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.

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.

Congratulations..... A fantastic way to start 2024...... We hope for many more positive news.... 🎉🎊💐

Solumtoya:


Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

Solicitor fee seems a bit high.

Do you thing the sum paid for snagging was worth it?

In double minds- found a few things myself which the builders would sort.

arthurwillia:
Is there any single person that have bought house here??

Recently completed and single.
Most advise would cut across but what'd you like to ask?

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.

Congrats. Kinda stuff we need to hear.

I Completed last month. Variable 5.61 (0.36 abover BEBR). The difference a month or two makes. Most of the 2yr fixes were abv 6% and couldn't justify fixing when rates were likely at their max. Now can't wait for rates to start falling.

Your rate seems quite good. Best I see on Barclays for 2yr fixed is 5.6%. Did your broker negotiate the rate

jedisco:


Solicitor fee seems a bit high.

Do you thing the sum paid for snagging was worth it?

In double minds- found a few things myself which the builders would sort.

My Solicitor's fee was definitely high (even though it includes about £500 for Land registry and Engrossment, still high). I noticed late so I just went ahead. If I changed Solicitor, I would have saved over £1k.

Short Answer to Snagging: Yes, it was worth it.

Long answer: It depends on how perfect you want your house, how much you trust your builder and how much you truat yourself.

My Snagging Inspector came with a drone to check the roofing sheets and found a few issues (cosmetic). Came with a Heat Sensor to check for insufficient insulation and spotted a few. Loosened the bath tub covers to check the pipes beneath and legs and spotted a few issues. Used a Spirit Level Plumb to check straightness of walls, found a few wonky walls and stair poles. Checked the soil beneath the interlocking and turf, etc.

These and many more are things I would never have thought to check so yeah it was money well spent. In 99% of cases like mine, they find nothing so serious. So many of the issues she spotted are being fixed while others are things I don't mind and won't bother stressing over.

So, yeah, 99.9% of people will just pay that money to be told the house is okay apart from cosmetic issues but I didn't wanna risk being the 0.1% who had a major issue.

P.S.: They found about 85 issues, the site manager and I agreed to ignore about 20 and the remaining 65 or so are mostly already sorted now

Thank you

It was a 5 yrs fixed. I mean 2 years stay in the UK.

The first AIP was 5.6% for 5 years and 6.2% for 2years but got 5.4% for 5 years on the second AIP.

It took a lot of back and forth before going with 5 years though.

jedisco:


Congrats. Kinda stuff we need to hear.

I Completed last month. Variable 5.61 (0.36 abover BEBR). The difference a month or two makes. Most of the 2yr fixes were abv 6% and couldn't justify fixing when rates were likely at their max. Now can't wait for rates to start falling.

Your rate seems quite good. Best I see on Barclays for 2yr fixed is 5.6%. Did your broker negotiate the rate

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.

congratulations. This 10% on two years stay dey sweet me die. We must have our own this year IJN

mex551:
congratulations. This 10% on two years stay dey sweet me die. We must have our own this year IJN

Determination and encouragement from this thread kept us in the process. Yours is around the corner.

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.

Congratulations, enjoy your new home. More of such news from everyone desiring same.

Congratulations zeke100. More blessings to you and family

A good read...... Let's simply read between the lines........ 😜

https://www.bloomberg.com/news/articles/2024-01-05/natwest-chair-faces-backlash-for-saying-not-that-difficult-to-buy-a-home

Story is behind a paid wall...... Screenshots attached, incase you're not subscribed to Bloomberg.........

Final shot.....

https://twitter.com/BBCr4today/status/1743219627742605403?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1743219627742605403%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=about%3Ablank

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.

Congratulations 🎉 to your new home...

More celebrations

jedisco:


Congrats. Kinda stuff we need to hear.

I Completed last month. Variable 5.61 (0.36 abover BEBR). The difference a month or two makes. Most of the 2yr fixes were abv 6% and couldn't justify fixing when rates were likely at their max. Now can't wait for rates to start falling.

Your rate seems quite good. Best I see on Barclays for 2yr fixed is 5.6%. Did your broker negotiate the rate

Congratulations 🎉 to your new home 🏠

More celebrations

With interest rates dropping, if you get a Mortgage Offer, keep checking the lender's website and reapplying whenever the rates drop till you finally complete.

When I got my offer in October, it was about 6%+, I kept checking and saw it drop in November and reapplied and got 5.9%. 2 weeks to my Completion, I saw it drop again to 5.53% and reapplied to lock that in. Each time I reapplied, my monthly payments were dropping by about £100.

In my opinion, (not financial advice), this may not be the best time for 5 year or 10 year fixed deals. 2 year deals should be max so by 2026, predictions speculate that the interest rates should be lower and stable. Of course, no one knows though.

jedisco:


Recently completed and single.
Most advise would cut across but what'd you like to ask?

Congratulations
A lot of questions, is it advisable to start with leasehold or freehold as single guy?

Can I speak to you privately for lengthy talks too?

Following

Solumtoya:


My Solicitor's fee was definitely high (even though it includes about £500 for Land registry and Engrossment, still high). I noticed late so I just went ahead. If I changed Solicitor, I would have saved over £1k.

Short Answer to Snagging: Yes, it was worth it.

Long answer: It depends on how perfect you want your house, how much you trust your builder and how much you truat yourself.

Hehee... u don dey put fear for my body..

I would get a quote from one closeby.

My builder is local and respectable and space their houses better but their prices a tad higher and I'm keen on being sure I hold them to their prenium. By myself I noticed a chinked induction hub (they were already in the process of changing) and a chink on the worktop, mixed-up radiators, loose door handles, one double glazed widow with lost vacuum, mixed kitchen switches and loose underhood led lighting, break in covering of external meter box. They're fixing all.

Considering the cost I've put in already, I might just stomach another £300 for peace of mind. But hoping its not too late 2-3m in.

zeke100:
Thank you

It was a 5 yrs fixed. I mean 2 years stay in the UK.

The first AIP was 5.6% for 5 years and 6.2% for 2years but got 5.4% for 5 years on the second AIP.

It took a lot of back and forth before going with 5 years though.

Hehe.. u get mind though to fix for 5 yrs at that rate... perhaps for the peace of mind and being able to budget your outgoings was worth it.

Mine was a more straightforward decision cos a 2yr fix was above 6% at the time and I saw that even if BOE raised rates by another 0.5%, I'd still be better off with a variable. It's easier now looking back but then there was still the anxiety of how high interest rates could rise.

Another thing is that there's no overpayment penalty. Hoping I'm able to push into a 60%ltv when I'm up for renewal and if rates permit, fix for a longtime and then consent to let.

Lexusgs430:
Final shot.....

https://twitter.com/BBCr4today/status/1743219627742605403?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1743219627742605403%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=about%3Ablank

Me thinks the depth of this market dip happened in August-October. Perhaps I'm biased but after having trailed the market for over a year with stubborn inflation and house prices refusing to 'crash' as expected in nominal terms, the unexpected 0.5% rate rise in July showed folks that BOE meant business. That was the turning point with inflation and there were significant drops within 1-2 wks on rightmove. I able to push down price and eck some extras from my builder.

I think in this year, prices rise slowly (under inflation i.e a some loss in real terms) or at worst flatline.

arthurwillia:


Congratulations
A lot of questions, is it advisable to start with leasehold or freehold as single guy?

Can I speak to you privately for lengthy talks too?

It depends on where u are and your outlook.

In parts of many cities, flats (many of which are leaseholds) are the only realistic option hence its boils down to the fine detail. With some, you could have a share of the freehold which is better.

Mine is detached but that would be more difficult for a FTB in large cities. For flats it's different. Lots of horror stories around leashold and flats haven't done as well over the last few years partly cos folks are more averse to restrictive leaseholds, cultural want of a garden and supply stock as flats are 'almost unlimited'. This was not a consideration I had to make due to my location and moreso with the horror stories about leaseholds. All things being equal I'd go freehold over leaseholds (keyword: equal)

My advice would be to utilise your ISA (including LISA). If not looking to buy within 3 yrs, an index fund in a S&S Lisa should likely bring more return than a cash one.

Also when you come to buy, if you can, look to push yourself and make the most use of the 450k stampduty treshold for first time buyers.

You can rent one or two rooms out to a lodger and almost guarantee £7500 tax free pa in rent with much less hassle that comes with tenancies.

With property, time in the market is essential. My main regret is not buying 2-3yrs ago

jedisco:


It depends on where u are and your outlook.

In parts of many cities, flats (many of which are leaseholds) are the only realistic option hence its boils down to the fine detail. With some, you could have a share of the freehold which is better.

Mine is detached but that would be more difficult for a FTB in large cities. For flats it's different. Lots of horror stories around leashold and flats haven't done as well over the last few years partly cos folks are more averse to restrictive leaseholds, cultural want of a garden and supply stock as flats are 'almost unlimited'. This was not a consideration I had to make due to my location and moreso with the horror stories about leaseholds. All things being equal I'd go freehold over leaseholds (keyword: equal)

My advice would be to utilise your ISA (including LISA). If not looking to buy within 3 yrs, an index fund in a S&S Lisa should likely bring more return than a cash one.

Also when you come to buy, if you can look to push yourself and make the most use of the 450k stampduty treshold for first time buyers.

You can rent one or two rooms out to a lodger and almost guarantee £7500 tax free pa in rent with much less hassle that comes with tenancies.

With property, time in the market is essential. My main regret is not buyjng 2-3yrs ago

What later influenced your change of decision to buy........ 🤣

Or rent money is dead money, did not sink deep enough......... 😜

zeke100:
Thank you

It was a 5 yrs fixed. I mean 2 years stay in the UK.

The first AIP was 5.6% for 5 years and 6.2% for 2years but got 5.4% for 5 years on the second AIP.

It took a lot of back and forth before going with 5 years though.

Congratulations to you on your new home. Please I'd like to know if the brokers consider the number of years left on the visa. I have been advised to wait until my visa is renewed before obtaining an AIP by some friends, as I would have 1 year left upon attaining the 2 year mark in the UK, so thought to find out if this is really a thing.

Nemie:


Congratulations to you on your new home. Please I'd like to know if the brokers consider the number of years left on the visa. I have been advised to wait until my visa is renewed before obtaining an AIP by some friends, as I would have 1 year left upon attaining the 2 year mark in the UK, so thought to find out if this is really a thing.

We have 11 months left on our visa and the contract was exchanged yesterday. We clocked two years in the UK in December 2023. For Barclays, as long as you are on a skilled worker visa and have been two years in the UK, Just bring 10% and collect House.

jedisco:


It depends on where u are and your outlook.

In parts of many cities, flats (many of which are leaseholds) are the only realistic option hence its boils down to the fine detail. With some, you could have a share of the freehold which is better.

Mine is detached but that would be more difficult for a FTB in large cities. For flats it's different. Lots of horror stories around leashold and flats haven't done as well over the last few years partly cos folks are more averse to restrictive leaseholds, cultural want of a garden and supply stock as flats are 'almost unlimited'. This was not a consideration I had to make due to my location and moreso with the horror stories about leaseholds. All things being equal I'd go freehold over leaseholds (keyword: equal)

My advice would be to utilise your ISA (including LISA). If not looking to buy within 3 yrs, an index fund in a S&S Lisa should likely bring more return than a cash one.

Also when you come to buy, if you can look to push yourself and make the most use of the 450k stampduty treshold for first time buyers.

You can rent one or two rooms out to a lodger and almost guarantee £7500 tax free pa in rent with much less hassle that comes with tenancies.

With property, time in the market is essential. My main regret is not buyjng 2-3yrs ago

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?

Pearlyfaze:


We have 11 months left on our visa and the contract was exchanged yesterday. We clocked two years in the UK in December 2023. For Barclays, as long as you are on a skilled worker visa and have been two years in the UK, Just bring 10% and collect House.

Congratulations! I didn't know Barclays would give to someone with less than a year. I know two people who clsimed to have been denied for this reason.

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?

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

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

Thank you very much, I’ll look into Northampton then, I did not know Northampton is cheaper

Pearlyfaze:


We have 11 months left on our visa and the contract was exchanged yesterday. We clocked two years in the UK in December 2023. For Barclays, as long as you are on a skilled worker visa and have been two years in the UK, Just bring 10% and collect House.

Thanks so much for your response

Lexusgs430:
[/b]

What later influenced your change of decision to buy........ 🤣

Or rent money is dead money, did not sink deep enough......... 😜

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.