₦airaland Forum

EJIOGBENIMI:
Pls how do I go about this??
A property I made an offer on Wednesday has been changed to “under offer”. I have seen another property that ticked even more boxes today and I am due to inspect it on Monday afternoon. I may honestly go for this based on the location and some other factors.

Do I need to send the first agent a message or wait till I’ve inspected the property on Monday evening? They tried to reach me today, I didn’t pick it as I’m not even sure of what to tell them. The seller was very pleasant when I went for inspection but then…

Did they confirm that it’s your offer that has been accepted? Buying a home is a huge decision, and you can back out at any stage. My advice would be to cancel your offer until you have a strong feeling that you truly want that property. Even then, make sure to research the neighborhood and everything else thoroughly before making a commitment.

D1uncle:
Did they confirm that it’s your offer that has been accepted? Buying a home is a huge decision, and you can back out at any stage. My advice would be to cancel your offer until you have a strong feeling that you truly want that property. Even then, make sure to research the neighborhood and everything else thoroughly before making a commitment.

It’s my offer. I received the emails for the every progress made and everything seems to be going smoothly. They were the ones that suggested the mortgage advisor and the solicitor to me. I’ll send them an email as soon as I can on Monday. The other property is better positioned for my daily commute and I can easily commute to work on my bicycle. With the offer locked in, I’ll need to stick to my car, which I was ready to do before seeing the better positioned property.

sholadele4:
I went with Barclays 5 years fixed deal. The interest rate is 4.62%. 90% LTV.

Pls how long did it take to get your mortgage offer from Barclays? My mortgage advisor submitted my application since 11th of April and I haven't heard from them today the 3rd of May. I'm getting worried...

Ujuolu:
Pls how long did it take to get your mortgage offer from Barclays? My mortgage advisor submitted my application since 11th of April and I haven't heard from them today the 3rd of May. I'm getting worried...

Are you sure the application was submitted..... Why not call barclays.....

Ujuolu:
Pls how long did it take to get your mortgage offer from Barclays? My mortgage advisor submitted my application since 11th of April and I haven't heard from them today the 3rd of May. I'm getting worried...

It didn’t take more than 3 days.

Ujuolu:
Pls how long did it take to get your mortgage offer from Barclays? My mortgage advisor submitted my application since 11th of April and I haven't heard from them today the 3rd of May. I'm getting worried...

Very unlikely.

There is a possibility they raised some queries which the broker (I presume you are using one) responded to without notifying you. You can check with them

£250 monthly overpayment will save me £91,000 in interest in 25 years when fully paid off...


What will your overpayment save you in interest?

ukay2:
£250 monthly overpayment has saved me £91,000 in interest in 1 yr and 6 months...


What has your overpayment saved you in interest?

Has saved or will save you £91,000 over the lifetime of the mortgage assuming you continue to overpay by that sum throughout the term?

Two very different things.

Goodenoch:
Has saved or will save you £91,000 over the lifetime of the mortgage assuming you continue to overpay by that sum throughout the term?

Two very different things.

will save oo

Goodenoch:
Has saved or will save you £91,000 over the lifetime of the mortgage assuming you continue to overpay by that sum throughout the term?

Two very different things.

. Assuming you invest £250 monthly in S&P500, how much will it yield in 25years?

I asked Mr Ai😀😀😀

mex551:
. Assuming you invest £250 monthly in S&P500, how much will it yield in 25years?

I asked Mr Ai😀😀😀

The comparison is not equal because if you overpay your mortgage and reduce the term as a result, you will then be able to invest what you would usually pay for the mortgage + the overpayment. E.g. if that 250 overpayment reduces your term by 5 years, you would then invest the normal mortgage sum + the 250 over the remaining 5 years.

I've modeled it thanks to ChatGPT and even though the difference is not as stark as 330k v 90k, it's still a lot of money with our figures, so I'm now evaluating whether it would be better for us to stop overpaying. It reminds me of what Madam Ticha once said about not wanting to pay off any mortgage early because of how low the interest is.

Obvs there are other factors like whether one will be able to not touch that money for the duration, and the psychological benefit of being mortgage free. Thanks for sharing.

It seems we still don't get the business side of real estate in the UK. Overpaying your mortgage could necessarily not be the smartest move, infact, real estate wealth was not created by paying off your mortgage rather it comes from the increase in value of the property. As the value of your property increases, the size of your loan decreases.
That is why location is the utmost priority in real estate deals. Don't just buy a house cos of its proximity to your workplace or school. There are various websites that project property values(both sales and lettings) within your localities. I used one of them when I was buying. I will look for it when I'm free.
In a nutshell, I would rather save that overpayment along with my equity and reinvest in another property or other profitable business.

You should be free by now just a reminder.

Diplomacy2020:
…, real estate wealth was not created by paying off your mortgage rather it comes from the increase in value of the property. As the value of your property increases, the size of your loan decreases.
That is why location is the utmost priority in real estate deals. Don't just buy a house cos of its proximity to your workplace or school. There are various websites that project property values(both sales and lettings) within your localities. I used one of them when I was buying. I will look for it when I'm free.

sholadele4:
It didn’t take more than 3 days.

I don't know if its because I am a first time buyer. My case manager sent me an email that the underwriters is still reviewing my income, they sent a query which has been replied.

If I call Barclays directly, I don't have a reference number for my application. Honestly, my mortgage advisor is not helping at all. I wish I can change him.

Resurgent2016:
Very unlikely.

There is a possibility they raised some queries which the broker (I presume you are using one) responded to without notifying you. You can check with them

He submitted the application alone. There's really no much communication from his side. Although he mentioned that the application will take 4 -6 weeks to be approved.

House,

I have just been given a quote of £ 4,137.98 for conveyancing for a new build.

I feel this is on the high side. What do you think pls?

Diplomacy2020:
It seems we still don't get the business side of real estate in the UK. Overpaying your mortgage could necessarily not be the smartest move, infact, real estate wealth was not created by paying off your mortgage rather it comes from the increase in value of the property. As the value of your property increases, the size of your loan decreases.
That is why location is the utmost priority in real estate deals. Don't just buy a house cos of its proximity to your workplace or school. There are various websites that project property values(both sales and lettings) within your localities. I used one of them when I was buying. I will look for it when I'm free.
In a nutshell, I would rather save that overpayment along with my equity and reinvest in another property or other profitable business.

Good submission. Inflation erodes debt while capital gains does the heavy lifting

It's difficult to quantify the peace of mind that comes with a paid off mortgage though or one well paid down as we advance towards retirement.

For investment purcahses, even a conservative person can adopt a purely business based approach.

MonkeySee:
House,

I have just been given a quote of £ 4,137.98 for conveyancing for a new build.

I feel this is on the high side. What do you think pls?

Pls what & what is included? Mine is £6,641. I'm in Scotland and Stamp duty is paid for property worth £250k and above.

Ujuolu:
Pls what & what is included? Mine is £6,641. I'm in Scotland and Stamp duty is paid for property worth £250k and above.

see attached

Mine is for a property new build

MonkeySee:
see attached

Mine is for a property new build 180k in North East

Wow, that's a lot of fees to pay.

My quotation is straightforward and easy to understand. I would suggest you get another quote from a different solicitor.

See the attachment below for reference.

fetomowo:
You should be free by now just a reminder.

Sorry mate. Some of the sites are bricksandlogic.co.uk
housemetric.co.uk

ok I will try another Solicitor. Thanks

Ujuolu:
Wow, that's a lot of fees to pay.

My quotation is straightforward and easy to understand. I would suggest you get another quote from a different solicitor.

See the attachment below for reference.

Ujuolu:
Pls what & what is included? Mine is £6,641. I'm in Scotland and Stamp duty is paid for property worth £250k and above.

I’m also buying in Scotland, ahead of my planned relocation there. Things seem to be done differently there. Sellers already have their survey and valuation done. Would you advise that I do my own survey prior to signing the mortgage? The house seems okay for the price and the survey didn’t highlight anything.

.

dannytoe:
Instead of reforming tax distribution, improving social care policies and stopping illegalls arriving on small boats and restricting graduate visa to graduates from STEM courses like it's done in the USA. They want to put all out restrictions on graduate visa for all intl students.
Far worse; Labour is now trying in a haste to compete with reforms hardline and far right immigration policies like proposing 10yrs ILR route for all currently on skilled worker visa , however, on a desperate measure painfully.

The recent council election has caused labour to "panic" a precursor for erratically made decisions wish doesn't end well with politicians in power atleast .
It's like an airline pilot mide-air with an engine fire suddenly. The Wrong thing to do is to panic.
Right thing to do is to remain calm and follow safety checklist and precautions.

Now - despite the fact that we have a major shortage of care workers, Labour is now going to ban the recruitment of overseas careworkers who are willing and want to do this work. I'm not sure what Labour is aiming for here, It seems they are intent on losing the next election. I can't imagine too many pensioners voting for Labour and pensioners can well determine the outcome of a general election in the UK.
@jedisco

I agree but I think you’ve posted in the wrong thread.

Congratulations on your Mortgage journey .


This looks like a good rate. My cousin got 4.83% from her mortgage advisor. Please do you have up to 3 years residency in the UK.

He claimed she could not get better competitive rate as most lenders would require minimum of 3-5 years of living in the UK.

Please what mortgage advisor did you use.

Keeky08:
Good afternoon all, my mortgage broker got secured a mortgage with me from HSBC and I’m surprised because I’ve never heard anyone mention them here, it’s mostly Barclays. We are currently on a post study visa and they got us a rate of 4.44%. Is it okay to go with them or is it possible that they’re missing something?

Good morning Everyone,
Please could you advise.
The searches has come back on a property we are interested in stating it could affected by past underground coal mining.

Further states there are reserves of coal which could be worked on in future.

Please what do you advise.
Should we walk away.

Peerielass:
I agree but I think you’ve posted in the wrong thread.

Thank you, i just realised.

Lalaity:
Good morning Everyone,
Please could you advise.
The searches has come back on a property we are interested in stating it could affected by past underground coal mining.

Further states there are reserves of coal which could be worked on in future.

Please what do you advise.
Should we walk away.

Before..mortgage is 30yrs o.

Keys Collected!
I’ve been a quiet follower of this thread for a while now, and the amount of support and information I’ve gained from this community has been incredible. I want to sincerely thank everyone who has shared their knowledge and offered guidance along the way.

I’m excited to share that our first home-buying journey has officially come to an end—exactly 2 years and 7 months after arriving in the UK. We picked up the keys on the 28th March 2025!
It’s a 3-bedroom semi-detached home with 3 toilets, built in 2019. I knew it was the one the moment I saw it, after what felt like endless viewings.
• Offer Accepted: October 2024
• Mortgage Approved: December 2024 (thanks to Skipton, approved in just 2 days)
• Completion Date: 28th March 2025

Special thanks to Lexusgs430 for his endless patience and invaluable advice—he never got tired of answering all my questions!

AdeAde1805:
Keys Collected!
I’ve been a quiet follower of this thread for a while now, and the amount of support and information I’ve gained from this community has been incredible. I want to sincerely thank everyone who has shared their knowledge and offered guidance along the way.

I’m excited to share that our first home-buying journey has officially come to an end—exactly 2 years and 7 months after arriving in the UK. We picked up the keys on the 28th March 2025!
It’s a 3-bedroom semi-detached home with 3 toilets, built in 2019. I knew it was the one the moment I saw it, after what felt like endless viewings.
• Offer Accepted: October 2024
• Mortgage Approved: December 2024 (thanks to Skipton, approved in just 2 days)
• Completion Date: 28th March 2025

Special thanks to Lexusgs430 for his endless patience and invaluable advice—he never got tired of answering all my questions!

Congratulations...... 🎊💐🎊💐