mex551:
I have a question pls. If you are using isusu as a means of raising money for house deposit, we know it comes In bulk , how do you explain it to the mortgage guys ? I mean the inflow as it’s not salary savings. Also if you sell a property In Naija or move part of the fund from Naija, how do you explain it ? Would you call two of them as gifts ?

WIth regards to bringing in funds from sale of property from naija, if you have a LISA, one can bring in the funds, move them to make up the remainder of the ISA account £16,000 (assuming one has already maxout of the 4k-you can save upto £20,000 yearly). If you have a spouse that makes £32,000 for both of you, Leave it long enough in the account. hopefully that might be some sort of solution. Would they ask for source of funds for ISA?

Interesting time ahead.
- Land owned on paper (with risk of ọmọ onilẹ).
- Land owned registered in State's deed office - CoA, CofO
- Land under development (fenced, or foundation, blocks raising, sil level, lintel level, roofing ...)
- Land with completed house rented out (through acquittance, agent, complex mgt, bnb, luxury accommodation...)
... ...

ProfJYK:

Shebi owning a peice of land back home doesn't qualify as House.
Or having an incomplete building project wey still dey pre-roofing stage.

RE: FTB: So in the YouKay, who's a FTB:
On the first post, apparently FTB condition spans across the UK. So, I'll be editing

semmyk:
🏘️🏚️🏠
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)
...

Pointers on who is or who isn't FTB: Well, interesting ethics, moral, etiquette, 'wise', sharpguy times ahead. Keep calm and invest!
Home Owners Alliance (HOA) is emphatic, not mincing words ... Who counts as a first-time buyer?
Link: ... To qualify as a first-time buyer in the taxman’s eyes you must never have owned, or had an interest in, a residential property in the UK or overseas. This includes both freehold and leasehold property

First Time Buyer Help goes the taxman approach in their FTB definition
Link: ... criteria to claim First Time Buyer status for Stamp Duty Land Tax relief ... “In order to count as a first time buyer, a purchaser must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world.”. See HMRC one page doc.
HM 'money helper' puts it is simple term i.t.o. mortgage ... "A person is generally classified as a first-time-buyer if they’re buying their only or main residence, and have never owned a freehold or have a leasehold interest in a residential property in the UK or abroad."

Just before going to 'ask' HM taxman, you might just get a bald response like this 😷 - https://community.hmrc.gov.uk/customerforums/ifp/a71c1ef7-efec-ec11-b5cf-00155d9c6b71

Your credit record is 'technically' a proxy of your 'ability to pay'. A sort of forward appraisal and guesstimating your ability to pay 'debts'.
Can less than 1yr get a mortgage, yes you can.
- very low LTV
- 5yrs Skilled Worker visa
- fulltime job (in reputable coy)
Would it be a walk in the park. Nope. Most require a residency of at least 2yrs!
Do your research and research again. Be resolute, doggedly so and keep working at it.

elengine:
... ... Can someone with less than 1 Yr in uk apply for mortgage? He is on a dependent skilled worker visa and has a full time job in one of the multinational coys here.
Do I have to build my credit history or bank will be satisfied with my ability to pay looking at my current earning.
Thank you

Below and others from the thread might assist. Possibly.

Solumtoya:
Moneybox were able to get 2 Lenders willing to lend to Tier 2 folks. One was normal 25% deposit and was willing to lend with only 6 months UK Address History. The second was willing to accept 10% deposit but minimum 2 year UK Address history; They were also gonna lend as much as 4 times my family income.

semmyk:
in the YouKay, who's a FTB

Thanks @semmyk for clarifying who FTB is. I never did the research but I just knew I would not do anything to link sale of naija property. Make dem no go pour sand sand for my garri after I don reach this far.

Healhtyliving:
Skipton? If they are offering 100%, 10% for less than 2yrs residency shouldn’t be an issue.

I just got off the phone with a Mortgage Advisor. She said in Summary that Skipton deal is for UK National or ILR holders. If you are less than two years is the same 25% deposit everyone is asking for.
We move with viewing regardless.

Pearlyfaze:


I just got off the phone with a Mortgage Advisor. She said in Summary that Skipton deal is for UK National or ILR holders. If you are less than two years is the same 25% deposit everyone is asking for.
We move with viewing regardless.

The skipton deal didnt even work for me either ways as they capped the monthly repayment at you current rent which reduces the amount they are willing to lend to me. As the amount would not be enough for the type of house we want.

🔑 Hey there! Need a mortgage on a Tier 2 visa with less than 1 year in the UK? No worries, I got you covered! 🏠

Just wanted to give a shoutout to Strike, the mortgage broker that can hook you up with lenders who don't demand a whopping 25% deposit. Yup, you heard it right! You can score a sweet 10% Loan-to-Value (LTV) ratio. The catch? Make sure your combined income hits that £100k mark. 💰

By the way, if you have any questions, Bhavini is your go-to person. She's super helpful and has dealt with tons of Nigerians, so she knows the ropes. 😊

Oh, one thing to keep in mind: I'm not personally involved with this mortgage broker, but I just had to share this awesome find with you. Don't miss out on the chance to turn your homeownership dreams into reality! Hit up Strike and ask for Bhavini. 📞

seyejohn94:
🔑 Hey there! Need a mortgage on a Tier 2 visa with less than 1 year in the UK? No worries, I got you covered! 🏠

Just wanted to give a shoutout to Strike, the mortgage broker that can hook you up with lenders who don't demand a whopping 25% deposit. Yup, you heard it right! You can score a sweet 10% Loan-to-Value (LTV) ratio. The catch? Make sure your combined income hits that £100k mark. 💰

By the way, if you have any questions, Bhavini is your go-to person. She's super helpful and has dealt with tons of Nigerians, so she knows the ropes. 😊

Oh, one thing to keep in mind: I'm not personally involved with this mortgage broker, but I just had to share this awesome find with you. Don't miss out on the chance to turn your homeownership dreams into reality! Hit up Strike and ask for Bhavini. 📞

Not bad... £100k income isn't beans sha

seyejohn94:
🔑 Hey there! Need a mortgage on a Tier 2 visa with less than 1 year in the UK? No worries, I got you covered! 🏠

Just wanted to give a shoutout to Strike, the mortgage broker that can hook you up with lenders who don't demand a whopping 25% deposit. Yup, you heard it right! You can score a sweet 10% Loan-to-Value (LTV) ratio. The catch? Make sure your combined income hits that £100k mark. 💰

By the way, if you have any questions, Bhavini is your go-to person. She's super helpful and has dealt with tons of Nigerians, so she knows the ropes. 😊

Oh, one thing to keep in mind: I'm not personally involved with this mortgage broker, but I just had to share this awesome find with you. Don't miss out on the chance to turn your homeownership dreams into reality! Hit up Strike and ask for Bhavini. 📞

£100k? Hmm

seyejohn94:
🔑 Hey there! Need a mortgage on a Tier 2 visa with less than 1 year in the UK? No worries, I got you covered! 🏠

Just wanted to give a shoutout to Strike, the mortgage broker that can hook you up with lenders who don't demand a whopping 25% deposit. Yup, you heard it right! You can score a sweet 10% Loan-to-Value (LTV) ratio. The catch? Make sure your combined income hits that £100k mark. 💰

By the way, if you have any questions, Bhavini is your go-to person. She's super helpful and has dealt with tons of Nigerians, so she knows the ropes. 😊

Oh, one thing to keep in mind: I'm not personally involved with this mortgage broker, but I just had to share this awesome find with you. Don't miss out on the chance to turn your homeownership dreams into reality! Hit up Strike and ask for Bhavini. 📞

Most Mortgage advisor I have spoken to said this same thing. If we want 10% deposit, we either have £100k combined family income or wait till we are 2 years old in the UK. Alternatively bring the 25%.

We went for viewing today. We like the house and the area. Waiting for the outcome of the discussion between Advisor and lender.

Fingers crossed.

Pearlyfaze:


Most Mortgage advisor I have spoken to said this same thing. If we want 10% deposit, we either have £100k combined family income or wait till we are 2 years old in the UK. Alternatively bring the 25%.

We went for viewing today. We like the house and the area. Waiting for the outcome of the discussion between Advisor and lender.

Fingers crossed.

Which mortgage broker are you using?

Pearlyfaze:


Most Mortgage advisor I have spoken to said this same thing. If we want 10% deposit, we either have £100k combined family income or wait till we are 2 years old in the UK. Alternatively bring the 25%.

We went for viewing today. We like the house and the area. Waiting for the outcome of the discussion between Advisor and lender.

Fingers crossed.

This condition no pure atall. I live in house no 7, house no 6 is put out for sales. I got an offer after removing £8k from initial asking price, only for the lenders who had previously given us decision in principle said they can lend us money because we never reach two years for uk. The thing pain me oh.

.

My destiny was designed to be on this thread

mex551:
Good morning My People. Advice needed here. Someone that has a visa expiring in September, I hope she would not have problem at Heathrow airport if she travels in July and comes back same July

Ask your question in the appropriate section

https://www.nairaland.com/6969367/general-uk-visa-enquiries-part

labiola:


This condition no pure atall. I live in house no 7, house no 6 is put out for sales. I got an offer after removing £8k from initial asking price, only for the lenders who had previously given us decision in principle said they can lend us money because we never reach two years for uk. The thing pain me oh.

Wow.

labiola:


This condition no pure atall. I live in house no 7, house no 6 is put out for sales. I got an offer after removing £8k from initial asking price, only for the lenders who had previously given us decision in principle said they can lend us money because we never reach two years for uk. The thing pain me oh.

Omo x 1000. You can try Strike broker and hear what they have to say.

seyejohn94:


Which mortgage broker are you using?

Embrace is their name, given to us by Your Move estate agent

Please recommend a good mortgage advisor for a tier 2 holder with 2 years residency in uk so far

Rapitex:
Please recommend a good mortgage advisor for a tier 2 holder with 2 years residency in uk so far

We're not in a position to blindly 'recommend'. You may nonetheless check the mortgage broker list ( ) placeholder 5 on page 1, updated today)

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 | [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.
7.
8.
9.
10.

Please how do I open LISA account?

Healhtyliving:
Just stumbled on this thread and would like to give kudos to everyone who has been contributing and providing response to questions. Would like to share our journey to owing our property to motivate as many that are looking to buy one soon.
Relocated in Jan 2020 on tier 2 visa and we've had our eyes on buying a house despite not having £1 to our name. Thanks to people like @lexusgs430. His quote of “rent money is dead money” always rings a bell. My partner and I opened LISA accounts, but we struggled to max out the £4k per person per year. Fast forward to June 2021, we were done paying up our IHS loan for family of 5. PS my company paid our IHS surcharge for a 12months loan. Then we started saving aggressively into LISA and reward savings on moneybox. By April 2022, our combined LISA savings was close to £20k including govt bonus. We passively started searching for properties in our location of choice and reading up on the process. In June of the same year, a friend posted a link about 5% government guaranteed mortgage (not help to buy). We researched more about it and confirmed we may be eligible. Booked our first viewing for one of the properties we had seen earlier in the year, put in an offer, and were informed the next day that the sellers have accepted our offer. Hoping that we would be accepted for the 5% deposit as our savings wasn’t enough to pay 10% deposit for the amount offered.
Before then, we had done AIP with some lenders and aware of how much we could borrow. We approached several mortgage brokers, and all came back that we were not eligible for the 5% deposit. Just because we are on tier 2 visa (now skilled worker visa ) with less than 6months validity. God punish devil. My partner said no going back especially when we’ve crossed the biggest hurdle which is finding a property and getting accepted. I was afraid we may not meet up despite knowing that the process can take between 2-6 months before completion, and we would be able to save up the remaining deposit balance. But our visa renewal is around the corner(now family of 6 as we thought it would be nice to give mama charley a baby ). How about other expenses associated with buying a property such as stamp duty and solicitor’s fees. We carried on with the process. Instructed a solicitor, accepted the best mortgage deal at 10%, locked in rate at 3.64% and paid for level 2 survey.
As miracle no dey tire our God, lender’s valuation came back at £20k less than the offer amount. Spoke to sellers about it and they accepted lender’s valuation. We were still basking in the euphoria when govt announced an increase in the threshold for stamp duty payment for first time buyer. Our property fell within the threshold which means no stamp duty payment. Everything moved on very fast. Level 2 homebuyer’s survey came back with no issues, all enquiries were fully satisfied, and exchange happened in November 2022. We completed and moved into the property just before Christmas last year. We didn’t have to do any renovation as the sellers did well to look after the property. It was plug and play. Just deep cleaning. We have changed the boiler since moving in because we met one with a big tank(working perfectly) and we wanted a combi boiler.
I rest my case

Hello All… is this time actually the best period to go on mortgage?. I got 2 options from Barclays Bank so far 5.75 percent (fixed for 2 years) and 5. 00 percent fixed for 5 years with 10 percent deposit on a tier 2 visa with just 2 years residence in uk..is this a fair deal considering the market of today and future forecast

Rapitex:
Hello All… is this time actually the best period to go on mortgage?. I got 2 options from Barclays Bank so far 5.75 percent (fixed for 2 years) and 5. 00 percent fixed for 5 years with 10 percent deposit on a tier 2 visa with just 2 years residence in uk..is this a fair deal considering the market of today and future forecast

The best time to buy a property, was yesterday....... The other best time, is today......... 😜🤣

Lexusgs430:



The best time to buy a property, was yesterday....... The other best time, is today......... 😜🤣

Yes o... Not financial advice, but which would you advice: Get a lower rate fixed for 5 years OR Get a higher rate fixed for 2 years?

Quite tricky since Rates could be higher or lower in 2 years.

Solumtoya:


Yes o... Not financial advice, but which would you advice: Get a lower rate fixed for 5 years OR Get a higher rate fixed for 2 years?

Quite tricky since Rates could be higher or lower in 2 years.

It's tricky....... Fix for longer and rates drop or fix for shorter and rate rises .......

If only I had a crystal ball...... My hunch would be fix for shorter and ride the wave ......... 😜😁

Solumtoya:


Yes o... Not financial advice, but which would you advice: Get a lower rate fixed for 5 years OR Get a higher rate fixed for 2 years?

Quite tricky since Rates could be higher or lower in 2 years.

Will you happily live there for 5 years? Or will you want to upgrade houses?
Can you overpay? If yes, I would go for 2 tears and overpay to bring the LTV down.
If no, then 5 years for surety of payments.
I think rates will fluctuate a bit as there's tinkering with the market.
It's next to impossible to predict how they'll go.

misterkelly:
Please how do I open LISA account?

Kindly check Placeholder 3 on first page.

semmyk:
Placeholder 3
____________________
[LISA] - See www.gov.uk/lifetime-isa
... ...

Thanks

semmyk:

Kindly check Placeholder 3 on first page.