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Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 6:40pm On Feb 06 |
Santa2: Solicitors recommended by the developer. I hoped they would have all the experience, documentation, etc needed for that development since they may have done it for 100s of my other neighbours, plus the Developers would recommend vendors that are fast and smooth in their process. Overall, had no major issues with them, of course except, I noticed late that their price was very high. Even my Mortgage broker was from the developer and that turned out super helpful. The brokers negotiated a good incentive for me since they had a relationship with the developer. My previous request for the incentive was declined but the broker basically told the developer: "this guy's eligibility is great and all he needs is this incentive" and in minutes, developer approved. Many people advise against it saying "the broker/solicitor might protect the interest of the developer instead of yours" and I understand that opinion. PS.: The Developers would usually update their list of vendors often and remove Solicitors or Brokers that have lots of complaints from buyers or are slow. Another advantage is that you're not worried about giving feedback to the Developers. The Broker/Solicitor carry them along and get necessary waivers from the Developer where necessary, there are actually many benefits |
Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 6:43pm On Feb 06 |
Estroller: I hear this a lot but how true is it? In case of many of the big Lenders, the interest rate is fixed and doesn't vary with credit score. The application is either denied or approved, interest rate is as stated on the lender's website. Anyone else has similar experience? 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Estroller: 7:02pm On Feb 06 |
Solumtoya: There are specialist lenders that will give mortgages to those with not so great credit profile who generally gets rejected by high street lenders, it comes at a cost though as they don't offer competitive rates like high street lenders. |
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 8:00am On Feb 07 |
New build....... 😜😂
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Re: Living In The UK: Property,Mortgage And Related by Santa2: 1:17pm On Feb 07 |
Solumtoya: Did you converse with you neighbours before firming up on your place? I have been thinking of chatting up with the neighbours in the development just to get a general sense of their experience, so one can draw experience from. but in this land of mind you business, I dont know if its a good Idea. 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 3:39pm On Feb 07 |
Santa2: It's a good idea to ask the neighbours and they usually want to help but I really wasn't interested in doing so. I also noticed that most developments have a Facebook group where you can ask questions, but again it may be a private group and they may require you to be a resident first before joining The Developers would usually update their list of vendors often and remove Solicitors or Brokers that have lots of complaints from buyers or are slow. Another advantage is that you're not worried about giving feedback to the Developers. The Broker/Solicitor carry them along and get necessary waivers from the Developer where necessary, there are actually many benefits 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 1:50am On Feb 08 |
Good news for homebuyers....... Dutch style mortgage, coming to the UK....... https://www.telegraph.co.uk/money/property/mortgages/dutch-style-mortgages-come-britain/ 2 Likes |
Re: Living In The UK: Property,Mortgage And Related by naphel: 4:04am On Feb 08 |
That's awesome! The market in Canada, similar to the UK, is super difficult for first time homebuyers. |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 9:50am On Feb 08 |
hi hi, trust we are having a great journey in the UK After exchanging contract, I hear completing takes 7-28 days on an average and might be quicker for new build which is my preference 1. How does one know what date to set as Completion date as one doesn't know how long it takes for Moneybox to send funds from customer's deposited funds to the Solicitor?? It is out of buyers' hands and don't know how quick it will be This Completion date is key as I hear one must meet it to avoid penalties Or one needs to extend if the mortgage offer expires. 2. Must a buyer move in immediately after completion for a new build? |
Re: Living In The UK: Property,Mortgage And Related by Estroller: 2:45pm On Feb 08 |
profemebee: 1 Like |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 4:47pm On Feb 08 |
thanks for this.. I will consider all these.. cant be paying both places ooo.. Hopefully, any mortgage lender i use will not immediately expect mortgage payments.. [quote author=Estroller post=128353791][/quote] |
Re: Living In The UK: Property,Mortgage And Related by Santa2: 8:06pm On Feb 08 |
profemebee: I understand you get like a month or two before repayments start to kick in, |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 9:49pm On Feb 08 |
this will be perfect but i guess it will be prorated so that means maybe 6-8weeks mortgage payment initially then the normal mortgage amount Santa2: 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Solumtoya: 12:14am On Feb 09 |
Santa2: Not true... They won't give you even 1 day off. I made my first repayment exactly 1 month after the completion and it was prorated for almost 7 weeks. Completed 15th Dec, paid first Mortgage repayment 15th Jan for half of December and whole of January. 1 Like |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 9:54am On Feb 09 |
from my understanding, i think he is saying same thing as you.. the payment isn't immediate but like i added, it will be prorated 7 weeks tho ..... lol that's tough sha Solumtoya: |
Re: Living In The UK: Property,Mortgage And Related by mohtunrahyor(f): 9:37pm On Feb 09 |
profemebee:According to Moneybox, from receipt of the form, the whole process can take up to 10 working days if the request is for a full withdrawal of funds. Please note that this withdrawal can take longer if the customer is still contributing to their Lifetime ISA and/or requests that any pending government bonuses are also paid as part of the withdrawal. Our solicitor received the funds from Moneybox within 3 - 4 working days after Moneybox received an email from the solicitor. My husband- 3 working days Mine - 4 working days because Solicitor responded to mine late, they thought it’s one LISA. 1 Like |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 3:51am On Feb 10 |
these timelines are not bad .. i will plan around this timeline... thanks mohtunrahyor: |
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 6:43pm On Feb 11 |
New builds palaver.......... Our newbuild dream turned into a nightmare: Homeowners reveal horror of being ‘trapped’ in £400k ho… https://mol.im/a/13066187 via https://dailym.ai/android |
Re: Living In The UK: Property,Mortgage And Related by justwise(m): 6:47am On Feb 12 |
Lexusgs430: I'm never a fan of new build, overpriced, hidden construction issues that takes sometimes 2-3yrs to surface . Rather buy old and renovate 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 8:31am On Feb 12 |
justwise: Don't let the japa generation hear you o ...... They would start quoting NHBC ........😂😜 2 Likes |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 9:52am On Feb 12 |
both have their pros and cons.... with old build, you will spend way more to renovate etc.. with new build, the developer can go into administration like this example.. Just go with your heart and what your money can manage.. and do your due diligence so many articles to read.. https://www.whitegates.co.uk/news/new-build-vs-old-build https://www.whitegates.co.uk/news/new-build-vs-old-build https://goodmove.co.uk/blog/buying-advice/new-build-vs-old-house-which-is-best/ https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/new-build-vs-existing-home/ https://www.comparemymove.com/advice/new-build-homes/new-build-vs-old-build https://aspenwoolf.co.uk/resources/property-news/category/tips/new-builds-vs-old-builds-which-is-more-profitable/ Lexusgs430: 1 Like 1 Share |
Re: Living In The UK: Property,Mortgage And Related by justwise(m): 11:07am On Feb 12 |
Lexusgs430: Aren’t we used to that now? |
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 11:09am On Feb 12 |
profemebee: You have said it all and provoked a reaction..... It's simply a matter of choice....... Same way some men love orobo's, whilst another set of men, only prefer leepa's....... 🤣😜 . 2 Likes |
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 11:11am On Feb 12 |
justwise: Maybe they don't know, old builds can also be made energy efficient........ ⚡😂 1 Like |
Re: Living In The UK: Property,Mortgage And Related by justwise(m): 11:13am On Feb 12 |
Lexusgs430: 100% and I think govt pays for it or some of the cost? 1 Like |
Re: Living In The UK: Property,Mortgage And Related by Lexusgs430: 11:14am On Feb 12 |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 11:58am On Feb 12 |
please explain oooo.. we need to learn.. justwise: 1 Like |
Re: Living In The UK: Property,Mortgage And Related by profemebee(m): 11:59am On Feb 12 |
while i'm in the middle.. slim thick Lexusgs430: |
Re: Living In The UK: Property,Mortgage And Related by Estroller: 7:22pm On Feb 12 |
profemebee: https://www.gov.uk/apply-great-british-insulation-scheme 4 Likes |
Re: Living In The UK: Property,Mortgage And Related by Tier4Dependant: 1:24pm On Feb 15 |
But old build was once a new build Meaning these new builds will become an old build someday I don confuse sef 🤦♂️ 1 Like |
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