lots of calculations to be done.. will look out for these areas, thanks

Zahra29:


Not public funds, it's just a guarantee by the government to give lenders the confidence to reinstate 95% loans as most were withdrawn during the COVID crisis. Most lenders have stricter residence requirements and other eligibility criteria for their 95pc loans, which you should qualify for.

10% deposit is cheaper if you have this. However play around with some online monthly calculators as you might find that the difference in monthly repayments is minimal, and the extra 5% can be added to your outlay for the house purchase, refurbishments etc. or used as cash savings. You can also opt to overpay once you get the mortgage to increase your equity.

Just wanted to add that if you're looking at commuting towns around London, perhaps also have a look at Surrey and/or Sussex e.g. Coulsdon, Purley, South Croydon etc. Approx 20- 30 mins to mainline London stations and you can use your oyster card, or you can go further out e.g. Horley, Horsham, Guildford etc which have direct trains to London in 40 mins or less. There are lovely, family friendly areas, great schools in these towns, some can be quite expensive but you should be able to find something very decent in your price range.

Thanks for the wise words.. will put all that into consideration

Ticha:


There will be flood map of areas near bodies of water so you can check to see what the flooding probabilities are, ask if there's been flooding in the last 25 years and the solicitor should do the same as well as point out flooding risks if there are any. Plus that's what we have house insurance for - to cover all those things that we cannot always fully account for.

You don't need a car in St Neots. Everywhere is walkable and there are regular buses to Cambridge, Bedford, MK and Oxford - the Oxford bus dey take forever sha.

thanks for this..

will speak with one today, but is the govt scheme a public fund scheme? just asking

The Mortgage advisor i earlier spoke with advised we go for 10% deposit as it makes our monthly mortgage payment cheaper

Zahra29:


You're married to a citizen plus you have a very good household income - you have more options ,for example you should be able to access a 5% deposit mortgage which under the govt scheme covers houses up to £600k. Speak to a whole of market broker...

thanks Ticha

I tried to email you but i'm not sure how it works on Nairaland.. pls did you get any email from me?

I also checked St.Neots but the house had a lake nearby and i wasn't sure.. this is re-assuring, thanks

We don't have a car as we live in London, but will eventually have when we leave London... do you think not having a car initially will be a struggle in St.Neots?

Ticha:


Email me and I'll send you my London spreadsheet. It details all the towns and cities within a 90 minute commute into the London mainline stations. We ended up living in St Neots. You will have to increase your transport cost but that can be offset with the house buying costs.

midlands to London na die... one will be tired by the time one gets to work

Estroller:


For the commute, the Midlands, you'll be spoilt for choice, don't know about the transport cost though.

40 60 quid a day on transport already defeats the purpose.. .ahhhh

thats quite a lot ooo... and then travel time.. i checked Luton but it was so far

Solumtoya:


You should have so many options. A lot actually, you just have to be creative with your search. Eg. Kent, Luton, etc.

If you don't mind spending a little more on transport, you can even check Milton Keynes.

With 400k, you can get a lot in the above mentioned areas.

Some people go as far as Bedford, Northampton, Rugby, Peterborough and other "Commuter Towns" as they're called. In these, 350k will get you a mansion, lool. You'd be in London in an hour but you'll spend like £40 to £60 daily on transport.

lol.. like 1hr 30mins max by train and £25 per day transport cost max

Solumtoya:


What's your definition of "far from London"?

thanks for all the responses..

I ask a lot of questions.. pls bear with me.. e joooo ooo..

bro, i have been searching for new build within the LISA max cap of £450k and it is hard to find because i need it to be close to London cos of work

I wish the LISA max cap was increased..

What areas outside London can one research one that isn't far from London commute for work??

Solumtoya:


Age old argument that won't ever be agreed on.

From my experience, I can tell you with my chest that for a Nigerian Immigrant, First time buyer; New Build is way better if you can afford it. They're not very cheap in some locations, but boy are they worth it! I always intended to write a comparison but it would look too biased because the pros of New Builds will look so long!

lol spend which money??

my Tenancy says:

"Any time after the expiry of the fifth month of the Term the Tenant may
invoke this break clause by providing not less than one month's written
notice to the Landlord."

This means after the 5th month in a 12-month rent period, i can give one month notice i want to leave right?

deept:


Usually your solicitor should have a target completion date if the sale is straightforward. You can work around that date with a one week, two week overlap to move etc.

If you have a contract with your landlord, you will have to pay rent on what's left on the contract, however, if you have an AST or rolling contract just give the landlord the required notice. You hardly move house without having some sort of liability for both properties at the same time.

On a lighter note, spend this money

thanks for this.. This is something we need to tell FTB ooooo... so they're prepared

From your example, for the initial 1st month (Feb 2024) there will be no mortgage payment except for Council tax.. so you just pay the normal rent and bills for where you live..

Then use the Feb 2024 to sort mail redirection, billers, etc

For the opening and closing meter readings for electricity/ gas in both the new property and the rented property, i guess this is how it works:

Rented property: Take closing meter readings on the last day of "living" in the rented place... meaning you leave before the next day

Mortgage property: Take opening readings on the day you go to the house even if you've not moved in?

Peerielass:


Unfortunately you may need to pay both for a month (or two) to give you time to actually move into the new property, get furniture and carpets, arrange mail redirection etc.

In my experience if you complete in Jan 2024. It’s likely your first mortgage repayment might be on 1st March. The mortgage provider will issue a letter after completion stating the monthly repayment amount and the date for the first collection.

Council tax starts counting the moment you take ownership. Remember to take opening and closing meter readings for electricity/ gas in both the new property and the rented property.

thanks for making it worse lol

How do people manage the timeline considering they're not in control of when the mortgage is fully completed

deept:


you forgot council tax for both properties

thanks boss

More questions:

1. Please how do you people that have completed mortgage transactions manage the timeline between when the tenancy of your rented place is done and when the mortgage deal is successfully exchanged so that you avoid paying rent and mortgage in both places?

2. If one exchanges contract and completes mortgage in Jan 2024, when does one start paying the 1st monthly mortgage payment?

Solumtoya:


Life Insurance is a personal decision and wasn't compulsory. If you have one, fine, it's really for you and not the Mortgage.

Real Estate Agents, and even Mortgage Brokers/Advisor, are not compulsory. I never really used a Real Estate Agent and I could really done without a Mortgage Advisor too. The only compulsory party is really the Solicitor. For your comfort, I'd advise to use any good Mortgage Advisor though to cross the ts and dot the "i"s.

thanks for the responses...

That location thing ehnnn.. this research of a thing is deep because one has to consider proximity to London cos of work, Kids' school, community. etc.

Also, the rates i'm seeing.. hopefully being married to a Brit brings the rates down a bit for me.. we earn way over £100k but the problem is that LISA rates cap at 450k for any house you intend to use the LISA funds for..

How many houses with minimum 3bedrooms can be gotten around that? We can't go too far from London because of work ..

[quote author=Estroller post=127880817][/quote]

hi hi,

what a great set of intelligent and resourceful minds..

I already feel like I own a home lol

For each of us that help out with answers and support, may thy wishes and prayers be answered too...

I will have questions from time to time..

1.This building and life insurance that is tied to mortgage... is it the same as the normal life insurance we all know?

2. What if one already has life insurance before doing mortgage? will one need to do another for the mortgage?

3. Do I need to go thru a real estate agent to kick-start or i can just start looking for a good home i'm interested in?

4. What if i use a real estate agent but i like a house that isn't on sale by that real estate agent? Can i still use their mortgage advisor?

found the answer to my question, thanks

Solumtoya:


Yearly

hi bro, been busy reading thru each page..

The Building/Content Insurance cost in yours... is it one-off? or you still pay monthly?

Congrats on the new house (to everyone)

Solumtoya:


Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

great response.. i don't have to wait till the expiry then

[quote author=Estroller post=127842313][/quote]

thanks for the responses.. i'm in great timing then.. i will read thru the provided links..

BouharryArtikou:


1. Depends on the reason(s) for the long absences. The 28 days refers to the days before you are eligible for that visa.

2. It’s even nice (and better) to apply when you still have some time on your existing visa.

This was really useful:
https://immigrationstory.uk/en-gb/tools/ilr-calculator#calculator-questionnaire


Below is the official website
https://www.gov.uk/indefinite-leave-to-remain

hi hi,

1. what if one can't account for 5years in the UK (traveling out for a period) and one is now within the 28days for the expiry of the work visa?

2. what if one already has way more than 5years but the BRP date hasn't expired? this might be my own case.. i have till end of 2025 but i would have had more than 5years before then

Mamatukwas:


You should apply for your ILR no more than 28 days before the expiry of your work visa. If you wait till it expires then you must extend it before applying.

At the time of application you should have passed your life in the UK test.

I missed everyone

Scotland introduced new tax rate for those earning £75,000+

45% tax rate

https://www.bbc.co.uk/news/uk-scotland-scotland-politics-67759418

WISDOM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

LionInZion:




@Poanan,

So many strong statements and jabs in this short post of yours. It makes me wonder if you are talking about different UK that I also live in.
1. A lot can be determined within the short 30-minute interview by both the interviewer and interviewee, and there is also a probation period.
2. Why would anyone chicken out of a prospective great role if they are confident of their ability?
3. If any European is still thinking Africans live in trees, it's not because they are European - it's because they are foolish. And foolishness isn't peculiar to a race.

Lastly, if I may freely advise, you might need to start letting go of certain prejudices.

When will Nigeria be in a great position (respect not begging) to get such bilateral agreements??

So many lies from the government, e.g. announcing that UAE reversed the visa ban, meanwhile it wasn't... even after a 1 on 1 meeting with Tinubu

Ticha:


Oh yes, UK na tata when it comes to harsh immigration policies. Make I wear my correspondence badge with honour

Interestingly,[b] India signed a bilateral agreement with Australia in 2022 that locks in the existing post study work rights for their citizens so they will not be affected in this round of changes. [/b]Where is our giant when other countries are signing these agreements biko?

Good point ....i think Scotland never wanted to leave EU

Zahra29:


In the unlikely event that they were ever allowed to leave the UK, they would apply to rejoin the EU and would have to adopt the euro I believe.

Scotland leaving means they might have a new currency then right?

Zahra29:


Your arms will fall off lol

Scotland had an independence referendum in 2014. They voted to remain in the UK. The SNP is the only party still pushing the independence agenda but their demands for a second referendum are consistently vetoed by Westminster.
In any case it is very likely that Labour will become the ruling govt in Scotland after the next election.

hmmmmmmmmm

wisdom!!!!!!!!!!!!!!!!!

Another thing i have noticed from family members & friends i know in Canada... the depression is on another level.. and they live faraway from help.. country is massive..

Infact one had to go to Nigeria for a while on unpaid leave to get some sanity.. the cold and cost of living were 2 of his major points

kwakudtraveller:
Words on a marble

https://www.reuters.com/world/americas/canadas-surging-cost-living-fuels-reverse-immigration-2023-12-09/

ghen ghen

Even Canada is tough!!!!!

100%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Goodenoch:


They usually go around asking everyone, or on some services they simply don’t ask anyone.

I used the train A LOT until very recently and I have been asked to show my railcard by a variety of people, with the vast majority being white. The one time I had an issue with loading up the app, the black rail guy just told me to get it sorted because I’d likely be asked when exiting the station I was getting off at.

What does that prove though? Nothing.

The plural of anecdote is anecdotes, not evidence.

Attempting to extrapolate individual experiences to cast a group of people as having any particular character (whether positive or negative) always leads to nothing but prejudice.

kwakudtraveller:

Chairman, I believe the issue here is that you’ve still not acknowledged that your statement about black immigrants in general was wrong. Because if you knew all these from inception, why make that statement? And you still never say wetin you talk dey bad, meaning say you stand by am. Make we dey try dey acknowledge our bias and no dey use the same eye dey view everyone. Black immigrants are not out to get each other.

hustla:



.. And only white people have ever asked me for it so it goes both ways

Infact, the only time I made a mistake and didnt pay, it was a black guy and he explained what happened to me. Also told me i can get a refund

ReesheesuKnack:


Even France’s Emmanuel Macron who (and his supporters) speak so much bile (I use the word intentionally) on Marie Le Pen. Guess who sent an ‘anti immigration’ bill to Parliament? No. You guessed wrong. It wasn’t Marie Le Pen. It was EMMANUEL MACRON.