₦airaland Forum

D1uncle:
You don’t need to tell the estate agent that your deposit is not complete. Just provide a mortgage in principle along with the ID check. It’s your mortgage advisor who needs to know about the deposit, and that depends on how long you need to save the remaining balance, bearing in mind that there are other associated costs.

Thank you for your response. I have already put all costs into consideration. I was thinking they will ask for my bank statement or proof of deposit before accepting the offer. Thanks for clarifying

NewT123:
Thank you for your response. I have already put all costs into consideration. I was thinking they will ask for my bank statement or proof of deposit before accepting the offer. Thanks for clarifying

Why your deposit may not be a major concern:
It depends on your personal situation. You can be approved with a 5%, 10%, or 15% deposit, and the interest rates will vary depending on the deposit size, so it’s up to you to decide what works best.

You can start with a 5% deposit and instruct a solicitor before applying through a mortgage advisor. Sometimes property sales take longer, and you can also buy yourself more time by delaying documents when your solicitor requests them.

NewT123:
Thank you for your response. I have already put all costs into consideration. I was thinking they will ask for my bank statement or proof of deposit before accepting the offer. Thanks for clarifying

You will need to have the complete proof of deposit before you get a Mortgage offer

Mortgage offer is different from AIP

D1uncle:
Why your deposit may not be a major concern:
It depends on your personal situation. You can be approved with a 5%, 10%, or 15% deposit, and the interest rates will vary depending on the deposit size, so it’s up to you to decide what works best.

You can start with a 5% deposit and instruct a solicitor before applying through a mortgage advisor. Sometimes property sales take longer, and you can also buy yourself more time by delaying documents when your solicitor requests them.

Thanks bro

MonkeySee:
You will need to have the complete proof of deposit before you get a Mortgage offer

Mortgage offer is different from AIP

Thanks bro. Sure the deposit and other associated cost will be ready before my mortgage application. I just didn’t want to miss out on a property that met all my criteria.

NewT123:
Thanks bro. Sure the deposit and other associated cost will be ready before my mortgage application. I just didn’t want to miss out on a property that met all my criteria.

After your offer has been accepted

You will need to submit 3 months bank statements to the bank as proof of funds in order to get a Mortgage offer. You will need to have the complete deposit in order to proceed forward.

MonkeySee:
After your offer has been accepted

You will need to submit 3 months bank statements to the bank as proof of funds in order to get a Mortgage offer. You will need to have the complete deposit in order to proceed forward.

Sure, I would have gotten everything ready by then. Thanks bro

ehizario2012:
Thank you. Our limit is currently 1500 each, we're thinking of drawing like 300 each for this month. That drop in credit score was annoying.

Credit score, especially minor fluctuations, is not aa important as you think. Ignore it, as long as you are doing things right.

Meogom:
Hello guys. Please I need your input.
So we've agreed 25th July for completion, and solicitor say contracts would be exchanged this coming week, no chains.
We went ahead to buy some household stuff from curry's on finance (£1640 @0% interest for 12 months). Now estate agent asked that hope we've not gone buying stuff, told her we bought some stuff, she said she was going to get in touch with Barclays to ask if it's a problem, but that we should tell the solicitor to hold on the exchange till we get feedback.
Abeg what should we do in this instance, cos I don't want to tell the solicitor to hold on.
Whats the implications and the worst case scenario, Could Barclays withdraw the mortgage offer cos of this?
We have some funds available for setting up the house, do we just use this to pay the credit?

Finally got the keys on Friday as planned after all the Barclays drama. This forum has been a huge source of inspiration and a great bank of information. Reading about people's mortgage journey and learning from them, people sharing insights, all the banter and vibes ati be be lo. Thanks so much to this great house.
Now phase 2 begins, putting the house in order, all my DIY skills will severely put to test, we go dey do am small small.
And @Lexusgs430, no pressure

Meogom:
Finally got the keys on Friday as planned after all the Barclays drama. This forum has been a huge source of inspiration and a great bank of information. Reading about people's mortgage journey and learning from them, people sharing insights, all the banter and vibes ati be be lo. Thanks so much to this great house.
Now phase 2 begins, putting the house in order, all my DIY skills will severely put to test, we go dey do am small small.
And @Lexusgs430, no pressure

Congratulations! All the best in your new home.

Meogom:
Finally got the keys on Friday as planned after all the Barclays drama. This forum has been a huge source of inspiration and a great bank of information. Reading about people's mortgage journey and learning from them, people sharing insights, all the banter and vibes ati be be lo. Thanks so much to this great house.
Now phase 2 begins, putting the house in order, all my DIY skills will severely put to test, we go dey do am small small.
And @Lexusgs430, no pressure

Congratulations.... Operation Fire your landlord...... 💐🎊🎉

That phase 2, no dey finish..... It comes back at certain stages, so enjoy the intervals...... 🤣😁

RENT MONEY IS STILL DEAD MONEY...... 😀💵💰

Meogom:
Finally got the keys on Friday as planned after all the Barclays drama. This forum has been a huge source of inspiration and a great bank of information. Reading about people's mortgage journey and learning from them, people sharing insights, all the banter and vibes ati be be lo. Thanks so much to this great house.
Now phase 2 begins, putting the house in order, all my DIY skills will severely put to test, we go dey do am small small.
And @Lexusgs430, no pressure

Congratulations..... DIY saving money since 100BC.


Next thing is to continue to invest in your ISA accounts and invest in the US stocks....

ukay2:
Congratulations..... DIY saving money since 100BC.


Next thing is to continue to invest in your ISA accounts and invest in the US stocks....

Doc, I hail oo how is work and family it been long seeing your insight on NSEMPA

Got our keys yesterday!!!
Reading through this thread really helped me navigate through the process.
Mortgage with Barclays -4.3% at 75% LTV.

Please what do you suggest on building insurance? Any particular thing to look out for? I’m seeing fair prices on compare.com, mortgage advisor is showing me a relatively higher figure for a pretty similar thing.

Mortgage advisors are always high for some weird reason. I remember the guy sent me a threatening email to take theirs and I was like WTF .. Guess target never reach . Ignore them, comparethemarket and choose which best suites you.

EJIOGBENIMI:
Got our keys yesterday!!!
Reading through this thread really helped me navigate through the process.
Mortgage with Barclays -4.3% at 75% LTV.

Please what do you suggest on building insurance? Any particular thing to look out for? I’m seeing fair prices on compare.com, mortgage advisor is showing me a relatively higher figure for a pretty similar thing.

EJIOGBENIMI:
Got our keys yesterday!!!
Reading through this thread really helped me navigate through the process.
Mortgage with Barclays -4.3% at 75% LTV.

Please what do you suggest on building insurance? Any particular thing to look out for? I’m seeing fair prices on compare.com, mortgage advisor is showing me a relatively higher figure for a pretty similar thing.

One word...... COMMISSION..... 😊😁😂

Meogom:
Finally got the keys on Friday as planned after all the Barclays drama. This forum has been a huge source of inspiration and a great bank of information. Reading about people's mortgage journey and learning from them, people sharing insights, all the banter and vibes ati be be lo. Thanks so much to this great house.
Now phase 2 begins, putting the house in order, all my DIY skills will severely put to test, we go dey do am small small.
And @Lexusgs430, no pressure

Congrats

Good day all
Please can someone on healthcare visa tier 2 register a Ltd company or be a shareholder for BTL purposes?

Diplomacy2020:
Good day all
Please can someone on healthcare visa tier 2 register a Ltd company or be a shareholder for BTL purposes?

2 things here.

Someone on T2 can register a company or be a shareholder (restrictions apply).

If using funds from your company as your deposit, you may need to have 2yrs of trading history/tax returns.

Since you have a PAYE job, best might just be to state your deposit is savings from your PAYE role. If there are deposits from your company to your account and they ask, you could then say it's your company. This was the advise by my mortgage advisor when I applied. He didn't bring in my ltd co so the process could remain straightforward.

EJIOGBENIMI:
Got our keys yesterday!!!
Reading through this thread really helped me navigate through the process.
Mortgage with Barclays -4.3% at 75% LTV.

Please what do you suggest on building insurance? Any particular thing to look out for? I’m seeing fair prices on compare.com, mortgage advisor is showing me a relatively higher figure for a pretty similar thing.

Just remember don't insure it on the cost of your house but the cost of the building (after the land value has been subtracted). There is a site where you can get the value..don't recall it now.

jedisco:
2 things here.

Someone on T2 can register a company or be a shareholder (restrictions apply).

If using funds from your company as your deposit, you may need to have 2yrs of trading history/tax returns.

Since you have a PAYE job, best might just be to state your deposit is savings from your PAYE role. If there are deposits from your company to your account and they ask, you could then say it's your company. This was the advise by my mortgage advisor when I applied. He didn't bring in my ltd co so the process could remain straightforward.

Thanks for your prompt response.

I am asking for the purpose of ILR and not on mortgage.
My worry is the restriction on the visa that you can't do any other work or business outside the healthcare.

Diplomacy2020:
Thanks for your prompt response.

I am asking for the purpose of ILR and not on mortgage.
My worry is the restriction on the visa that you can't do any other work or business outside the healthcare.

You can register or be a shareholder of a company while on a visa but there are certain limitations- main one being how much time you spend working for your company. It should be less than 20hrs but this may not be provable and if a BTL, it shouldn't be an issue.

Hi guys, my property offer has been accepted and the estate agent is asking for proof of ID and my solicitor’s details so they can send the sales pack. However, I am still waiting on a good deal from my broker as the one I was offered had higher interest rates and compulsory product fees payable upfront. Do I wait till all is sorted before replying the estate agent right? Don’t want to leave too much communication gap and don’t want to commit without until i get a favourable mortgage offer. Although I have sent our ID to them and said I am still finalising with my solicitor and will let them know today

NewT123:
Hi guys, my property offer has been accepted and the estate agent is asking for proof of ID and my solicitor’s details so they can send the sales pack. However, I am still waiting on a good deal from my broker as the one I was offered had higher interest rates and compulsory product fees payable upfront. Do I wait till all is sorted before replying the estate agent right? Don’t want to leave too much communication gap and don’t want to commit without until i get a favourable mortgage offer. Although I have sent our ID to them and said I am still finalising with my solicitor and will let them know today

I am confused here. Are you referring to Mortgage in principle ? How can you get a mortgage offer when you have not applied or known the exact figures ? I thought you are supposed to first accept an offer , get a solicitor and then apply for mortgage? I am confused here. You are already taking of a favourable mortgage offer when you are not through with the basics.

Pardon me if I am missing something here

..

mex551:
I am confused here. Are you referring to Mortgage in principle ? How can you get a mortgage offer when you have not applied or known the exact figures ? I thought you are supposed to first accept an offer , get a solicitor and then apply for mortgage? I am confused here. You are already taking of a favourable mortgage offer when you are not through with the basics.

Pardon me if I am missing something here

My apologies, I am referring to a mortgage in principle. I had one prior to going for viewing but it didn’t come with the interest rate. Now after getting my offer accepted, my mortgage broker requested to do a more deeper dive to recalculate my affordability and offer a new agreement in principle, this time with the interest rate and other product fees.

NewT123:
My apologies, I am referring to a mortgage in principle. I had one prior to going for viewing but it didn’t come with the interest rate. Now after getting my offer accepted, my mortgage broker requested to do a more deeper dive to recalculate my affordability and offer a new agreement in principle, this time with the interest rate and other product fees.

If you've settled on a solicitor, you could send them their details while you finalise on a mortgage offer with a broker. The solicitors would still have to do searches e.t.c which takes time.
Regarding mortgage rates, Barclays tend to be relatively fair even for folks on visas. Their rates are available online and you could see where you fall - same with many providers.

jedisco:
If you've settled on a solicitor, you could send them their details while you finalise on a mortgage offer with a broker. The solicitors would still have to do searches e.t.c which takes time.
Regarding mortgage rates, Barclays tend to be relatively fair even for folks on visas. Their rates are available online and you could see where you fall - same with many providers.

Yea thanks, I have already sent my solicitor’s details to the estate agent

Interesting.... Perhaps an expansion

https://archive.is/iBcRv

Hi guys, I have got AIP from 2 different lenders with 2 different mortgage brokers. Lender A has an interest rate of 5.99% and the broker requires a broker fee of £800. Lender B has interest rate of 6.5% with no fee for the broker. Told broker B about lender A with a lower interest rate and broker B. Tried applying for AIP with lender A but said I won’t get a mortgage offer with A as my Visa has less than 2 years left. Broker B also saw another potential lender with 5.7% interest but with same requirements of 2 years left on visa.

My question is should I apply for a visa and do priority to get my visa above 2 years? ( dependent visa) my spouse has more than 2 years) just need to bring mine up to date with my spouse.

Can I apply alone without the kids and will that be an issue? Don’t have the funds for now to do for the kids as they have same 1 year and 11 months Visa with me. We have been in the Uk for 2 years and 10 months already.

Lastly my passport expires in November. If I am to proceed with applying for visa alone now, can I apply for visa with a passport less than 3 months validity?

NB. Couldn’t get an AIP directly from the bank due to my circumstances hence using a mortgage broker

NewT123:
Hi guys, I have got AIP from 2 different lenders with 2 different mortgage brokers. Lender A has an interest rate of 5.99% and the broker requires a broker fee of £800. Lender B has interest rate of 6.5% with no fee for the broker. Told broker B about lender A with a lower interest rate and broker B. Tried applying for AIP with lender A but said I won’t get a mortgage offer with A as my Visa has less than 2 years left. Broker B also saw another potential lender with 5.7% interest but with same requirements of 2 years left on visa.

My question is should I apply for a visa and do priority to get my visa above 2 years? ( dependent visa) my spouse has more than 2 years) just need to bring mine up to date with my spouse.

Can I apply alone without the kids and will that be an issue? Don’t have the funds for now to do for the kids as they have same 1 year and 11 months Visa with me. We have been in the Uk for 2 years and 10 months already.

Lastly my passport expires in November. If I am to proceed with applying for visa alone now, can I apply for visa with a passport less than 3 months validity?

NB. Couldn’t get an AIP directly from the bank due to my circumstances hence using a mortgage broker

The advice is to wait and increase your deposit. Those rates are not good. I think the current rate on a 10% deposit should be below 4.6%. I would advise you to wait until your situation aligns with the current rates.

NewT123:
Hi guys,

As D1uncle said, your rates are quite exorbitant.
Know people who got mortgages even with a few months left on their visa but individual circumstances differ. Have you looked at Barclays?

The housing market is quite tepid and building your deposit for next 6months ish may be a good way to proceed