Santa2:
Completed on Friday, I don collect Key.

Congratulations 🎊 👏 💐 🥳

Oya come wash am for us by giving some more details to help others - if you would like to ni o

How did you choose the property? What were some of the things you considered?
How many viewings did you do?
Did you use a broker?

Ticha:


Congratulations 🎊 👏 💐 🥳

Oya come wash am for us by giving some more details to help others - if you would like to ni o

How did you choose the property? What were some of the things you considered?
How many viewings did you do?
Did you use a broker?

Thanks a lot Ticha.. You are an inspiration actually, I copied that your post on how you bought your first flat in bristol, upto partnering with other couples to do a mini development. That post showed a path to building real estate portfolio from the ground up and was indeed an inspiration.

I always knew we were going to go New build route and probably port to old build later depending on our experience. I started looking for properties even when I knew we weren't ready financially as one is able to look at the property objectively without the need to close on it. Opened LISA in 2021/2022 and kept maxing our yearly contribution. Most of our deposit was from both our LISA accounts. (In this country, the importance on both spouses working together can never be understated).

Researched different developers and their pro/cons, From April last year start going to see different properties/developments. The first we saw was actually in February 23. it was a flat close to where we currently stay but we soon realised it was not going to meet our needs. Through the different developers show homes we saw (Taylor wimpey, Bellway, Red Row, Persimmons, DW) we found out Red Row as more aligned with wat we wanted/price point. Wifey wanted a kitchen that goes into the garden (at the back), also another of her requirements was the bathrooms must have windows. That was even harder cos most of the bathroom with windows were out of our price point. My only requirement was that it had an office as we both work from home. Luckily come 2024, the prices for some of the ones we were looking at dropped. We eventually went for a 4 bed terrace .

We did a lot of viewing ooh, weekends were spent crisscrossing show homes of different developers. Spent a lot of funds on uber as most of the time we were viewing properties we weren't mobile. It was worth it in the end cos with each property we visited, we learnt more on what we needed and what was obtainable.

We used the developer mortgage advisors and were happy we did as they made the process very seamless. We decided to get our own solicitors even though they were going to be more expensive than the solicitors suggested by the developer. the Mortgage advisors was free, the solicitors fee came up to about £3400(£1500 was from developers incentive).

We got incentives from Red Row, They did all the floorings (Amtico for multiroom and Livingroom), Upgraded the kitchen appliances and countertop, wifey drove a hard bargain with them, she wanted £3000 towards solicitors funds but they pegged it at £1,500.

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

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!!! 🎊🎈
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?

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?

With inflation dropping to 2.3% I reckon there should be a drop in interest rate pretty soon, I would say try before completion, You just might be lucky.

Santa2:

We got incentives from Red Row, They did all the floorings (Amtico for multiroom and Livingroom), Upgraded the kitchen appliances and countertop, wifey drove a hard bargain with them, she wanted £3000 towards solicitors funds but they pegged it at £1,500.

Awesome bargaining! Congratulations again and more grease to your elbow! Here's to the next purchase!

Congratulations 🎊

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.

The importance of LTV....... When I purchased my family home 2005 vs loan to value in 2024........

Just close your eyes, remain consistent, be patient...... It's never a sprint, but a marathon.......🤣😂

Lexusgs430:
The importance of LTV....... When I purchased my family home 2005 vs loan to value in 2024........

Just close your eyes, remain consistent, be patient...... It's never a sprint, but a marathon.......🤣😂

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.

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.

One education I did not receive, was gradual overpayments, pushes down the term and interest payable (it was not massively talked about)......

I hope future landlords, subject to extra cash + mortgage terms, would cultivate the habit of overpayments .......😲😞

Lexusgs430:


One education I did not receive, was gradual overpayments, pushes down the term and interest payable (it was not massively talked about)......

I hope future landlords, subject to extra cash + mortgage terms, would cultivate the habit of overpayments .......😲😞

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.

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.

You got it all sourced out and managed well...... Some people are not too risk aversed.......😂

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

Lexusgs430:



You got it all sourced out and managed well...... Some people are not too risk aversed.......😂

If I don't spend the money on wigs before then, haha.

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.

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

Solumtoya:


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

Why are you rushing....... 🤣😂

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:

If I don't spend the money on wigs before then, haha.

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.

Once it's fully paid up, I shall be known by first name, by airline hosts and cruise companies........ 😁😜

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.

Solumtoya:


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.

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.......

Solumtoya:


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

I want to be like Baba when I grow up 😄

I figured he could with that low LTV.

Solumtoya:


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.

As Baba Lexus said, it depends on your risk appetite. Me I am very risk averse, the kind of person that her plan A must have plan B, C, all the way to Z.

Maybe when I get to Babas level, I consider taking more risks.

Lexusgs430:


Once it's fully paid up, I shall be known by first name, by airline hosts and cruise companies........ 😁😜

We must first chop life before we chop heaven. I approve this message.😃

Solumtoya:


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

We will get there soon enough..just 16 more years for me to go. But I'm aiming to pay it off in 10.

shaybebaby:

We must first chop life before we chop heaven. I approve this message.😃

That's the mantra......🤣😂

shaybebaby:


As Baba Lexus said, it depends on your risk appetite. Me I am very risk averse, the kind of person that her plan A must have plan B, C, all the way to Z.

Maybe when I get to Babas level, I consider taking more risks.

No risks....... No rewards.......😜🤣

My wife attributes my use of high blood pressure tablets + 3 laser eye surgeries, to my financial exposure + risks appetite.......😂😜🤣

Lexusgs430:



No risks....... No rewards.......😜🤣

My wife attributes my use of high blood pressure tablets + 3 laser eye surgeries, to my financial exposure + risks appetite.......😂😜🤣

😂😂😂.

Just me alone, yes I can take some risks but my ultimate goal is to acquire as much as I can, with as little risk as possible to pass on to my child.

Ofcourse, I hope and pray that his own personal success will exceed anything I can pass on.

If that happens, you will meet me on that cruise.😁

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!!!

Lexusgs430:


One education I did not receive, was gradual overpayments, pushes down the term and interest payable (it was not massively talked about)......

I hope future landlords, subject to extra cash + mortgage terms, would cultivate the habit of overpayments .......😲😞

How do we overpay pls? Does it mean we pay twice our monthly fee?

Lexusgs430:
The importance of LTV....... When I purchased my family home 2005 vs loan to value in 2024........

Just close your eyes, remain consistent, be patient...... It's never a sprint, but a marathon.......🤣😂

Well done BABA....Following gradually

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.......

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.....

Icesnow:
How do we overpay pls? Does it mean we pay twice our monthly fee?

Not all lenders accepts overpayments, so speak to your lender enquiring if you can make overpayments........

Let's assume they accept overpayments, call your lender give them your debit card, so overpayment can be charged .......

OR

Collect your lenders bank details, using your mortgage number as a reference, then simply transfer.........