Viruses:
Been waiting to share this, wanted to have my keys first.

So after exactly 2 years in the UK, I got a house on a mortgage, new build.

Process took 2 months from when I identified and decided on the building, could have taken less but I intentionally delayed it because I needed the next salary to complete the deposit and I applied for the mortgage like a month before the 2 years would actually complete.

I don't know how to write plenty, I'll just drop whatever information I think is useful so if you have any questions, ask.

You need like 2 years residence history to stand a chance of mortgage approval.

Mortgage Advisors play a role, one advisor said Barclays can only give me for 40yrs duration, another advisor gave me the same Barclays for 30yrs.

It's difficult to decide on 2 or 5 yrs fixed term so do your research, I went for 5 yrs but at a point, I was thinking of changing to 2 yrs but I guess we've passed that step now.

If you are planning on bringing in huge funds for the purchase, bring it well before hand to avoid plenty explanation, six months statement is usually required but sometimes, while you're explaining an inflow, you may be required to bring statements dating further back.

It's OK to negotiate rates, sometimes if the lender does not hear back from you on time, they will contact you and reduce the rate without you asking, perhaps they thought you have not responded because of the rate.

For new builds, beside the decision on whether to do 2 or 5 yrs and the choice of house, I don't think there are any special skills or knowledge required, advisors will be doing their thing and giving you update, solicitors will be doing their thing and giving updates, if they require any information they will reach out. Your own is to read and sign documents and ask questions as they arise.

While your income play a role in how much you can borrow, your outgoing play a role in your affordability. The lender complained about my outgoing and the mortgage advisor advised that I reduce my son's days in school to reduce the fees. So I just told them to remove the school fees entirely and explained that he will stay with his aunty, whether I implement that does not matter again. Other options will be to pay off car insurance for the year to reduce the monthly outgoing or pay part of the car loan to reduce the monthly payments.

If you haven't, start your moneybox journey, I got 4k free from moneybox. Me 2k, wife 2k.

If it's a new build, you can buy towards the time when most of the houses are sold, as the houses are getting sold, they begin to introduce discounts and cashback. I was lucky to buy the show home (isn't this rare?) although the furnitures were removed, some other items like curtains and decor were left. The catch here is if it takes long to sell, prices and rates would have changed (this may be good or bad depending on whether it goes up or down) and the particular house you are waiting for may not be waiting for you.

There are lots of schemes available especially for new builds including first home schemes and shared ownership, depending on your money, you can explore these. I didn't use any scheme because I could raise the deposit.

Credit score matters but credit history matters more. Credit history does not mean using credit up and down, it simply means don't miss credit payments.

There's hardly a right time to start the process, just get an idea of the area and cost of the building you want, raise some money and approach a mortgage advisor and things will begin to unfold and become clear.

My appreciation goes to everyone who have contributed to mortgage issues on this thread, I learnt alot and the information gained were useful.

Congratulations 🎉 and welcome to your lovely home.... More celebrations

Solumtoya:
Finally Completed, Keys in my hands.

Found the property in September and reserved. Completed in December.

Barclays 2 year fixed at 5.53%, 12% deposit and 2-year residence in UK.

God has been very kind.

Thanks to all for the beautiful contributions here and especially to Lexus and Ticha for reminding us this is doable and should be done.

Will share my lessons learnt ASAP.

Congratulations and welcome to your lovely home....

Solumtoya:


I'm telling you! Few months after your completion, how has the experience been?

Feels good to be in your own house always. No more landlords headaches

Solumtoya:


I just saw my Solicitor's final charge and it's over £3k if you add Land Registry of £330 and Engrossment Fee of £192. Those who have completed recently, na like this e dey be?

Although, I fear it's too late to negotiate sha. I have already signed everything and we are completing this week. Good lesson to use calculator and go through the fine lines next time.

It seems to be on the high side, but just complete and move into your house.....

So much to catch up with..... well done guys

ehizario2012:


Thanks a lot. I will explore this on Monday. But I was hoping the share code alone would suffice, I want to avoid sending my brp card altogether.

Share code alone is enough. I know people that filled their share code only and got their provisional licence.
Just fill in your share code and no need to send your BRP.

Controlv:
Elders in the house, please how do you cut cost on car repairs in this UK?

I was recently charged £630 to replace REAR brake pads, brake disc and and brake callipers on a 2012 Honda Jazz... just rear brakes oo.


I later checked the prices of those parts on ebay and its about one-third of what I was charged at the garage. The price difference looks ridiculous but I'm also concerned about the genuineness of the parts listed on ebay.

Any pointers will be appreciated.


By the way, Honda Jazz is a very reliable car for starters. Drove about 9k in 1 year without any issues; serviced once and replaced rear brakes components. Glad I followed oga Lexus recommendations.

Compare the quote to other garages...

Solumtoya:


Hi, you can just ring the Solicitors and clarify. They typically may not be able to confirm the exact amount until the start or even finish the job

Exactly...

Lexusgs430:



If legal migrants could be dealt with in this manner........ Imagine the life of an illegal immigrant......

This was common practice with Nigerian LL, in the dark days (it was even council properties, they illegally sublet)...... If they lived in the house with tenants, baba wàhálà.....

They would restrict use of the boiler, heating, washing machine, guests etc etc etc ......

I repeat, RENT MONEY IS DEAD MONEY..... Would your mortgage provider, remove your door .......🤣

This will challenge the OP to start thinking of buying his house as soon as OP settles down quickly...rest of mind owning your own house while paying your mortgage cannot be quantified....

Lexusgs430:


It is indeed a civil matter, but that police station attendance....... Gives you a coverage, incase matters escalates into violence.......

That LL if she is conversant with renting rules, would NEVER remove a door.... Not to talk of attending premises without notice.........

....the LL will learn a lesson the hard way if what the OP stated is as said...

Ticha:


That's not quite right. As long as there is a documented trail of rent payment, even if not consistent, any indication of a rental agreement i.e. a text or email requesting rent or referencing the rental, it's a rental contract verbal or written. There are several case laws for this.

It is easy to prove they're not related.

Exactly...

missjekyll:
This is why she did it. She knows the police more than we do. The police are hanging on by their fingernails. Even murders go unsolved nowadays.

So sorry you have to deal with this .is the house still habitable for you over the weekend?if not you may want to book a hotel and keep the receipt. Then call citizens advice on Monday. She must be taught a lesson. What a vile creature. She must have been an agbero at home. How did she even carry the door ? Tueh

The LL attitude still the baffle me....how is that possible self in this UK?

Estroller:
On the subject of overpayments, putting the overpayment amount in an account with interest rate that is higher than the mortgage interest rate and paying it all towards the mortgage at the end of the fixed period will achieve the same thing wrt to overpayment if not better considering the higher interest rate on the savings account. Is this thinking correct?

Anyone that works for you is fine....

I just feel putting aside a setting amount as monthly overpayment does not prevent me from investing in other investments like the S&S ISA and LISA. with good yields...

For me, except it is a fixed deposit or bonds , you cannot guarantee the yield of the investment..

Usually the small little monthly overpayments could even be spent on other non demanding things if one is not careful.....

Lexusgs430:


It's not to put anyone under pressure......... But simply, something that people MUST be thinking about .......

Why continually pay your landlord's mortgage..... RENT MONEY IS DEAD MONEY......😁😂

Someone phoned me month's ago,..... He has been renting for over 3 year's, rent was £1500 pcm .......

He saw a letter from his landlord's mortgage company....

LL's mortgage pcm was £375.00 ...... If you fancy sponsoring your LL's holiday's, paying for his PCP vehicle etc etc ....... Keep paying rent ........🤣😁
...Just imagine

Don't build a house in Nigeria, whilst been a tenant in the UK ......😂😜

Well said...But simply, something that people MUST be thinking about.....its the mindset that matters and actively working towards it

Zahra29:


Lol why are you mad? Isn't your rent providing you a place to live and a base from which to work/study? Isn't paying rent a normal occurrence in nigeria, and very high rents at that in cities like Lagos and Abuja?

While it should remain a firm aspiration to own one's home in the UK, renting until you get there is perfectly normal and part of the process/journey for millions. It takes time to build up a deposit, excellent credit rating and other factors, so don't feel pressured into buying a house (the biggest purchase most people will ever make) in a short time after moving to the UK.

It's similar to how people jumped onto the bandwagon of trying to acquire one or several credit cards within a couple of months of arriving the UK, some without the basic understanding of how credit works and many damaging their credit file in the process.

Some things take time and in the meantime work hard, save hard and acquire the relevant knowledge.

Well said.....

justwise:


Congratulations!!! Really happy for you.

Thank you Boss.

Solumtoya:
Avoid using your account for too many International transfers to/from Nigeria within the 4 months leading to your application as Barclays and many other Lenders can have serious issues with this.

If your main Bank is Barclays, they have access to your Financial transactions and can deny you for reasons dating further back while if your accounts are with other banks, they rely on only the time frame you gave them. Of course, if they have concerns they can request for more Months of Statements but I'd say it might be easier to avoid Barclays as main Bank.

LISA please. If you're not 40 yet, please open your LISA today. Moneybox is a good provider and you need only £1. I delayed on my LISA and I am still waiting for it to turn 1 year this week so I can access my funds. LISAs are great, I got free £4,000!

Many Mortgage Advisors charge a fee. You don't have to pay. The Bank pays them like 0.5% of the Mortgage amount so you really shouldn't pay of you don't want to, just look for another Advisor. If you're bold and don't have any special circumstances, you don't even need an Advisor. The main advantage of an Advisor would be Specialist Advice and helping with a range of products across many Lenders to help you get the best deal.

For Tier-2 Holders, it's easiest when you have more than 2 years residency, more than 2 years left on your Visa, 10% deposit (if you have up to 25%, you may not need 2 year residency); also if you have household income of over £100k, you get more Lenders. I had 2 years residency and the only Lender I got was Barclays. Skipton almost considered and Halifax had conditions such as 25% deposit or £100k+ household income.

Don't waste your time getting many Decision-in-principle, just go for Barclays first. Also ensure that whatever Decision-in-principle is only a soft check.

While having credit is good, you may be required to clear all outstanding debts before disbursement of the Mortgage.

Be very cautious of Solicitors, they can mar the whole process. Always go for referrals, a Solicitor someone has used and confirmed as efficient.

I recommend Moneybox...everything was done within 72hrs when we requested parts of our contributions to be used to pay for our mortgage at exchange of contract.

Lexusgs430:


Before you start considering BTL, you need to fully understand the implications of nasty tenants, almost sending you to an early grave.......

If a S8 or S21 is issued, it could take you the better part 6-9 month's to get your property back (all the while, the tenant would be living rent free)......

Ensure you have access to about 5-9 month's cover, to bridge void periods.....

Government legislation is also hammering the BTL industry (ensure you're up-to-date with all implications) (for now and future).......

SIPP/ISA - With a SIPP, you cannot remove fund's, till you reach retirement age (the advantage of SIPP accounts), is HMRC credits you 25% of monies deposited.....

Property vs SIPP/ISA - Why not dip your toes in all ......🤣😂 (subject to affordability)........😁🔥

For me, l continue with my

-Stocks and Shares ISA for dividend stocks and growth stocks,

-LISA to receive 25% of my contributions till govt stops contributing their own at age 50 (15yrs to go) and

-my NHS pension contributions till retirement.


I don't have headaches for BTL for now.

Lexusgs430:


You really packed plenty, into this candy pack ......

Would tackle from my personal opinions -:

Reducing the risk of negative equity, can be done by overpayment, not selling your property in the short term and not falling behind on payment (facing a repo)........

Reducing monthly payment - I don't know how this can be achieved, because you're contracted to pay a specific amount monthly..... Overpayments, does not reduce your monthly obligation......

Keeping cash - The only way this can be achieved, is regular overpayment, thereby reducing the length of your mortgage...... Once mortgage is fully paid, imagine the amount of cash you would have slushing around........🤣😜

NB: Some lender's might not allow overpayments.......

I am overpaying just as little as £250 monthly and this will reduce the mortgage by 8 years....and saves £108k interest payments for me...

FINALLY....

Completed today with Halifax at 5.3% 2 years fixed with a 15% deposit...Kent, SE England...

....keys in my hand....

To God be the glory....

Thank you everyone for the journey...1st August 2023 to 27th October 2023....

@Lexusgs430, thank you for reminding me that..... RENT MONEY is DEAD Money.....

We all shall get into the property ladder sooner than we think....just keep working daily...

jedisco:


Alot has been said. Few things I'd point out.

1. You seem to have reached the maximum earning potential of your current role. Even if you spend 10yrs there, any increase in pay would only track inflation

2. Sometimes, the best investment to increase your income is to invest in yourself- A skill that gives you higher earning potential would see you earn, save and invest more.

3. It's worth clearing your CC debt before looking at investment opportunities. The interest you are paying on this (if any) would be more than interest from investments

4. Start working towards a mortgage- you have a family, your rent would only go up. Plan for the longterm even if it means moing elsewhere.

5. Following from point 4. A good investment for you and your wife would be to ensure you both use up your LISA allowance of 4k for the year. When you get to buy, you'd see huge savings there. That's the beauty of marriage and maximising its potential.

6. Network, identify a role that'd see you earn 40 -60k relatively soon with further growth down the line and invest in yourself to achieve that.

7. From your grammer syntax and past experience, you seem quite read. Those skills should count for something.

8. Personal choices differ but this is the UK. Family laws are greatly different. If you and wife earn same, no reason why you both cant contribute 50:50 to the family expense. A joint account for home expenditure perhaps.

9. Lastly, remember these are your productive years- this is when you'd build for the future- pensions e.t.c.

Well said...

Solumtoya:


Depends on your age and some other factors. A 30 year old should get like £16 per month while a 33 year old will get £18 and it keeps going up with age

I got £24 pcm, wife £16 pcm for 30 years level term life insurance to cover our mortgage

Solumtoya:
Barclays Bank Rates now

Halifax reduced their rate for me yesterday (15% deposit)...2 years fixed from 6.57 to 6.06% yesterday.
l am waiting for the completion date possibly next month...hopefully the rates will come down again before completion

hayesconcept:
My wife cousin introduced the pot to her some weeks ago. The company even call her and they did the presentation and those paparazzi of a thing. As we speak now my wife don block both her cousin and the company reps😂😂. Na money to buy house we dey find not a pot

Lol

Solumtoya:


The solicitor's quote varies a lot depending on the Solicitor and type of property. It's usually around £1,500 to £2,000. The quotation I had gotten for a £250k house in June was £1,593 from L&C so yours is high but not too far off.

As for STRIKE vs Lloyds, I would say NEITHER. Get a good Mortgage Broker like L&C or any of the ones listed on this thread, better still, get recommendations from family or friends. A Mortgage Broker or Advisor would shop around the market and get you the best deal. Lloyds or any other Bank can give you AIP easily but deny your Mortgage application especially if you are on a Visa. I have so many Mortgage-in-principles from a number of Lenders but only Barclays Bank seems to actually give Mortgages to Visa holders without requiring 25% deposit or £100k income. A good Mortgage Broker knows these things and will review your application thoroughly for success. Lastly, the Mortgage Brokers are typically free of charge since they earn commission from the Lender.

I am no expert but these are my opinions.

Well said....

aremso:


Bro. Okay Sir, researching on about 2 stocks not health sector really but I think they will move. I will drop them here

Your doing well here Sir, let no one prevent you from dropping useful hints pls

Cassan:
Good morning house. I have been reading up on credit scores and how to build them. Mine is currently 723 on Experian and I have been here for a year. Never took interest until now (terrible mistake). I want to take a credit card but I am only eligible for a £1,000 Zilch Virtual Mastercard at 29.99ARP.
I am very financially disciplined but would like to know the pros and cons of taking this card please.
Thank you.

No problem with the card....just pay back via direct debits any amount you use each month. I use less than 20% of my credits monthly.

unite4real:


When BUAFOOD listed in January last year (2022). Their market capitalization started on N720B.

20 months down the line and it's N3.24T

Present capitalization for dangote sugar and NASCON is N856B. Bt the time you add rice, it should be a lover N1T trillion naira as of now.

Anything God cannot do does not exist.

So, yes BUAFOOD can be challenged by DANGOTEFOOD especially if dangote deployed the BUA strategy of pumping the price while reducing the float to stay at over 40B naira float value requirement. This should favour the die hard holders that will never want to sell until it touches N200

You sabi this game well well....

l missed BUA at the N40 listing price due to my analysis paralysis. Such mistake will never happen to me again moving from Dangote Sugar into Dangote Foods...

Generational wealth is about to be made...no mistakes again

ALHAJI DANGOTE has been making shareholders smile since 1745

currentprice:
from my bedsheet, it look like this year is not a year to sell your stock. FEBRUARY may be the next best time to

watch out

The BANKS are warming up for BRILLIANT RESULTS soon...STANBIC IBTC has released their brilliant result

We expect others to do so

bigtt76:
That is the real deal bro!! If you see how I de throway face wen youkay people de flaunt deals upon deals .....shei na deal I find come youkay ni? I can't be earning £100 per week and be spending £90 on deals

Chop life a beg oo

Estroller:


1. Your affordability is the most important thing, if you've ran the numbers and it stack up wrt affordability, I'll say you can go ahead with the purchase. Timing the market is difficult if not impossible to achieve. Like the popular saying, the best time to buy was yesterday, the next best time is today.

2. Your post suggests you are buying an old build, so I'll say get a valuation report added to your survey. It will cost a few hundred pounds more, but it will be worth it. You can then use the figure from your valuation report as a guide on what to offer. You can also check price of similar properties in that area. The state of the property as revealed by the home survey can also be used as a guide on what to offer. All the best with your purchase.

Very well said....

bigtt76:
Exactly. Only for the strong hearted like oga Lexusgs430 I make sure I pay up in full, I'm not a fan of the pay part of the balance each month ....mba That's me though, make den nor come drag me

I have only 1 credit card.....no strength for multiple cards...