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Living In The UK: Property,Mortgage And Related - Travel (46) - 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 Oldnairalanderb: 12:02pm On Jun 22
shaybebaby:

Done already. Speak soon.

Sent you a mail please check.
Thank you
Re: Living In The UK: Property,Mortgage And Related by Oldnairalanderb: 12:14pm On Jun 22
shaybebaby:

Done already. Speak soon.

I mailed you. Please check and also sent you my WhatsApp number.

1 Like

Re: Living In The UK: Property,Mortgage And Related by teeebest(m): 2:54pm On Jun 22
Hello All, We submitted our mortgage application through our adviser late last month. She found a lender and informed us that the application was successful. The lender also visited the property the following week to do their valuation. We then waited for some days without any feedback from the mortgage adviser. Meanwhile, we have engaged a solicitor recommended by them already and we have paid for searches to be carried out on the property. After a week, we were informed that the lender found a combined loan in our credit history that was not declared during application. We have nothing like that and we submitted our credit report from the three credit agencies(TransUnion, Experian and Equifax). After a lot of back and forth, she confirmed they made the mistake of adding this combined loan during application and that they will review with the lender. Almost two weeks gone and there has been no positive news from them. She said the lender is not willing to go with the initial 90% LTV. We asked that she should look for another lender but she is reluctant claiming she want underwriters to go through the credit history, so that she can push with the same lender again. We think she is only wasting our time as we are sure the lender will not change their position on the matter.

Is it okay to cut ties with this mortgage broker and start afresh with another company please? Thanks as always.
Re: Living In The UK: Property,Mortgage And Related by Ticha: 8:26am On Jun 23
teeebest:


Is it okay to cut ties with this mortgage broker and start afresh with another company please? Thanks as always.


That's shocking behaviour from the broker. Absolutely go with another broker.
PS - why do you need a broker? Unless there are some kurukere movements in your credit and personal history, you can go directly to your bank (if a mainstream bank)

2 Likes

Re: Living In The UK: Property,Mortgage And Related by ukay2: 11:41am On Jun 23
Ticha:


That's shocking behaviour from the broker. Absolutely go with another broker.
PS - why do you need a broker? Unless there are some kurukere movements in your credit and personal history, you can go directly to your bank (if a mainstream bank)

Madam Ticha...you don sabi all the naija slangs...
Re: Living In The UK: Property,Mortgage And Related by Jamesclooney: 12:06pm On Jun 23
Lexusgs430:


I get accused by many, that I am making them run a property race unnecessarily......

I tell them, when their property appreciates and starts building equity, would they give me a penny.......🤑😂

Advicing people to buy, is never for my benefit or yours......

I hope those that keep insulting me, would eventually see the light (hope it won't be too late)......😜🤣

Baba you no suppose worry yourself. I’ve never heard a good argument of renting over buying especially in the West. It’s usually a case of people not being able to afford a mortgage making a case for themselves. Otherwise how can you tell me throwing away thousands of pounds as rent a year is smart money move. In a year, I’ve paid over £12,000. Fiam, money gone forever! If you can, buying a house is the number one cost-saving measure one can take!

1 Like

Re: Living In The UK: Property,Mortgage And Related by teeebest(m): 12:26pm On Jun 23
Ticha:


That's shocking behaviour from the broker. Absolutely go with another broker.
PS - why do you need a broker? Unless there are some kurukere movements in your credit and personal history, you can go directly to your bank (if a mainstream bank)

Thank you as always Ticha. No kurukere o. We got 85% LTV with Barclays but we can only afford 10% deposit hence the reason for resorting to a broker. We are 2 years 4 months in the country and we are on work visa.

1 Like

Re: Living In The UK: Property,Mortgage And Related by ukay2: 1:31pm On Jun 23
teeebest:


Thank you as always Ticha. No kurukere o. We got 85% LTV with Barclays but we can only afford 10% deposit hence the reason for resorting to a broker. We are 2 years 4 months in the country and we are on work visa.

Check with Halifax...10% LTV with family combined income of £100k....

1 Like

Re: Living In The UK: Property,Mortgage And Related by Ticha: 8:52pm On Jun 23
ukay2:


Madam Ticha...you don sabi all the naija slangs...

9ja for life o! 🤣🤣
Re: Living In The UK: Property,Mortgage And Related by Ticha: 8:54pm On Jun 23
teeebest:


Thank you as always Ticha. No kurukere o. We got 85% LTV with Barclays but we can only afford 10% deposit hence the reason for resorting to a broker. We are 2 years 4 months in the country and we are on work visa.

Ah shame as you're almost there! Definitely go for another broker. Check that your current one is a free one otherwise she'll charge you for her services.
If she's not free, raise a complaint and ask for another broker from their team - even if she's self employed, she'll be affiliated to a financial organisation that manages a group of brokers.

2 Likes

Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 11:11am On Jun 24
teeebest:


Thank you as always Ticha. No kurukere o. We got 85% LTV with Barclays but we can only afford 10% deposit hence the reason for resorting to a broker. We are 2 years 4 months in the country and we are on work visa.

This might be an affordability thing? Does the lender feel you can't afford the 90% Mortgage and need to pay more deposit to reduce the Mortgage amount?
Re: Living In The UK: Property,Mortgage And Related by Tolzeal(m): 9:11pm On Jun 25
Jamesclooney:


Baba you no suppose worry yourself. I’ve never heard a good argument of renting over buying especially in the West. It’s usually a case of people not being able to afford a mortgage making a case for themselves. Otherwise how can you tell me throwing away thousands of pounds as rent a year is smart money move. In a year, I’ve paid over £12,000. Fiam, money gone forever! If you can, buying a house is the number one cost-saving measure one can take!

The 12k payment is for a service. i mean you stayed in the house and had a shelter . Not advocating people not to buy saying you paid 12k no nothing sounds unreal.

3 Likes

Re: Living In The UK: Property,Mortgage And Related by Jamesclooney: 10:40pm On Jun 25
Tolzeal:


The 12k payment is for a service. i mean you stayed in the house and had a shelter . Not advocating people not to buy saying you paid 12k no nothing sounds unreal.

Baba, I don’t think you understand my point. When I was in Nigeria, my rent was less than 350k per annum for 7 good years unchanged (landlord was based abroad and was happy with me as a good tenant). Back then, some colleagues said I was wasting my money by renting the house, as I could start building. I knew I didn’t have long term plans in that city and lo and behold, I japa’d. Now compare the % of my salary going as rent in Naija vs UK….UK rent takes a far bigger chunk of the salary. All I’m saying is the case to buy is amplified when the rent is so damn expensive.

2 Likes

Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 9:10am On Jun 26
Jamesclooney:


Baba, I don’t think you understand my point. When I was in Nigeria, my rent was less than 350k per annum for 7 good years unchanged (landlord was based abroad and was happy with me as a good tenant). Back then, some colleagues said I was wasting my money by renting the house, as I could start building. I knew I didn’t have long term plans in that city and lo and behold, I japa’d. Now compare the % of my salary going as rent in Naija vs UK….UK rent takes a far bigger chunk of the salary. All I’m saying is the case to buy is amplified when the rent is so damn expensive.

If you amplify it too loudly, they might accuse you of making people run an unnecessary race ........🤣😂

3 Likes

Re: Living In The UK: Property,Mortgage And Related by theOneShot: 1:59pm On Jun 26
Wotowotoman:


What kind of question is this? 🤔

I know it sounds weird but I once saw a pretty racist video so I just curious
Re: Living In The UK: Property,Mortgage And Related by mamatwiny(f): 2:52pm On Jun 26
I want to say a big thank you to all the contributors in this thread... You guys are the best.

I wil be 3 years in Uk by November this year and intend to get a mortgate btw March and April next year. By then,I should have 15 to 20% deposit of the property i intend to get. I have been building my credit score and i am currently on excellent on transunion and experian. Currently, i have 2 major fears.
1.) I am currently on visa and it will end by Nov next year , meaning 8 months remaining on the visa by that time. I have option of switching to care visa but dont want to cos i wont be happy in the visa. I am currently enjoying my freedom on graduate visa while building skills to get a professional tier 2 visa with good pay in the long run and career progression or just any visa that can allow me freedom to work when i want to and chill when i want. I hate limitations. Will this visa type and remaining time on visa affect my application?
2. I will be applying for the mortgate as a single ... though i currently earn more than some couples ( if i want to work) . I do this when i want to apply for anything . Some people told me that lenders are not usually comfortable with lending to a single applicant.

3.) I was told you can get properties at cheaper rate if you buy to fix. Are there other fees associated to owning a house... I used to see yearly gas check, fire check , and many other mails addressed to my landlord then, so i will be glad to know of associated costs /fees of owing a house apart from council tax.

4.) Is it better to buy a house in your name or in a companies name?

Please i need advise.
Re: Living In The UK: Property,Mortgage And Related by mamatwiny(f): 3:26pm On Jun 26
Are there caveats to reconstructing a house if there is mortgage on it? My first landlord in UK buys 3 beds and reconstructs it to 4 rooms ensuites and rents it out to 4 tenants thereby making double or triple the amount he would have made renting it as a 3bed. This has always been on my mind from day 1 i came to this country. My landlord even lived in Australia and manages the house himself... No agents... I liked his business model.

2 Likes

Re: Living In The UK: Property,Mortgage And Related by awumen: 6:26pm On Jun 26
I want to buy a house in the UK(cash payment). I have read alot here and gain so much infos. I will need help with info and advise on how best to go with it. Scotland is my choice(being here since 2021), not stable but family is on ground.
Re: Living In The UK: Property,Mortgage And Related by mex551(m): 6:53pm On Jun 26
awumen:
I want to buy a house in the UK(cash payment). I have read alot here and gain so much infos. I will need help with info and advise on how best to go with it. Scotland is my choice(being here since 2021), not stable but family is on ground.
. Can you withstand Solicitors scrutiny? I mean money laundering? Good luck if you can
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 9:30pm On Jun 26
awumen:
I want to buy a house in the UK(cash payment). I have read alot here and gain so much infos. I will need help with info and advise on how best to go with it. Scotland is my choice(being here since 2021), not stable but family is on ground.

If you got documents to proof source of funds........ Carry go .......
Re: Living In The UK: Property,Mortgage And Related by Teenuh: 9:50pm On Jun 26
Hi Everyone,

Lately I have been looking on Rightmove for houses on sale and I have some questions to ask. I would appreciate if anyone with experience can enlighten me on them;

1. What does it mean when there is a 'Guide price' attached to the price of a House? or 'Offers in region of'
2. Is it okay to purchase a house with low EPC? What is the lowest a buyer can go for? Is there any cost effective way to make said house energy efficient?

All suggestions and advises are welcomed.

Thank you

1 Like

Re: Living In The UK: Property,Mortgage And Related by mamatwiny(f): 3:24pm On Jun 27
obitryce:
Hi Everyone,

I've been a silent member of this thread, observing and learning about acquiring a property in the UK. The knowledge gained here helped me in acquiring my 3-Bed (Old Build) Semi-detached property in April this year, all thanks to the likes of Ticha, Lexusgs430 etc. I 'm currently in need of a builder in Liverpool area, as I intend to convert an empty space downstairs into a toilet and would appreciate any useful information or contact.

Thanks..

Look at checkatrade.com

One of my colleagues gave me the site to check trades ppl near you.
There is also an app- nextdoor. You can install and connect with ppl in your location and ask for recommendations.

3 Likes 3 Shares

Re: Living In The UK: Property,Mortgage And Related by jedisco(m): 3:00pm On Jun 28
mamatwiny:
I want to say a big thank you to all the contributors in this thread... You guys are the best.


1. I stand to be corrected but I am unsure if many lenders would consider you on a graduate visa. The few I know would prefer a work visa with a pathway to longterm stay. They generally want a 'reasonable' period left on your visa though in a I've seen some people secure mortgages with very few months left. The limitations of the care visa is the low pay. Lenders would base what the lend on your stated pay. They many times would not consider locums or extras (esp if paid via a seperate payroll number) except you've been shown to do them regularly for a good period. Lastly, most lenders would limit what they'd lend to 4.5x (sometimes 5x) your pay. This is asides LTV criteria where they'd likely insist on you providing at least 10-15%.

2. I don't think they worry much whether you are single or married as far as you have the income to afford a mortgage. The advantage of being married is that the combined income is taken into consideration hence you can have a higher mortgage. But kids might affect affordability.

3. Its upto you to decide if you have the skillset to get a good deal and fix. Remember labour costs now are quite high and the discount had on many run donw houses might not correlate what you'd need to fix it.

4. I doubt you can buy your personal house in a companies name. Even if you do, you'd likely be unable to rent to yourself. If you're thinking about BTL,most lenders criteria entails you having your own house first.

Overall, I think it's worth having a free discussion with a mortgage advisor that has access to all of the market. They'd be able to assess your current income and advise what you can reasonably target for. In the interim using a LISA (if eligible) plus a cash ISA for saving could be a good option.

2 Likes

Re: Living In The UK: Property,Mortgage And Related by jedisco(m): 3:04pm On Jun 28
Teenuh:
Hi Everyone,

Lately I have been looking on Rightmove for houses on sale and I have some questions to ask. I would appreciate if anyone with experience can enlighten me on them;

1. What does it mean when there is a 'Guide price' attached to the price of a House? or 'Offers in region of'
2. Is it okay to purchase a house with low EPC? What is the lowest a buyer can go for? Is there any cost effective way to make said house energy efficient?

All suggestions and advises are welcomed.

Thank you

As far as its not an auction house, all the wording mean what the seller is expecting. You then bid as what you think is reasonable.

2. You canncheck what the EPC certificate for a house online. It should also include what could be done to improve the rating and what the rating is estimated to improve by if those things are done. Depending on what the drivers of the low rating are, some things e.g bulbs may be easy to fix. I personally would be targeting a B and not go below a C
Re: Living In The UK: Property,Mortgage And Related by MayCar: 6:11pm On Jun 28
Hello, please I need an advice, on the process of getting a property and having issues with the solicitors, as they are raising issues about the monthly contributions that came into the account, they are not ok with explanation, if anyone has been in this kind of situation please advise on what you did. Thanks in advance
Re: Living In The UK: Property,Mortgage And Related by Jamesclooney: 9:28pm On Jun 28
Testimony time grin

(Ushers please be on standby with the offering basket grin)

The Lord built (bought) us a house!!!!

Signed, sealed and delivered. The bunch of keys dey our hand now. Very heavy lol.

Jokes apart, just an appreciation post for everyone ‘s contribution on here (as well as Chidera Peters on YouTube). The guidance received from this forum has been invaluable. Visited over 12 developers/sites; didn’t care about the fuel burnt because a house is a big deal and even if I didn’t like some houses/location, it helped us narrow it down as we discovered what we liked/didn’t like.

KEY DETAILS
House type - Newbuild
Developer - Persimmons
Lender - Halifax (90% LTV)
Incentives - 5% deposit boost plus flooring package
Mortgage rate - 4.97% ,5yrs fixed (although rates dropped to 4.87% when it was 2 weeks to completion)
LISA bonus - £6k (my wife and I) in the space of 15months, took advantage of the tax windows
Mortgage adviser - Threshold Financial Services (got the recommendation from this thread)


Ps - send funds because everywhere don dry. Surviving on tap water till further notice.

24 Likes

Re: Living In The UK: Property,Mortgage And Related by mex551(m): 11:25pm On Jun 28
Jamesclooney:
Testimony time grin

(Ushers please be on standby with the offering basket grin)

The Lord built (bought) us a house!!!!

Signed, sealed and delivered. The bunch of keys dey our hand now. Very heavy lol.

Jokes apart, just an appreciation post for everyone ‘s contribution on here (as well as Chidera Peters on YouTube). The guidance received from this forum has been invaluable. Visited over 12 developers/site. Didn’t care about the fuel burnt because a house is a big deal and even if I didn’t like some, it helped us know what we liked/didn’t like.

KEY DETAILS
House type - Newbuild
Developer - Persimmons
Lender - Halifax (90% LTV)
Incentives - 5% deposit boost plus flooring package
Mortgage rate - 4.97% ,5yrs fixed (although rates dropped to 4.87% when it was 2 weeks to completion)
LISA bonus - £6k (my wife and I) in the space of 15months, took advantage of the tax windows
Mortgage adviser - Threshold Financial Services (got the recommendation from this thread)


Ps - send funds because everywhere don dry. Surviving on tap water till further notice.
congratulations. Is that leasehold or freehold?

1 Like

Re: Living In The UK: Property,Mortgage And Related by Teenuh: 11:44pm On Jun 28
jedisco:


As far as its not an auction house, all the wording mean what the seller is expecting. You then bid as what you think is reasonable.

2. You canncheck what the EPC certificate for a house online. It should also include what could be done to improve the rating and what the rating is estimated to improve by if those things are done. Depending on what the drivers of the low rating are, some things e.g bulbs may be easy to fix. I personally would be targeting a B and not go below a C

Thank you @Jedisco. When I see houses with low EPC, I always think it will take a lot of money to get them to like B or A
Re: Living In The UK: Property,Mortgage And Related by Jomdavid: 11:52pm On Jun 28
Congratulations
Jamesclooney:
Testimony time grin

(Ushers please be on standby with the offering basket grin)

The Lord built (bought) us a house!!!!

Signed, sealed and delivered. The bunch of keys dey our hand now. Very heavy lol.

Jokes apart, just an appreciation post for everyone ‘s contribution on here (as well as Chidera Peters on YouTube). The guidance received from this forum has been invaluable. Visited over 12 developers/site. Didn’t care about the fuel burnt because a house is a big deal and even if I didn’t like some, it helped us know what we liked/didn’t like.

KEY DETAILS
House type - Newbuild
Developer - Persimmons
Lender - Halifax (90% LTV)
Incentives - 5% deposit boost plus flooring package
Mortgage rate - 4.97% ,5yrs fixed (although rates dropped to 4.87% when it was 2 weeks to completion)
LISA bonus - £6k (my wife and I) in the space of 15months, took advantage of the tax windows
Mortgage adviser - Threshold Financial Services (got the recommendation from this thread)


Ps - send funds because everywhere don dry. Surviving on tap water till further notice.

1 Like

Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 11:55pm On Jun 28
Jamesclooney:
Testimony time grin

(Ushers please be on standby with the offering basket grin)

The Lord built (bought) us a house!!!!

Signed, sealed and delivered. The bunch of keys dey our hand now. Very heavy lol.

Jokes apart, just an appreciation post for everyone ‘s contribution on here (as well as Chidera Peters on YouTube). The guidance received from this forum has been invaluable. Visited over 12 developers/site. Didn’t care about the fuel burnt because a house is a big deal and even if I didn’t like some, it helped us know what we liked/didn’t like.

KEY DETAILS
House type - Newbuild
Developer - Persimmons
Lender - Halifax (90% LTV)
Incentives - 5% deposit boost plus flooring package
Mortgage rate - 4.97% ,5yrs fixed (although rates dropped to 4.87% when it was 2 weeks to completion)
LISA bonus - £6k (my wife and I) in the space of 15months, took advantage of the tax windows
Mortgage adviser - Threshold Financial Services (got the recommendation from this thread)


Ps - send funds because everywhere don dry. Surviving on tap water till further notice.


Congratulations........ 🎊🎉

You're lucky you still see tap water, we dey chop sand......... 🤣😂

2 Likes

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