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.

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

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

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?

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

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?

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........

Lexusgs430:


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

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.

bigtt76:
Wow ...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.

deept:


What is the planned/proposed legislation on leasehold?

Lexusgs430:


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

deept:


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

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?

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 .......🤣😁

deept:


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

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?

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.

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.

courage54:
I will be 2 years in UK by September this year. When can I start the process?

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?

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?

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.

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.

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?

ukay2:


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

ukay2:


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