, I appreciate everyone contributing to the topic.

Special thanks to Lexusgs430, taking his time to reply messages when contacted and even enlightening me with scenarios over the phone.

To anyone hesitating, It is possible.

1 Like

Re: Living In The UK: Property,Mortgage And Related by courage54(m): 1:34am On Jan 09
I will be 2 years in UK by September this year. When can I start the process?

2 Likes

Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 12:44pm On Jan 09
courage54:
I will be 2 years in UK by September this year. When can I start the process?

You can start looking at rightmove to see prices and be sure you have 5% to 10% deposit ready. You can start to check different Towns/Cities, etc. It took me almost a year to decide on a Town, looked through 4 different Towns/Cities. You can also have a conversation with a good Mortgage advisor to ensure your Credit file is in a good state, confirm your affordability, etc. Since you will typically need 2 year residency, you can use the preceding months to get everything ready

4 Likes

Re: Living In The UK: Property,Mortgage And Related by AlakeOfEngland: 3:34pm On Jan 09
I visited Barclays today and I noticed having dependants (children) lowers to a great extent the amount of mortgage one can access. So, I was wondering if it is compulsory to declare them and if they have a way of confirming because the amount it reduced no be here ooo?
Re: Living In The UK: Property,Mortgage And Related by Estroller: 5:25pm On Jan 09
AlakeOfEngland:
I visited Barclays today and I noticed having dependants (children) lowers to a great extent the amount of mortgage one can access. So, I was wondering if it is compulsory to declare them and if they have a way of confirming because the amount it reduced no be here ooo?

Yes, it is because of the associated childcare costs. Not sure if they have a way of confirming, but I do believe it is in your best interest to declare and look for other areas where you might be able to cut spending.

1 Like

Re: Living In The UK: Property,Mortgage And Related by Estroller: 5:30pm On Jan 09
For those that are yet to complete, follow up with your brokers and lenders to see if you can make some savings as rates continue to drop.

5 Likes

Re: Living In The UK: Property,Mortgage And Related by ukay2: 10:21pm On Jan 09
bigtt76:
Thank you for what you do and congratulations on your new house.

My questions are as follows

1. Do you think an apartment in Leeds is worth going for? I work in the north together with my hubby
2. Do you think a house of £379k (semi-detached Leasehold) is worth going for on a combined income of £4.6k monthly?
3. The service charges is £988.00 per annum - is this ideal?
4. Property developer also noted that they are compelled to give up ownership to a third party in the future ....how does this affect me?



No gree for any LEASEHOLD ooo....Go for FREEHOLD a beg
Re: Living In The UK: Property,Mortgage And Related by ukay2: 10:32pm On Jan 09
Estroller:
For those that are yet to complete, follow up with your brokers and lenders to see if you can make some savings as rates continue to drop.

Good I did 2 years with Halifax....hopefully we shall get < 3% or 3.5% after 2 years.... cool

1 Like

Re: Living In The UK: Property,Mortgage And Related by AlakeOfEngland: 10:54pm On Jan 09
Estroller:


Yes, it is because of the associated childcare costs. Not sure if they have a way of confirming, but I do believe it is in your best interest to declare and look for other areas where you might be able to cut spending.
Thanks, Boss!
Re: Living In The UK: Property,Mortgage And Related by Ticha: 11:11pm On Jan 09
AlakeOfEngland:
I visited Barclays today and I noticed having dependants (children) lowers to a great extent the amount of mortgage one can access. So, I was wondering if it is compulsory to declare them and if they have a way of confirming because the amount it reduced no be here ooo?

Not declaring them is mortgage fraud. It is easier to show how you mitigate the expenses of dependants than not declare them at all. For example - show that you don't need childcare (an automatic expense) by ensuring there are no child care costs in your bank statements - you work opposite shifts or a family member does the childcare for free etc

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Re: Living In The UK: Property,Mortgage And Related by Estroller: 11:38pm On Jan 09
ukay2:


Good I did 2 years with Halifax....hopefully we shall get < 3% or 3.5% after 2 years.... cool

Hopefully, if the downward trend continues. Milking my %1.4 rate for another 3 years grin, we'll see where things are by then.
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 11:59pm On Jan 09
ukay2:


Good I did 2 years with Halifax....hopefully we shall get < 3% or 3.5% after 2 years.... cool

Or just ride the variable wave ....... 😄🤣

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