₦airaland Forum

kwakudtraveller:
I have a couple of questions. Please help a brother 🙏🏿

1. If I'm buying a house in an onward chain, and all contracts are signed. My question is: When do mortgage payments start? Is it right away, or when I move in? This is especially confusing especially if the current owners haven't found a new home yet.In this case, who pays the mortgage if they're still living there after the sale closes?

2. For those who recently bought a home within the £300k mark, what is your monthly mortgage payment? I understand interest rates vary by lender, but I'm curious about actual figures people are paying, not estimates on Zoopla (which I've heard can be inaccurate).

And for number 2, it depends on the deposit, interest rate and the tenure! For the tenure (or tenor), it depends mostly on your age. You can assume a retirement age of about 70 years or less. This means that if you're 40, your max tenure is 30 years.

The easiest way to get exact figures is to use a free Mortgage calculator like https://www.mortgagecalculator.uk/

As seen below, a 300k property for 30 year mortgage at 5.29% is about £1500. £300 goes to repayment of the house and the rest is interest

leoshadow:
Hi Everyone,

Apologies for the long post.

I’ve been following this thread, and I have to say, you all are amazing, especially @Lexus. Initially, I wasn't a fan of your mantra "Rent money is dead money," but now I see your point (After I calculated my rent) that na people Dey beg me not to buy house lol.


Any help will be appreciated.

Hmmm... Do you have a matured LISA? That would have made this really easy as it was my case. I just moved most of my salary to my LISA and my wife's and showed the LISA as proof of deposit.

Know this: the Mortgage Advisor isn't trying to trap you or make you lose the house. It's the opposite. You can actually be open with them: "I have savings and income from my home Country but don't want to use that to complicate this Mortgage Application so I'd like to use my Salary for the next few months to raise the deposit while I live off my Nigerian income and savings".

I have a feeling the Mortgage Advisor would even want to delay application till you're 2 years in the UK so they have more lenders willing to lend on a 90% LTV. So you don't have much of a problem.

That Developer would most likely still have houses in a few months so take your time and do it right.

Jamesclooney:
No transit visa needed for Qatar.
Just avoid the European airlines like KLM, Air France etc.
Ethiopia, Turkish and co are decent , no transit visa needed

I heard this might change soon. That European airlines might soon start permitting people with BRP to transit through European Cities. Fingers crossed. Not visit visa though

teeebest:
Thank you as always Ticha. No kurukere o. We got 85% LTV with Barclays but we can only afford 10% deposit hence the reason for resorting to a broker. We are 2 years 4 months in the country and we are on work visa.

This might be an affordability thing? Does the lender feel you can't afford the 90% Mortgage and need to pay more deposit to reduce the Mortgage amount?

ukay2:
This is what I like to see.... Stocks and Shares ISA.....one of the wonders any UK Migrants should not miss........currently near £70K minus LISA account


......Slow and steady INVESTMENTS win always.....

Brilliant!

Lexusgs430:
You can still do all this, without releasing equity....... 🤣

This is simply to encourage people and not show how poor I truly am...... With hardwork and dedication, if I could make it happen, anyone can...... 🤣

This is from my ISA account, I have other exposures to the stock market.......

Aha! I talk am! Fair enough! Motivation o por!!!

shaybebaby:
Seriously, congratulations! I bet it feels good knowing that expense will soon be a thing of the past.

Do come back so we can celebrate when it is all paid off.

Yes o, I know 2 folks, both Nigerian-Brits, who have paid off their mortgage, they both said it's a wonderful feeling.

shaybebaby:
Absolutely education is needed on this, I agree.

Although it is a bit more nuanced depending on the wider economic environment. I mean now, the base rate is 5.25. If your mortgage rate is lower than savings rate you can achieve, you are better off saving any spare cash to then pay a lump sum when you come to renew your deal.

Overpayment makes sense if the cost of servicing the mortgage exceeds the return you can make investing the cash elsewhere for the same duration.

My renewal comes up later this year, so I've got my cash sitting in an easy access account paying me interest above my mortgage rate. At renewal, that money will be used to pay down an extra bit of capital.

Also, if you're really young, not everyone wants to pay down if rates drop. Some people, like me, will rather invest that in the Stock Market or buy a few more properties. If my LTV goes below 60% and rates drop, I might pull out my equity from the house.

shaybebaby:
Wowie wow wow! The finish line in sight. Congratulations.

Cannot wait for my LTV to be as low as that, but I still have a bit of a way to go yet.

That's why I've been hoping for at least 2 rate cuts this year so i can keep the repayments the same but reduce the term.

That 17% remaining, Baba Lexus can pay it off now, he just dey delay

Jamesclooney:
Congratulations!!! 🎊🎈
Your rate is very good oh.

Last month, Halifax is offered fixed for 5 Years of 4.97%. Mortgage broker said that’s the best rate considering visa status etc.

Can I push back on this before completion next month? I know rates on the rise now, but anyone aware of a better deal?

Since no one can accurately predict rates, I'd just take the best I get if I were you. Check Barclays rate on their website, would have checked for you but don't know your LTV

Santa2:
Completed on Friday, I don collect Key.

The guidance's received from this thread has been immeasurable. Started looking at properties last year April, we werent ready then, was just browsing to see what was available.

Late January we saw this property and decided to take the plunge, reserved in February and have been taking baby steps since as we werent in a hurry to complete, wanted completion to coincide with end of school term. Developers no gree for our pace.lol. We fixed with Barclays for 5 years at 4.55%, 10% deposit and 3/2-year residence in UK. Just before completion we checked if the rate had gone down but naaa, it was up to 4.83 or thereabout.

Its still surreal to me.

Thanks to every one that keeps spurring newbies like us on. I remember the rent money/dead money arguments on the other thread sometime ago. while some would take it as offensive others would see it as motivation. Na so life be. If I start to mention names for here we no go comot today, Lexus, Ticha, Lagosishome, Solumtoya, profemebee, Peerielass, Pearlyfaze, Estroller.. Na God go bless una. To Semmyk wey start this thread, thank for curating all those resources, you are special one, And I hope you doing great.

Congratulations! Even after 6 months, especially for New Build, it will still be surreal and sweet! It's such a lovely experience

labiola:
Thank you. I have decided to go with level 2.

Any advice on Building insurance? Can you recommend any ?

I'm not an expert sha, but I just used "comparethemarket"

Santa2:
@Solumtoya, Long time no see, Did you sort out your building insurance after you completed or before?

I still dey o, just enjoying the house.

I actually forgot about insurance till a week after getting my keys. I then did for £100 ish per Annum. Till now, no one has asked me of it

080bjaked:
Please I'm seeking advice. Royalmail misplace my passport sometime in Feb. Now I'm trying to apply for a new one but cos of the requirement of the NG commission in UK, I need a Police report. Unfortunately, it seems UK Police stations don't give reports for lost items. Has anyone had a similar issue and how was it addressed please?

UK Police Stations do, last time I checked. There's even a link to do it online, the portal used to be called "Report My Loss", just google it.

mex551:
I have the same concern too. Even in this my 1940 build, you still hear tatatatata in the oza room. My Oyibo neighbours won’t let me sleep. Why is youkay like this?👀

It's indeed a major concern. We had to ask our neighbours and they confirmed they don't hear any noise from ours and we also don't hear from them either. Between 2 different houses, there's sufficient sound proofing, it's required by the Building Regulations for new houses.

Where the wahala is is across rooms in the same house. That's an absolute mess. The pro for parents is that they can easily hear their kids from another room but it's a major worry that bed activities from the Masters bedroom can probably be heard.

miidae:
Good day everyone Please I need your honest advice My husband is on a student visa which will expire Sept 2025, he came in sept 2023 and I joined him 27th of March, 2024.
When I got here hubby said I shouldn’t bother looking for my job here because I won’t get sponsorship that he already has a care job for me (got my brp on Wednesday and awaiting NI)
I have over 7yrs of experience in QA/QC in pharma, my last roles was QAM, I got the offer fews weeks before traveling which I rejected.
I edited my CV to UK format and applied on job sites like indeed and LinkedIn. I got interviewed by some agencies and companies (I have one interview next Monday with a big pharm coy).
Each time I get interviewed the last question is do I need sponsorship my answer is always yes as suggested by hubby.
I’m just tired, he said sponsorship is the real deal
Is it possible to get sponsorship in my career line?
Do I take the care job as suggested by hubby?
Do I stop applying?

In addition to the numerous contributions, you can consider answering "no" to the sponsorship question and see if it helps you land a role. You can use the role to break into the UK market and move to another Company afterwards or even request for a sponsorship after 6 months of probing your worth. In the meantime, you stay on PSW Visa.

toughest007:
Yea, I get your point. But from a curious perspective, running a taxi service on a fleet of MB (older models) begs to wonder how they are able to sustain their profit margin while at the same time compete with other taxi operators having fleet of vehicle as the type the OP is looking at buying.

They buy those Benz because luxurious cars are prioritized for Airport trips by the Taxi Company. A driver can earn more than £200 on a single Airport trip. 1 or 2 Airport trips and they can close for the day. So those other City journeys are just make-ups. While a Prius will have less chance of making such money.

Lexusgs430:
You don't need this policy...... You would get more value from an income protection insurance or life insurance policy..........

My thoughts exactly, but we're not financial or insurance advisers so we can't be sure.

Personally, I think many of these insurance products overlap and are not necessary.

ToyosiR:
Hello All,

I just discussed with a Mortgage advisor and I am about to accept the mortgage in principle of 95% LTV. I have 5% deposit.

When will I need a solicitor? What other thing should I watch out for?

Kindly help a newbie.

@Lexusgs430: please I will also like to send you a mail or your contact if you wouldn't mind.

Ironically, Mortgage in Principle isn't particularly a guarantee unfortunately. I would be impressed if you're given a 95% LTV as a Visa Holder.

Please let us know how this plays out, would be a good learning point.

Iolo:
Broker Threshold Mortgages. Lender Santander.

Was this also 10% or 25%+ deposit?

Santa2:
@Pearlyfaze, how long did it take between when the mortgage advisor applied for your mortgage and when you got the offer? Using Barclays too so I just want to get an idea of the timeframe. Make the thing come quick so that I fit sleep well abeg.lol

@Solumtoya I believe you used Barclays too, could you shed some light on this timeline?

Daalu

3 weeks. Usually 2 weeks though, mine had some delay

Santa2:
I understand you get like a month or two before repayments start to kick in,

Not true... They won't give you even 1 day off. I made my first repayment exactly 1 month after the completion and it was prorated for almost 7 weeks. Completed 15th Dec, paid first Mortgage repayment 15th Jan for half of December and whole of January.

Santa2:
Did you converse with you neighbours before firming up on your place? I have been thinking of chatting up with the neighbours in the development just to get a general sense of their experience, so one can draw experience from. but in this land of mind you business, I dont know if its a good Idea.

It's a good idea to ask the neighbours and they usually want to help but I really wasn't interested in doing so.

I also noticed that most developments have a Facebook group where you can ask questions, but again it may be a private group and they may require you to be a resident first before joining

The Developers would usually update their list of vendors often and remove Solicitors or Brokers that have lots of complaints from buyers or are slow. Another advantage is that you're not worried about giving feedback to the Developers. The Broker/Solicitor carry them along and get necessary waivers from the Developer where necessary, there are actually many benefits

Estroller:
You can get a mortgage with any credit score, but how competitive your interest rate is will depend on your credit profile/history and not necessarily your credit score. So I'll focus more on the latter than the former.

I hear this a lot but how true is it? In case of many of the big Lenders, the interest rate is fixed and doesn't vary with credit score. The application is either denied or approved, interest rate is as stated on the lender's website.

Anyone else has similar experience?

Santa2:
@Solumtoya Did you go with the solicitors recommended by the developers or you sourced yours yourself? If you got your solicitor yourself? What did you look out for in getting it. Need to get a conveyance but I dont want to go with the developer recommended. Currently going through comparison sites but I would have preferred one from someone with positive experience.

Solicitors recommended by the developer. I hoped they would have all the experience, documentation, etc needed for that development since they may have done it for 100s of my other neighbours, plus the Developers would recommend vendors that are fast and smooth in their process. Overall, had no major issues with them, of course except, I noticed late that their price was very high.

Even my Mortgage broker was from the developer and that turned out super helpful. The brokers negotiated a good incentive for me since they had a relationship with the developer. My previous request for the incentive was declined but the broker basically told the developer: "this guy's eligibility is great and all he needs is this incentive" and in minutes, developer approved.

Many people advise against it saying "the broker/solicitor might protect the interest of the developer instead of yours" and I understand that opinion.

PS.: The Developers would usually update their list of vendors often and remove Solicitors or Brokers that have lots of complaints from buyers or are slow. Another advantage is that you're not worried about giving feedback to the Developers. The Broker/Solicitor carry them along and get necessary waivers from the Developer where necessary, there are actually many benefits

Santa2:
I am considering getting a Town house (3 floors) , as it has more space/rooms as against a 2 floors home (one storey), at same price point . But I understand that when it come to reselling it might be more difficult to sell off. This is going to be our first purchase, I know somewhere in the future we would move to our forever home, am hoping before the 10 year NHBC expires. So I definitely would need to sell at some point but I just wanted to find out if anyone has experience with selling off town houses or pro/cons of living in them.

Townhouses are great, they have their pros and cons. I chose a Townhouse for the same reason: more space. The whole selling off thing doesn't bother me so much, I actually hope I don't have to sell it even when I move, I'd rather just rent it out and add to my portfolio. They have several other pros: better heating, better separation of rooms (no visitor can wander into the top floor unless told to), better view from the top, etc.

The disadvantage is obviously the stairs. More stairs means more cleaning, more stress, more room for accidents especially with toddlers and elderly. I love the stairs as it helps with fitness. Another downside is that the loft will be much smaller typically.

fatima04:
Na wa small time away pages don full ground.

Adulting, life abroad, work, family no be play

Nice catching up with the bants, love, success stories, politics, trash talking and all.

Congrats to Justwise you deserve your flowers 💐 💛, S25 Ultra loading

The original boss lady of the thread! Welcome back. Been a minute, a lot has happened, but it's been good here overall.

Bourne007:
It depends

If previous leave is still valid, you can withdraw (cancel) or vary application.

If previous leave ended, you need to vary your application.

Previous leave is still valid till tomorrow, I think

Santa2:
I got full refund of IHS and graduate visa fee as I had not received a decision on the graduate visa before I made in a new application and cancelled the graduate visa application.

I have someone in this same situation. She applied for Graduate visa on Monday, and got COS the next day. So she's applying for Tier-2 now. All she has to do after applying for Tier-2 is to cancel her Graduate visa application, right?

missjekyll:
Hi people, How do I determine how much to offer on a house.

I want to offer just enough to look serious but I don't want to give up the whole farm on an initial offer. Thanks in advance

I was gonna try and respond but chatgpt put it better:

"When determining your initial offer on a house, research comparable property sales in the area, assess the property's condition, and consider market trends. Aim for a competitive but reasonable offer, leaving room for negotiation. You can express your seriousness by presenting a well-documented offer and expressing genuine interest without revealing your maximum budget upfront."

I use rightmove to find out prices of similar recent houses sale in the area and price accordingly

BouharryArtikou:
Are you sure they will be exempted? Even for kids that were not Born in the UK?
Even for kids that were born in Nigeria and only brought in as Tier-4 dependants??

Of course, they won't be exempted. Overstaying is a criminal offence whether over 18 or under 18.

Zahra29:
1. The parents visas might not be approved as Home office might enquire about the whereabouts of the children (if they were included in the student visa application)

2. If the parents visas are approved without applying for the children, then the children fall out of status/become overstayers. They will not be able to re enter the UK if they leave for whatever reason e.g. holidays, and they no longer qualify for free non emergency NHS treatment, which means their parents might get sent a bill for any hospital treatments.

3. Might not matter in the long term if the parents plan to leave the UK eventually. However the points in #2 still apply while they are based in the UK. Plus any periods of overstaying will be noted on the children's records

You forgot to add that it is a criminal offence to overstay and they may be subjected to a monetary fine, jail time, or both. They also risk being detained and deported from the UK in addition to a ban.

Cc: farnet