₦airaland Forum

We got our Keys yesterday!

Thank you everyone for all the tips and assistance.

God bless you all.

It was a journey indeed.

From 31st August when we did reservation till now.

AOI2016:
Hi Guys,
I'm a FTB. I met my broker today and we get a lender Skipton.
I suggested fix rate of 5 years but my broker advice i go for 2years with rate at4.14 and 5years is 4.22.
He said the rate will continue to drop even in 2 years.
Please I need advice on what to do.
I am thinking of 5years for stability but what if the rate drops further.

This is a million dollar question........ We don't know what would happen in 2026 - 2031...... We might experience massive rate drops or increments beyond human comprehension.......

OmichaelO:
We got our Keys yesterday!

Thank you everyone for all the tips and assistance.

God bless you all.

It was a journey indeed.

From 31st August when we did reservation till now.

Congratulations.... No Xmas present is better than..... 🎄🎄😂🎄

Lexusgs430:
Remember when we had the discussion, about my gripe regarding Freetrade's SIPP charges...... 🤣😂

We have complained tire, they have finally listened..... Freetrade is finally scrapping all charges from next month...... 🤣😂

Freetrade, would now indeed be completely FREE.... 😊😁

Good one...

I just got my SIPP 20% top up... Will use it to buy more US equities and will claim remaining 20% from tax man... HMRC....

I am tempted to put more funds to SIPPS, but fear of having some tax at withdrawal time makes me have cold feet...

OmichaelO:
We got our Keys yesterday!

Thank you everyone for all the tips and assistance.

God bless you all.

It was a journey indeed.

From 31st August when we did reservation till now.

Congratulations 🎉... More celebrations

ukay2:
Good one...

I just got my SIPP 20% top up... Will use it to buy more US equities and will claim remaining 20% from tax man... HMRC....

I am tempted to put more funds to SIPPS, but fear of having some tax at withdrawal time makes me have cold feet...

The moment you start investing through a SIPP vehicle........

You & HMRC, are business partners...... Don't you want your business partner to chop something..... 🙄😂😜

OmichaelO:
We got our Keys yesterday!

Thank you everyone for all the tips and assistance.

God bless you all.

It was a journey indeed.

From 31st August when we did reservation till now.

Congrats. Your Christmas present came early

AOI2016:
Hi Guys,
I'm a FTB. I met my broker today and we get a lender Skipton.
I suggested fix rate of 5 years but my broker advice i go for 2years with rate at4.14 and 5years is 4.22.
He said the rate will continue to drop even in 2 years.
Please I need advice on what to do.
I am thinking of 5years for stability but what if the rate drops further.

With the usual caveat that no one can guestimate the future, we can get some pointers from data available today.
I was in same situation 2-3yrs ago when rates were at their peak. Some said 5yrs for peace of mind but it didn't make sense to me as rates were the highest they had been in decades and inflation was falling.
I subsequently went with a variable rate which started at abt 5.6 and had dropped below 4.5 when I remortgaged in 2 years.

It's been mooted that rates are likely to settle at about 3% - though I think they may eventually drop a bit lower to spur growth.

Two things to consider:
1. Are there fees associated with this products? A 999 fee might tilt your decision
2. How about a variable rate for 2 yrs since the inference is that rates would drop more.

Personally, I'd tilt towards the 2yr fix but it's not a slamdunk

Hi Guys,

I want to know if its advisable to go for level 2 survey due to cost.

Will level 2 give enough details about the property.

I want to do the survey before I proceed with the mortgage application.
I have instructed my broker to hold on.

AOI2016:
Hi Guys,

I want to know if its advisable to go for level 2 survey due to cost.

Will level 2 give enough details about the property.

I want to do the survey before I proceed with the mortgage application.
I have instructed my broker to hold on.

It depends on the property. Also take the age and general state into consideration.
Most homes built from the 1970s and have been in good general shape could make do with an L2

For most properties, a L2 survey will suffice. Some surveyors would even discourage you from an L3 if they think an L2 is good enough. If the L2 raises certain issues, you can then hone in on those

AOI2016:
Hi Guys,
I'm a FTB. I met my broker today and we get a lender Skipton.
I suggested fix rate of 5 years but my broker advice i go for 2years with rate at4.14 and 5years is 4.22.
He said the rate will continue to drop even in 2 years.
Please I need advice on what to do.
I am thinking of 5years for stability but what if the rate drops further.

As rates are project to go down, your 2-year fix will have a higher rate than 5 years fix. Calculate the margin fee difference over 2 years based on this based on the differential interest rate between 5 & 2 years fix for 2 years. Also add product fee to the cost for 2 years fix as you are likely to pay it when switching at the end of 2 years.

Unless there is a rapid drop in interest rates/inflation in the future, you are not likely to be better off with 2 years fix as the marginal costs from higher interest and product fee tend to wipe off reduce interest you may benefit at the end of two years when interest drop is gradual. Could be worth it if interest drops sharply though.

Gurus
Abeg help advise
Which is more smarter? Put 4k and max out on Lisa or reduce a debt/loan of £380 monthly repayment plan for 5 years?
Trying to take a good decision

oluwaleokey:
Gurus
Abeg help advise
Which is more smarter? Put 4k and max out on Lisa or reduce a debt/loan of £380 monthly repayment plan for 5 years?
Trying to take a good decision

There’s no right or wrong answer — it depends on your circumstances. The key factors are the interest rate on the loan compared with the returns or bonus from the LISA, as well as your overall debt level and your plan for paying it off.

I would run the numbers and see which option is more profitable in the long term. If you end up paying more in interest than you gain from the LISA, that effectively answers the question. If it isn’t that straightforward, then it’s worth considering the risks and limitations of a LISA.

Ultimately, you already have the information you need to decide.

oluwaleokey:
Gurus
Abeg help advise
Which is more smarter? Put 4k and max out on Lisa or reduce a debt/loan of £380 monthly repayment plan for 5 years?
Trying to take a good decision

This question is very subjective and depends on a lot of variables............

Let's assume you plan to buy your property in year 5, by the end of year 5, you would have gained 5K + 20K of your contributions = 25K down payment towards your property......

If your loan is got a lower apr and you can swing both financial commitments, swing.......

Higher Apr on loan, just pay loan off...... Then face LISA afterwards...... If you don't have a LISA, open one to avoid age restrictions lockout.......

NB : When do you intend to buy your property........

Hi Guys,
I did a level 2 house survey and the major concern for me is the survey.

The picture below shows the roofing condition.

Is this enough to get a discount from the vendor?

There are no other concerns except putting a door to electri board and fixing locks.

oluwaleokey:
Gurus
Abeg help advise
Which is more smarter? Put 4k and max out on Lisa or reduce a debt/loan of £380 monthly repayment plan for 5 years?
Trying to take a good decision

It depends on your current earnings, if you can pay your loan without much strain, then I will advice you to put your money on LISA and continue paying off your loan. There are lots of uncertainty now for people on a visa and there could be future bias or restrictions due to the polity heating up recently. However if doing both will put a strain on you or reduce or borrowing power drastically due to lower earnings, then i suggest you pay off the loan first. The choice is yours to make

AOI2016:
Hi Guys,
I did a level 2 house survey and the major concern for me is the survey.

The picture below shows the roofing condition.

Is this enough to get a discount from the vendor?

There are no other concerns except putting a door to electri board and fixing locks.

Did you get a quotation on cost to rectify.........

This job would be covered under your building insurance (but still try to knock something off).... 😂

We’ve received the search results for a property we’re hoping to buy, and they show that the conservatory was built over a sewer in 2016. There’s no build over agreement in place, but our solicitor says the seller can take out indemnity insurance to cover any costs if the water company ever needs to remove the conservatory to access the sewer. I’m trying to understand whether this is a sensible risk to accept.

Controlv:
We’ve received the search results for a property we’re hoping to buy, and they show that the conservatory was built over a sewer in 2016. There’s no build over agreement in place, but our solicitor says the seller can take out indemnity insurance to cover any costs if the water company ever needs to remove the conservatory to access the sewer. I’m trying to understand whether this is a sensible risk to accept.

If the sewer is blocked and access is required...... Wahala don sew agbada...... Is your seller willing to put an indemnity policy in place (plus duration of policy and who continues payment)........

Lexusgs430:
If the sewer is blocked and access is required...... Wahala don sew agbada...... Is your seller willing to put an indemnity policy in place (plus duration of policy and who continues payment)........

Yes, the seller is willing to purchase a one-time indemnity policy valid for a minimum term of 30 years. It will be linked to the property and not the seller. I've asked to see a copy of the policy as soon as it's purchased so I can see the fine prints.

Thank for dropping in always to share your thoughts, much appreciated.

Hello gurus in the house. I dey greet una oo.

Firstly I'm impressed by this platform, having read through, I wish to get a mortgage this year but I need guidance and the steps to take.

1). My rental contract expires August 2026. When is the best time to start searching for properties and mortgages to buy me enough time? Can I technically delay the process if it would be concluded too soon? My target completion date is between July and August this year

2). I have over two years left on my visa.



3). I started Iisa for i and my wife since 2024 and we have saved up to 10% deposit based on our budget.

Can someone explain to me the steps I need to take and the right order. From searching for a property to doing a survey, making an offer, getting AIP, shopping for mortgage, life insurance etc.
I would really appreciate

The best time to start your home-buying journey was yesterday. The next best time is today.

Buying a property in the UK takes time, research, and patience. The sooner you begin, the better prepared you’ll be when the right home comes along.

It’s important to understand how the local property market works. Why are some locations in your neighbourhood selling for higher prices while others are lower? Why are buyers moving to one area over another? Why do some neighbourhoods hold their value well, while others struggle to see price growth?

Take time to study these patterns.

Another key factor to consider is property chains. In the UK, many sales are part of a chain, meaning the purchase depends on multiple buyers and sellers completing at the same time. If one transaction falls through, it can delay or collapse the entire chain. This is another reason to start early and be well prepared.

Where to Start Your Research

Use major UK property portals such as:
• Rightmove
• OnTheMarket
• Zoopla

These platforms allow you to track asking prices, time on the market, and local trends. You can also check instant house valuations on these websites to get a rough idea of property values.

Websites like Housemetrics help you see what properties are actually selling for — not just their asking prices. This is crucial for understanding true market value.

Another useful tool is Crystal Roof, which provides insights into crime levels, noise, flood risk, schools, and other neighbourhood data.

Learn to Understand Value

When comparing properties:
• Look closely at renovations and extensions.
• Notice differences in condition, layout, and presentation.
• Understand why two similar homes in the same neighbourhood may sell for very different prices.
• Identify the “ceiling price” for the area — the maximum buyers are typically willing to pay.

Try attending a few viewings without the pressure of making an offer. Observe why certain homes sell quickly while others sit on the market for months.

Your research should focus on one key skill: understanding value.

The more time you invest now, the more confident and financially secure, your purchase decision will be.

cbn4main:
Hello gurus in the house. I dey greet una oo.

Firstly I'm impressed by this platform, having read through, I wish to get a mortgage this year but I need guidance and the steps to take.

1). My rental contract expires August 2026. When is the best time to start searching for properties and mortgages to buy me enough time? Can I technically delay the process if it would be concluded too soon? My target completion date is between July and August this year

2). I have over two years left on my visa.



3). I started Iisa for i and my wife since 2024 and we have saved up to 10% deposit based on our budget.

Can someone explain to me the steps I need to take and the right order. From searching for a property to doing a survey, making an offer, getting AIP, shopping for mortgage, life insurance etc.
I would really appreciate

1. It takes 3 months on the average from seller accepting your offer to completion, could extend to 5 months or more if the seller is buying onwards. It could also take weeks to months to find a suitable house depending on the Housing supply in your desired area, so I would say now is a good time to start.

2. Braclays has been offering mortgage to people on work visa so you should be fine. Your mortgage advisor will access your situation and advise.

3. You're okay with 10% deposit

4. We started by looking for a free mortgage advisor. Searched on Google maps for MAs with plenty of 5* ratings. Booked a F2F appointment and got our AIP sorted a few days later. Then we started looking for properties that meets our criteria in our desired area, this took 2 months before we found 1. We put in our best offer and was accepted within 1 week.

The mortgage advisor needs to be notified once the offer is accepted so they can get the full mortgage application in for you. The Estates Agent will request for the details of your MA and solicitor. Both the EA and MA would want you to use their recommended solicitor but don't do it. You can shop for solicitors quotes online and go with a good one. We used Setfords, although not the cheapest, but the service has been great.

We paid for the search first then did survey later. Looking back, I think survey should have come first before the search but we were very lucky that the survey results came back without any major issue and ony few minors like EICR and Gas safety inspection.

It's more of corresponding between you and the solicitor from this point and they'll guide you through.

We're also on a rental contract until May. We started viewing properties in September, found one in November and we're still here. We did inform our solicitor of our situation regarding the rental contract and they've informed the sellers solicitors of when we're looking to complete. One should be able to delay competition for 2 weeks I suppose.

I would say be careful with recent builds. Ours is 15 years old and we were okay with the service charge until we got a shocker few weeks ago that we needed to pay the estate management company almost £700 for deed of variation and security deposit. We nearly pulled out at this point because it doesn't just make any sense to us considering the annual service charge is just 1/3 of the fee. We were ready to forfeit the search and survey fees but had to swallow the bitter pill after another round of vieweings for 2 weeks without any results

Dank1u:
The best time to start your home-buying journey was yesterday. The next best time is today.

Buying a property in the UK takes time, research, and patience. The sooner you begin, the better prepared you’ll be when the right home comes along.

It’s important to understand how the local property market works. Why are some locations in your neighbourhood selling for higher prices while others are lower? Why are buyers moving to one area over another? Why do some neighbourhoods hold their value well, while others struggle to see price growth?

Take time to study these patterns.

Another key factor to consider is property chains. In the UK, many sales are part of a chain, meaning the purchase depends on multiple buyers and sellers completing at the same time. If one transaction falls through, it can delay or collapse the entire chain. This is another reason to start early and be well prepared.

Where to Start Your Research

Use major UK property portals such as:
• Rightmove
• OnTheMarket
• Zoopla

These platforms allow you to track asking prices, time on the market, and local trends. You can also check instant house valuations on these websites to get a rough idea of property values.

Websites like Housemetrics help you see what properties are actually selling for — not just their asking prices. This is crucial for understanding true market value.

Another useful tool is Crystal Roof, which provides insights into crime levels, noise, flood risk, schools, and other neighbourhood data.

Learn to Understand Value

When comparing properties:
• Look closely at renovations and extensions.
• Notice differences in condition, layout, and presentation.
• Understand why two similar homes in the same neighbourhood may sell for very different prices.
• Identify the “ceiling price” for the area — the maximum buyers are typically willing to pay.

Try attending a few viewings without the pressure of making an offer. Observe why certain homes sell quickly while others sit on the market for months.

Your research should focus on one key skill: understanding value.

The more time you invest now, the more confident and financially secure, your purchase decision will be.

You've raised a very good point about value and price growth. During our second round of viewings few weeks ago, we found a very lovey property but the growth was just not it. 1st round of sales in the area after 10 years returned less than 3%. The area is now 20 years old and the price growth is not impressive either so we had to let go and stick with our current purchase.

Controlv:
You've raised a very good point about value and price growth. During our second round of viewings few weeks ago, we found a very lovey property but the growth was just not it. 1st round of sales in the area after 10 years returned less than 3%. The area is now 20 years old and the price growth is not impressive either so we had to let go and stick with our current purchase.

This is the problem with those new shiny new builds....... 😊😁

Thanks for the detailed explanation.

I read about the new Renters Rights act that abolished fixed contract as from May 1. So I should be able to give my landlord notice even before my contract expires in August.

I have scheduled my first meeting with a MA. I already have mortgage in principle in place.

I will take it from there

Controlv:
1. It takes 3 months on the average from seller accepting your offer to completion, could extend to 5 months or more if the seller is buying onwards. It could also take weeks to months to find a suitable house depending on the Housing supply in your desired area, so I would say now is a good time to start.

2. Braclays has been offering mortgage to people on work visa so you should be fine. Your mortgage advisor will access your situation and advise.

3. You're okay with 10% deposit

4. We started by looking for a free mortgage advisor. Searched on Google maps for MAs with plenty of 5* ratings. Booked a F2F appointment and got our AIP sorted a few days later. Then we started looking for properties that meets our criteria in our desired area, this took 2 months before we found 1. We put in our best offer and was accepted within 1 week.

The mortgage advisor needs to be notified once the offer is accepted so they can get the full mortgage application in for you. The Estates Agent will request for the details of your MA and solicitor. Both the EA and MA would want you to use their recommended solicitor but don't do it. You can shop for solicitors quotes online and go with a good one. We used Setfords, although not the cheapest, but the service has been great.

We paid for the search first then did survey later. Looking back, I think survey should have come first before the search but we were very lucky that the survey results came back without any major issue and ony few minors like EICR and Gas safety inspection.

It's more of corresponding between you and the solicitor from this point and they'll guide you through.

We're also on a rental contract until May. We started viewing properties in September, found one in November and we're still here. We did inform our solicitor of our situation regarding the rental contract and they've informed the sellers solicitors of when we're looking to complete. One should be able to delay competition for 2 weeks I suppose.

I would say be careful with recent builds. Ours is 15 years old and we were okay with the service charge until we got a shocker few weeks ago that we needed to pay the estate management company almost £700 for deed of variation and security deposit. We nearly pulled out at this point because it doesn't just make any sense to us considering the annual service charge is just 1/3 of the fee. We were ready to forfeit the search and survey fees but had to swallow the bitter pill after another round of vieweings for 2 weeks without any results

Guys pls advise me.
Is it better to do my mortgage guidance with Mojo or house agents such as William H Brown?

Mojo services is free

William H brown I have to pay about £800 and each time I remortgage I will pay £99

Ugmama:
Guys pls advise me.
Is it better to do my mortgage guidance with Mojo or house agents such as William H Brown?

Mojo services is free

William H brown I have to pay about £800 and each time I remortgage I will pay £99

What mortgage guidance exactly are you referring to?

Is it a mortgage broker or mortgage application?

Controlv:
You've raised a very good point about value and price growth. During our second round of viewings few weeks ago, we found a very lovey property but the growth was just not it. 1st round of sales in the area after 10 years returned less than 3%. The area is now 20 years old and the price growth is not impressive either so we had to let go and stick with our current purchase.

The main question I'd be asking is why? In your case, it'd most likely be the area

There are local nuances to many areas that limit price growth.
Also house types also play a role. Flats in certain areas took a beating over the last 10yrs due to 'unlimited supply' and people moving out of cities during covid.

New builds can also have a premium initially but except you're buying something outrageously overpriced, they tend to level out in a few years - abt 2. Manytimes people forget that with a new build, you get new utilities, kitchens e.t.c which older houses don't have

jedisco:
What mortgage guidance exactly are you referring to?

Is it a mortgage broker or mortgage application?

William H brown does everything for one, including remortgaging after you have purchased (all for a fee).

Mortgage broker

Ugmama:
William H brown does everything for one, including remortgaging after you have purchased (all for a fee).

Mortgage broker

I don't see the need to pay a fee except your circumstance is unusually unique.

Most mortgage brokers do not charge a fee for residential purchases. They get paid by the lender. Even when I bought a BTL, I only paid a token of about £200 I believe which was one off and would not be paid on subsequent purchases or remortgaging.

It might look daunting but the UK process is fairly straightforward. I'd go with a free mortgage broker that has access to all of the market. If you're on a visa, in a way it makes the process easier as your mortgage options are streamlined.

For remortgaging, I'd first see what my current lenders rates are. Another option is using a comparison site or a broker to see what rates are available. In all instances, I would seek not to pay a fee except if its the product fee fir the particular lending product I want.

All said, paying £800 to a mortgage broker for a straightforward residential mortgage looks to me like a rip-off.

jedisco:
I don't see the need to pay a fee except your circumstance is unusually unique.

Most mortgage brokers do not charge a fee for residential purchases. They get paid by the lender. Even when I bought a BTL, I only paid a token of about £200 I believe which was one off and would not be paid on subsequent purchases or remortgaging.

It might look daunting but the UK process is fairly straightforward. I'd go with a free mortgage broker that has access to all of the market. If you're on a visa, in a way it makes the process easier as your mortgage options are streamlined.

For remortgaging, I'd first see what my current lenders rates are. Another option is using a comparison site or a broker to see what rates are available. In all instances, I would seek not to pay a fee except if its the product fee fir the particular lending product I want.

All said, paying £800 to a mortgage broker for a straightforward residential mortgage looks to me like a rip-off.

I agree with you. I thought as much and will have to quit the process