₦airaland Forum

Option C: There’s nothing like not finding property in that particular location. The idea that you’re getting a good deal is probably clouding your judgment. Option A is the other choice. Option B is a definite no. Five years is a long time. It all depends on how long you’ve saved to have the required deposit. The idea is to try and save until the rate comes down or look for a two-year option. Don’t make a bad deal just because you want to get into the mortgage market.

D1uncle:
Option C: There’s nothing like not finding property in that particular location. The idea that you’re getting a good deal is probably clouding your judgment. Option A is the other choice. Option B is a definite no. Five years is a long time. It all depends on how long you’ve saved to have the required deposit. The idea is to try and save until the rate comes down or look for a two-year option. Don’t make a bad deal just because you want to get into the mortgage market.

Wait...are you saying rate fixed for 5 years is not a good option?

babajeje123:
Wait...are you rate fixed for 5 years is not a good option?

Yes. The rate is fixed for 5 years. I have now put the idea on hold and wait till next year.

babajeje123:
Wait...are you saying rate fixed for 5 years is not a good option?

If he goes with the fixed five-year deal, he will have to pay an extra £18,000 due to the lack of deposit funds.

elengine:
Dilemma pls help;

Option A- a new build with deposit unlock and 1040 GBP monthly payment. The ish is my wife and children do not like the area.

Option B- same size of the house. No deposit unlock and I don't have 10% contribution. I have a mortgage at 95% but the interest rate is over the roof. Monthly payment of 1500 GBP fixed for 5 years. My family likes the area and we don't need to relocate school. If I have 10% I would pay 1200 GBP monthly. Nice location and it comes with solar panel. The price of the house is more than the above.

Option C- If I don't buy now, I may not see the opportunity to own house in that area. In the end, I may be paying rent of 1250 to 1300 monthly starting from next year. Advice please

Can you truly afford to go with option B, because in the end affordability is what matters the most. If you must buy now, option A sounds more like it if you can convince the family. Any particular reason why they don't like the area?

elengine:
Dilemma pls
Advice please

Option B is not even an option. Scratch that.

Is option A a developer's deal? How many houses are being built there? Has it started, mid development or finished?

What are the issues with the area of option A? Is it just gut feel? Will the kids need to change schools? How old are your children?

Waiting is always an option. You'll just buy later or buy something smaller as a stepping stone.

As seen on a Facebook page this morning. So Barclays can give mortgage to those on one year visa (15%) . I think their rules are changing. I also applied directly to Barclays although I am close to three years here and the Barclays Bank mortgage officer was telling me that they can even give me for 5% deposit. I didn’t want 5% as I was more comfortable with 10% deposit.

Hi,

I assume you’ve been on a skilled work visa for close to 3 years, hence the 5% deposit offer.

Please do you know if they can also extend same offer to someone who is 2.6 years old in the UK but not on a skilled work visa yet?

Thanks

mex551:
As seen on a Facebook page this morning. So Barclays can give mortgage to those on one year visa (15%) . I think their rules are changing. I also applied directly to Barclays although I am close to three years here and the Barclays Bank mortgage officer was telling me that they can even give me for 5% deposit. I didn’t want 5% as I was more comfortable with 10% deposit.

To Elders in the house

At what percentage does additional deposit fund make little or no impact in the overall monthly payment.
For instance anything above 20% does not yield a lot of changes in the monthly payment.

That leads to the question of what is the best percentage of downpayment

DadR:
Hi,

I assume you’ve been on a skilled work visa for close to 3 years, hence the 5% deposit offer.

Please do you know if they can also extend same offer to someone who is 2.6 years old in the UK but not on a skilled work visa yet?

Thanks

I don’t know. But just walk into a Barclays Bank and give it a trial. It’s free.

fetomowo:
To Elders in the house

At what percentage does additional deposit fund make little or no impact in the overall monthly payment.
For instance anything above 20% does not yield a lot of changes in the monthly payment.

That leads to the question of what is the best percentage of downpayment

25%–30% might be a sweet spot. However, the impact on your wallet might not be worth that large of an upfront payment. Unless you can afford it. Personally, I believe the best percentage is the one you can afford, especially when you factor in other costs associated with buying a home like solicitor's fees, surveys, moving, decorating, savings for unplanned fixes etc. Many lenders allow you to overpay by 10% annually, and this helps to reduce your monthly payment.

@ Ticha, You once mentioned that you got a large amount deducted from the asking price on a property after a survey report. How did this happen, did your solicitor renegotiate the price for you with their solicitor or did you have to go back to the estate agent?

kwakudtraveller:
@ Ticha, You once mentioned that you got a large amount deducted from the asking price on a property after a survey report. How did this happen, did your solicitor renegotiate the price for you with their solicitor or did you have to go back to the estate agent?

yea, I need that template as well. Madam Ticha, your students are waiting for you, how did you go about it?

deept:
yea, I need that template as well. Madam Ticha, your students are waiting for you, how did you go about it?

😅😅 @ students
Kwakwudtraveller - we did a L3 survey then got a builder to price up what needed doing in particular sorting 2 damp outside walls and the foundations to the part of the house adjoining the garage. Part of the roof also needed redoing.
We had a budget for the renovations and essentially asked for a reduction in price for the costs above our allocated budget. It was approx £30k ish I think.

We went back to the agent (never met the owner) and sent over the relevant parts of the survey plus the builder quote and asked for the full amount off. After a few back and forth - through the agent - the seller agreed to discount the price. We essentially were prepared to walk away and the previous buyer had walked away due to the survey.

In the end we also pulled out of that purchase, much to my regret now as today we would not in our wildest dreams be able to buy that house! It was in a fantastic area of Bath but was very poorly looked after. The seller came back to us and asked us if we could give him the survey. We sold it to him for exactly how much we paid for it.

Ticha:
😅😅 @ students
Kwakwudtraveller - we did a L3 survey then got a builder to price up what needed doing in particular sorting 2 damp outside walls and the foundations to the part of the house adjoining the garage. Part of the roof also needed redoing.
We had a budget for the renovations and essentially asked for a reduction in price for the costs above our allocated budget. It was approx £30k ish I think.

We went back to the agent (never met the owner) and sent over the relevant parts of the survey plus the builder quote and asked for the full amount off. After a few back and forth - through the agent - the seller agreed to discount the price. We essentially were prepared to walk away and the previous buyer had walked away due to the survey.

In the end we also pulled out of that purchase, much to my regret now as today we would not in our wildest dreams be able to buy that house! It was in a fantastic area of Bath but was very poorly looked after. The seller came back to us and asked us if we could give him the survey. We sold it to him for exactly how much we paid for it.

Thanks, Ticha. You’re always so helpful. Quick last question. Did the builder need to visit the property to give an accurate quote, or was the survey enough for that?

kwakudtraveller:
Thanks, Ticha. You’re always so helpful. Quick last question. Did the builder need to visit the property to give an accurate quote, or was the survey enough for that?

He visited the property. We wanted a proper quote as we were asking for a huge reduction - about 11% of the initially agreed price

Ticha:
He visited the property. We wanted a proper quote as we were asking for a huge reduction - about 11% of the initially agreed price

This makes absolute sense. Thanks for the insight.

So, we picked up our new (to us) house keys yesterday.

Offer to completion took just shy of 7 months, but it really could and should have been much shorter, maybe even just a couple of months. Sellers' first lawyers were just unresponsive and then the new ones they got four months in missed something crucial that made us have to go back to the land registry a day before our original target completion date, and then spend an additional three weeks sorting it out till we exchanged and completed yesterday (same day).

I've said all the above to plead with you to please in the name of God don't go for the cheapest lawyers you find online because you want to save a few hundred quid. If you do you might end up with an online-only, call center-esque law firm like our sellers' one.

Another issue was the AML checks we had to do for our broker. We had to submit close to two years' worth of statements from multiple bank and investment accounts and it was extremely frustrating, albeit understandable in the circumstances.

Other than those, it was all good and we're really stoked to get started doing up the house. We only viewed three houses because we had very specific requirements (particularly a spare ground floor room that'd function as a home gym). We were initially tempted by one 1930s house but after meeting the owners on the second viewing we realized there were many issues the agents had glossed over. The owner literally told us "I haven't done a lot of maintenance I should have because I don't have the money." We ran away as fast our legs would carry us.

Second one was good but on the small side, had an awkward multi-level garden and most crucially was in a very inconvenient location.

The one we went for was perfect in all respects - very large main house and with a garage + home office extension. Also, madam fell in love with it as soon as she saw the large garden and excercised her veto power - even though it'll be me mowing the lawn but wetin man go do?

Thanks to everyone here, particularly madam Ticha for all the guidance here and directly, and to the person who first posted about it being possible to get a mortgage without having spent 2 years in the country.

Goodenoch:
So, we picked up our new (to us) house keys yesterday.

Congratulations 😍🥳💥💯
This is very awesome news! Wishing you many happy years of memories there!

PS - the house buying process here is bonkers and archaic! Not sure why England and Wales have not followed in Scotland's footsteps

Goodenoch:
So, we picked up our new (to us) house keys yesterday.

Offer to completion took just shy of 7 months, but it really could and should have been much shorter, maybe even just a couple of months. Sellers' first lawyers were just unresponsive and then the new ones they got four months in missed something crucial that made us have to go back to the land registry a day before our original target completion date, and then spend an additional three weeks sorting it out till we exchanged and completed yesterday (same day).

I've said all the above to plead with you to please in the name of God don't go for the cheapest lawyers you find online because you want to save a few hundred quid. If you do you might end up with an online-only, call center-esque law firm like our sellers' one.

Another issue was the AML checks we had to do for our broker. We had to submit close to two years' worth of statements from multiple bank and investment accounts and it was extremely frustrating, albeit understandable in the circumstances.

Other than those, it was all good and we're really stoked to get started doing up the house. We only viewed three houses because we had very specific requirements (particularly a spare ground floor room that'd function as a home gym). We were initially tempted by one 1930s house but after meeting the owners on the second viewing we realized there were many issues the agents had glossed over. The owner literally told us "I haven't done a lot of maintenance I should have because I don't have the money." We ran away as fast our legs would carry us.

Second one was good but on the small side, had an awkward multi-level garden and most crucially was in a very inconvenient location.

The one we went for was perfect in all respects - very large main house and with a garage + home office extension. Also, madam fell in love with it as soon as she saw the large garden and excercised her veto power - even though it'll be me mowing the lawn but wetin man go do?

Thanks to everyone here, particularly madam Ticha for all the guidance here and directly, and to the person who first posted about it being possible to get a mortgage without having spent 2 years in the country.

Congratulations

Ticha:
Congratulations 😍🥳💥💯
This is very awesome news! Wishing you many happy years of memories there!

PS - the house buying process here is bonkers and archaic! Not sure why England and Wales have not followed in Scotland's footsteps

Thank you very much!

Estroller:
Congratulations

Thank you very much!

Congrats!

Goodenoch:
So, we picked up our new (to us) house keys yesterday.

Offer to completion took just shy of 7 months, but it really could and should have been much shorter, maybe even just a couple of months. Sellers' first lawyers were just unresponsive and then the new ones they got four months in missed something crucial that made us have to go back to the land registry a day before our original target completion date, and then spend an additional three weeks sorting it out till we exchanged and completed yesterday (same day).

I've said all the above to plead with you to please in the name of God don't go for the cheapest lawyers you find online because you want to save a few hundred quid. If you do you might end up with an online-only, call center-esque law firm like our sellers' one.

Another issue was the AML checks we had to do for our broker. We had to submit close to two years' worth of statements from multiple bank and investment accounts and it was extremely frustrating, albeit understandable in the circumstances.

Other than those, it was all good and we're really stoked to get started doing up the house. We only viewed three houses because we had very specific requirements (particularly a spare ground floor room that'd function as a home gym). We were initially tempted by one 1930s house but after meeting the owners on the second viewing we realized there were many issues the agents had glossed over. The owner literally told us "I haven't done a lot of maintenance I should have because I don't have the money." We ran away as fast our legs would carry us.

Second one was good but on the small side, had an awkward multi-level garden and most crucially was in a very inconvenient location.

The one we went for was perfect in all respects - very large main house and with a garage + home office extension. Also, madam fell in love with it as soon as she saw the large garden and excercised her veto power - even though it'll be me mowing the lawn but wetin man go do?

Thanks to everyone here, particularly madam Ticha for all the guidance here and directly, and to the person who first posted about it being possible to get a mortgage without having spent 2 years in the country.

Goodenoch:
So, we picked up our new (to us) house keys yesterday.

Offer to completion took just shy of 7 months, but it really could and should have been much shorter, maybe even just a couple of months. Sellers' first lawyers were just unresponsive and then the new ones they got four months in missed something crucial that made us have to go back to the land registry a day before our original target completion date, and then spend an additional three weeks sorting it out till we exchanged and completed yesterday (same day).

I've said all the above to plead with you to please in the name of God don't go for the cheapest lawyers you find online because you want to save a few hundred quid. If you do you might end up with an online-only, call center-esque law firm like our sellers' one.

Congratulations bro. More wins to come. This lawyer matter is my story, it feels like we paid for a snail lawyer that’s equally not proactive. Anyhow sha lessons learned and thanks for sharing your story. 💪🏿

Goodenoch:
So, we picked up our new (to us) house keys yesterday.

Congrats... welcome to the club

Ticha:
😅😅 @ students
Kwakwudtraveller - we did a L3 survey then got a builder to price up what needed doing in particular sorting 2 damp outside walls and the foundations to the part of the house adjoining the garage. Part of the roof also needed redoing.
We had a budget for the renovations and essentially asked for a reduction in price for the costs above our allocated budget. It was approx £30k ish I think.

We went back to the agent (never met the owner) and sent over the relevant parts of the survey plus the builder quote and asked for the full amount off. After a few back and forth - through the agent - the seller agreed to discount the price. We essentially were prepared to walk away and the previous buyer had walked away due to the survey.

In the end we also pulled out of that purchase, much to my regret now as today we would not in our wildest dreams be able to buy that house! It was in a fantastic area of Bath but was very poorly looked after. The seller came back to us and asked us if we could give him the survey. We sold it to him for exactly how much we paid for it.

Yes o, you are our ticha and we learn from you.

in same situation. L3 survey is bringing up some issues. Not the dream property but has loads of potential. Madam has highlighted her red line, some of the other issues will be costed and we will ask for discount off the initial agreed price.

https://www.thisismoney.co.uk/money/mortgageshome/article-14002359/Owning-home-cheaper-renting-falling-mortgage-rates-widen-gap.html

Owning a property, is now more cheaper than renting (without all the landlords wahala)...... 😁

Your lender no go stress you, if you do normal........ 😁

UK net mortgage approvals edged up in September – the highest level in more than two years – after the interest rate cut at the start of August lured more buyers back to the market. Mortgage approvals on house purchases for September sit at 65,647 up (+1.1%) from 64,958

Approvals edged up for a reason....... 😁

How do you think the increase in additional rate stamp duty form 3% to 5% will affect the housing market, BTL and rental market?

deept:
How do you think the increase in additional rate stamp duty form 3% to 5% will affect the housing market, BTL and rental market?

It would have no impact...... What goes in stamp duty, is compensated for in better interest rates.........

Buyers would not stop buying, because of a 2% increase...... 😁

Does it seem like rates will come down further?

With the first time buyer stamp duty threshold coming down from £425k to 300K. Buyers in the South will have more to worry about.

Lexusgs430:
It would have no impact...... What goes in stamp duty, is compensated for in better interest rates.........

Buyers would not stop buying, because of a 2% increase...... 😁

lightnlife:
Does it seem like rates will come down further?

With the first time buyer stamp duty threshold coming down from £425k to 300K. Buyers in the South will have more to worry about.

Does not mean they would not buy, though......

You have 2/3 options......

- Find the extra funds.....
- Relocate to fall within......
- Don't buy and continually rent.......

One cannot cut nose, to spite face ....... 👃😂