acosfd:
Good morning my good people. Abeg what is the best way to save for mortgage deposit. Already opened Cash ISA with money box. Is it a good idea to just save in a current account (as I learnt inflation will eat it away) or there are better options. Plan is to save for one year.

If all goes according to plan, by the time we complete on the property between my spouse and I, we would have gotten 7k free bonus in total from both our LISA's. We just waiting for 6th April to put in our contribution for 2024 and get the bonus by next month. Luckily I found out about LISA on NL just before I turned 40. To who ever is listening time to open your LISA is yesterday if you within the age bracket.

Thanks

Lexusgs430:


Everyone's circumstances are different...... You go with the lender that offers you the best rate/deal on the day........

You can either use a broker or conventional high street banks (brokers have more products than high street banks).........

Hello All,

I just discussed with a Mortgage advisor and I am about to accept the mortgage in principle of 95% LTV. I have 5% deposit.

When will I need a solicitor? What other thing should I watch out for?

Kindly help a newbie.

@Lexusgs430: please I will also like to send you a mail or your contact if you wouldn't mind.

ToyosiR:
Hello All,

I just discussed with a Mortgage advisor and I am about to accept the mortgage in principle of 95% LTV. I have 5% deposit.

When will I need a solicitor? What other thing should I watch out for?

Kindly help a newbie.

@Lexusgs430: please I will also like to send you a mail or your contact if you wouldn't mind.

Have you found a property....... Details in my profile.....😀

ToyosiR:
Hello All,

I just discussed with a Mortgage advisor and I am about to accept the mortgage in principle of 95% LTV. I have 5% deposit.

When will I need a solicitor? What other thing should I watch out for?

Kindly help a newbie.

@Lexusgs430: please I will also like to send you a mail or your contact if you wouldn't mind.

Have you found a house you want to buy yet?
Have you put in an offer on the house?
Has your offer been accepted by the vendor or developer?
All the above should happen first before you need a conveyancer/solicitor.
You can also get a survey of the house done before instructing a solicitor.

Estroller:


Have you found a house you want to buy yet?
Have you put in an offer on the house?
Has your offer been accepted by the vendor or developer?
All the above should happen first before you need a conveyancer/solicitor.
You can also get a survey of the house done before instructing a solicitor.

Thanks so much. I have found a house but I am yet to put in an offer. I will do it right away.

Thanks

Lexusgs430:



Have you found a property....... Details in my profile.....😀

Thanks messaging you rightaway.

ToyosiR:


Thanks so much. I have found a house but I am yet to put in an offer. I will do it right away.

Thanks

Thanks messaging you rightaway.

No access to my email.... Send a WhatsApp message....

@house, is two years stay in the UK compulsory before one can access mortgage? Rent money is dead money😀 and I'm mot happy seeing my money going to one small boy every month. Now my rent will expire this weekend and the guy has sent me a mail that he want to increase rent by 100 quid

elengine:
@house, is two years stay in the UK compulsory before one can access mortgage? Rent money is dead money😀 and I'm mot happy seeing my money going to one small boy every month. Now my rent will expire this weekend and the guy has sent me a mail that he want to increase rent by 100 quid

No it is not, but bear in mind that some lenders will require you meet certain residency conditions before you can access competitive deals.

elengine:
@house, is two years stay in the UK compulsory before one can access mortgage? Rent money is dead money😀 and I'm mot happy seeing my money going to one small boy every month. Now my rent will expire this weekend and the guy has sent me a mail that he want to increase rent by 100 quid

Most lenders will ask for 25% deposit to offset the risk.

Estroller:


No it is not, but bear in mind that some lenders will require you meet certain residency conditions before you can access competitive deals.

Thank you for this

Jamesclooney:


Most lenders will ask for 25% deposit to offset the risk.

Hmm 25%. Make I kukuma wait oh. Two years don reach soon

elengine:


Hmm 25%. Make I kukuma wait oh. Two years don reach soon

!

elengine:


Hmm 25%. Make I kukuma wait oh. Two years don reach soon

You are better off if you have a deposit starting the process and learning along the way. I got told I couldn’t get one before staying for two years and I did it in a year. I got rejected from a couple lenders but eventually one came through. A sound broker is the most important element as they will help you navigate things.

Iolo:


You are better off if you have a deposit starting the process and learning along the way. I got told I couldn’t get one before staying for two years and I did it in a year. I got rejected from a couple lenders but eventually one came through. A sound broker is the most important element as they will help you navigate things.

Wow. This is the encouragement that I need. I actually believe the two-year stuff can be varied especially for some of us here in the northern England. If I have my 20k for a 200k property after 1 year of stable income should be enough

Iolo:


You are better off if you have a deposit starting the process and learning along the way. I got told I couldn’t get one before staying for two years and I did it in a year. I got rejected from a couple lenders but eventually one came through. A sound broker is the most important element as they will help you navigate things.

Who was your broker/lender please?

Jamesclooney:


Who was your broker/lender please?

Broker Threshold Mortgages. Lender Santander.

Iolo:


Broker Threshold Mortgages. Lender Santander.

Was this also 10% or 25%+ deposit?

ToyosiR:
Hello All,

I just discussed with a Mortgage advisor and I am about to accept the mortgage in principle of 95% LTV. I have 5% deposit.

When will I need a solicitor? What other thing should I watch out for?

Kindly help a newbie.

@Lexusgs430: please I will also like to send you a mail or your contact if you wouldn't mind.

Ironically, Mortgage in Principle isn't particularly a guarantee unfortunately. I would be impressed if you're given a 95% LTV as a Visa Holder.

Please let us know how this plays out, would be a good learning point.

i would be very very surprised ... hopefully a lender approves

Solumtoya:


Ironically, Mortgage in Principle isn't particularly a guarantee unfortunately. I would be impressed if you're given a 95% LTV as a Visa Holder.

Please let us know how this plays out, would be a good learning point.

Solumtoya:


Ironically, Mortgage in Principle isn't particularly a guarantee unfortunately. I would be impressed if you're given a 95% LTV as a Visa Holder.

Please let us know how this plays out, would be a good learning point.

Are you translating newbie, to mean visa holder......

Newbie, could also be a newbie to the mortgage game.........😁😀

Hello everyone,

I am currently in the process of finalizing a mortgage protection policy and would appreciate some insights and advice from the community.

My mortgage broker has recommended a policy from Aviva, which covers the specific amount needed to protect my mortgage. The monthly premium for this policy is £20.78 for £135,000 over 22years. While this seems reasonable, I have come across other policies offering similar coverage at lower monthly premiums (e.g., Royal London offering £166,500 coverage over 32 years for £16.09 per month) for someone I know.

I understand that insurance premiums can vary based on individual factors such as age, health, and specific coverage needs. However, I am unsure whether I should proceed with the Aviva policy or insist on exploring other options to potentially lower the monthly cost.

My main concern is striking a balance between affordability and comprehensive coverage. Given that my broker assures me that the Aviva policy is the most cost-effective for my needs, I am seeking advice on whether I should accept this recommendation or continue to pursue alternatives with lower premiums.

Has anyone else faced a similar decision? Is it generally advisable to go with the policy recommended by the broker, even if other seemingly cheaper options are available?


Thank you in advance for your help!
Please gurus in the house

Zimzee:


Hello everyone,

I am currently in the process of finalizing a mortgage protection policy and would appreciate some insights and advice from the community.

My mortgage broker has recommended a policy from Aviva, which covers the specific amount needed to protect my mortgage. The monthly premium for this policy is £20.78 for £135,000 over 22years. While this seems reasonable, I have come across other policies offering similar coverage at lower monthly premiums (e.g., Royal London offering £166,500 coverage over 32 years for £16.09 per month) for someone I know.

I understand that insurance premiums can vary based on individual factors such as age, health, and specific coverage needs. However, I am unsure whether I should proceed with the Aviva policy or insist on exploring other options to potentially lower the monthly cost.

My main concern is striking a balance between affordability and comprehensive coverage. Given that my broker assures me that the Aviva policy is the most cost-effective for my needs, I am seeking advice on whether I should accept this recommendation or continue to pursue alternatives with lower premiums.

Has anyone else faced a similar decision? Is it generally advisable to go with the policy recommended by the broker, even if other seemingly cheaper options are available?


Thank you in advance for your help!
Please gurus in the house

You don't need this policy...... You would get more value from an income protection insurance or life insurance policy..........

Lexusgs430:


You don't need this policy...... You would get more value from an income protection insurance or life insurance policy..........

@Lexusgs430, please kindly explain in details 🙏, for more understanding. What's the difference? Please throw more light. The one Aviva is offering is actually a life insurance policy.

It's not mandatory you use Aviva as broker is working on getting his/her commission. You can always compare the market and go for a better deal.

Zimzee:


@Lexusgs430, please kindly explain in details 🙏, for more understanding. What's the difference? Please throw more light. The one Aviva is offering is actually a life insurance policy.

Lexusgs430:


You don't need this policy...... You would get more value from an income protection insurance or life insurance policy..........

My thoughts exactly, but we're not financial or insurance advisers so we can't be sure.

Personally, I think many of these insurance products overlap and are not necessary.

Zimzee:


@Lexusgs430, please kindly explain in details 🙏, for more understanding. What's the difference? Please throw more light. The one Aviva is offering is actually a life insurance policy.

Even if the product aviva is offering is a life insurance policy, it's only tied to the mortgage final figure........

One can easily get a cheaper/better insurance package, that would payout over £250,000........

Solumtoya:


Was this also 10% or 25%+ deposit?

10%

Zimzee:


Hello everyone,

I am currently in the process of finalizing a mortgage protection policy and would appreciate some insights and advice from the community.

My mortgage broker has recommended a policy from Aviva, which covers the specific amount needed to protect my mortgage. The monthly premium for this policy is £20.78 for £135,000 over 22years. While this seems reasonable, I have come across other policies offering similar coverage at lower monthly premiums (e.g., Royal London offering £166,500 coverage over 32 years for £16.09 per month) for someone I know.

I understand that insurance premiums can vary based on individual factors such as age, health, and specific coverage needs. However, I am unsure whether I should proceed with the Aviva policy or insist on exploring other options to potentially lower the monthly cost.

My main concern is striking a balance between affordability and comprehensive coverage. Given that my broker assures me that the Aviva policy is the most cost-effective for my needs, I am seeking advice on whether I should accept this recommendation or continue to pursue alternatives with lower premiums.

Has anyone else faced a similar decision? Is it generally advisable to go with the policy recommended by the broker, even if other seemingly cheaper options are available?


Thank you in advance for your help!
Please gurus in the house

In my case, the brokers tried upselling the various insurance policy to me. The main ones were Life insurance and Home insurance. I did my shopping around and went for one which was suitable. For the life insurance, I made sure the cover amount and period were greater than the mortgage amount and mortgage period respectively. One of the brokers was on my case and even matched my quote when I showed him a cheaper one. They are mainly after their commissions. Just make sure that any cover taken sufficiently takes care of the mortgage.

Mortgage Advice.

Hello Elders, we are on tier 4 presently. Our visas will expire next month. My wife and I both work with the NHS and we are expecting our COS any time soon. We clocked two years in the UK in February and we started viewing properties in our area.

We maxed out our savings with moneybox. We recently saw a property we love and started the process with a moneybox mortgage adviser. He sent us this qoute:
• The lender is Skipton Building Society
* The mortgage loan amount is £126,000
* The rate is fixed for 2 years @ 6.19%
* There is no lender arrangement fee to pay
* The mortgage term is 25 years
* The mortgage is on a repayment basis
* Your monthly mortgage repayments are £825.66

Is this reasonable or we should wait and switch our visa to Tier 2(probably this month end/early May) and retry if we can get a better offer/rate please?

That rate looks pretty high.

I'd advise that you ask the broker for a better rate or check onlther mortgage brokers.

Best of luck.

teeebest:
Mortgage Advice.

Hello Elders, we are on tier 4 presently. Our visas will expire next month. My wife and I both work with the NHS and we are expecting our COS any time soon. We clocked two years in the UK in February and we started viewing properties in our area.

We maxed out our savings with moneybox. We recently saw a property we love and started the process with a moneybox mortgage adviser. He sent us this qoute:
• The lender is Skipton Building Society
* The mortgage loan amount is £126,000
* The rate is fixed for 2 years @ 6.19%
* There is no lender arrangement fee to pay
* The mortgage term is 25 years
* The mortgage is on a repayment basis
* Your monthly mortgage repayments are £825.66

Is this reasonable or we should wait and switch our visa to Tier 2(probably this month end/early May) and retry if we can get a better offer/rate please?

Living in the UK can be an exciting experience, but it's important to understand the ins and outs of the property market and mortgages. In this answer, I'll provide you with some detailed information on these topics.

Let's start with property. The UK offers a wide range of housing options, from apartments in bustling cities to quaint cottages in the countryside. The first step in finding a property is determining your budget. Take into account your income, savings, and any potential mortgage options.

Once you have a budget in mind, it's time to consider location. The UK has many desirable areas to live in, each with its own unique charm and amenities. Research different regions and cities to find one that suits your needs and preferences.

Now, let's move on to mortgages. A mortgage is a loan that you take out to buy a property. In the UK, there are several types of mortgages available, including fixed-rate, variable-rate, and tracker mortgages. Each type has its own advantages and considerations, so it's essential to do your research and seek advice from mortgage brokers or financial advisors.

To qualify for a mortgage, lenders will assess your financial situation, including your credit history, income stability, and ability to make repayments. It's important to have all necessary documents ready, such as bank statements, payslips, and proof of identity.

When applying for a mortgage, you'll also need to consider the deposit amount. In the UK, most lenders require a minimum deposit of 5-20% of the property's value. Saving for a deposit can take time, so it's wise to start planning early.

Additionally, it's crucial to be aware of other costs associated with buying a property in the UK. These include solicitor fees, stamp duty land tax (SDLT), valuation fees, and potential renovation or furnishing costs. Factor these expenses into your budget to avoid any surprises.

Once you've found a property and secured a mortgage, it's time to complete the purchase process. This involves exchanging contracts with the seller and paying any outstanding costs. It's recommended to have a solicitor or conveyancer guide you through this process to ensure everything is done correctly.

After purchasing your property, you'll become responsible for various ongoing expenses such as council tax, utilities, insurance, and maintenance costs. It's essential to budget for these expenses to ensure you can comfortably afford them alongside your mortgage repayments.

In conclusion, living in the UK can be a wonderful experience if you understand the property market and mortgage process. Take the time to research different areas and mortgage options, seek professional mortgage for contractors advice when needed, and carefully consider all associated costs. With proper planning and preparation, you'll be well on your way to finding your dream home in the UK.