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Living In The Uk/life As A UK Immigrant - Travel (431) - Nairaland

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Re: Living In The Uk/life As A UK Immigrant by Lexusgs430: 8:13pm On Nov 09, 2020
LagosismyHome:


That must be those days, over 10 years if not more ..... I doubt if any bank does 0% deposit. Does mortgage doesnt exist anymore ??



GONE WITH THE WIND...... The good old days of sub prime mortgage sector....... If you know...... You know........ grin
Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:13pm On Nov 09, 2020
LagosismyHome:


Selling a house is not even as easy as saying I want to offload tomorrow..... u can even try to sell and the house will be in the market for months..in recent times some properties are been reduced in order to sell meaning negative equity . However Yes I take owning more than renting any day .

But ok.

Success story is good as long as the person is aware of the pros and cons. Everyone should ensure they have a clear picture before they jump .
very true,it is not easy to sell, even to release equity in your house these days nah war grin grin, there is even a businesss for that now grin grin grin
I think for some people rent is good why others Mortgage is the way.nah teh deposit be the koko cos 25 to 30K Pounds cash nor be beans! nah people full year basic salary
Re: Living In The Uk/life As A UK Immigrant by LagosismyHome(f): 8:14pm On Nov 09, 2020
Lexusgs430:




GONE WITH THE WIND...... The good old days of sub prime mortgage sector....... If you know...... You know........ grin

Exactly so talking about that kind mortgage no need na.... it doesn't EXIST anymore
Re: Living In The Uk/life As A UK Immigrant by EmmyKing86(m): 8:14pm On Nov 09, 2020
grin

erico2k2:

come o n Bro why are you tlking like this,?
How on earth are you going to get a Mortgage with financial history of even 3 years?even with a history of 5 to 7 years the Deposit will be minimum of at least 30% people born here who applied for mortgage as 1st time buyers get up to 25%\ and for the govt helpto buy scheame thats another fraud on thier part, its a long thing,you are going to drop at least 15% of that and you are buying a % of the mortgage.
Leasing a car is very expenssive, the cast majority of young people in the UK who lease live with their parents, or are living rent free.
Talking about sell off, well Lexus Im not being rude but if you own your House ie mortgage you will know that there are clause bonding you to the agreement of remortgaging your house for XY years, its meanimum of 3 years in most cases.The reality on ground is harsher than tall buildings and fine environments!
Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:15pm On Nov 09, 2020
LagosismyHome:


That must be those days, over 10 years if not more ..... I doubt if any bank does 0% deposit.

Does that mortgage package exist anymore ??
that was o ne of the factors that cause the credit crunch, thos shiny flats in the doclands which are shiny and empty,fraudstars cashed out big time o n the mortgage company cos they made a massive mistake on that 0% deposit, teh Asians dealt with it nor be small!
Re: Living In The Uk/life As A UK Immigrant by Bourne007(m): 8:17pm On Nov 09, 2020
Still on this matter . You don't seem to get it, do you?


erico2k2:

Bross do not say that ohh, its an OLD SCOOL BANK grin grin grin
Re: Living In The Uk/life As A UK Immigrant by Lexusgs430: 8:19pm On Nov 09, 2020
RalphJean:


Please Oga Lexus, help with the answer to the bolded.
I have been here for 4 years now.
I thought I don’t have enough history to get a mortgage. Appears I was wrong. Yes? No?


Options available to you...........


Broker to patch shortfalls (that 1% fee is worth it's weight in gold).......

Get a bank loan......... (don't over stretch)

Joint mortgage + joint source of funds.....

Do asusu with a sizeable drop........ Etc etc etc

3 Likes

Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:19pm On Nov 09, 2020
Bourne007:
Still on this matter . You don't seem to get it, do you?


if you got no atom os sarcasm in you just pass my post, can U see frm waht i wrote that Im taking the biscuit cos he has to go to the so-called OLD school bank for mortgage and not the new online one, bro take a chill Pill pls!
Re: Living In The Uk/life As A UK Immigrant by Bourne007(m): 8:19pm On Nov 09, 2020
Completely false. Everyone is eligible as long as you meet the requirements


erico2k2:

Listen to me, your best bet is to go fru a Broker, thank me later,There is a lot that goes on in the baground..You need to speak to a broker.
regarding help to buy, it is not for everyone, you must be a keyworker.best way to know is if you are working during this covid period.

2 Likes

Re: Living In The Uk/life As A UK Immigrant by Lexusgs430: 8:20pm On Nov 09, 2020
LagosismyHome:


Exactly so talking about that kind mortgage no need na.... it doesn't EXIST anymore



How do you move 4ward, if you forsake your history........ grin
Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:21pm On Nov 09, 2020
Lexusgs430:



Options available to you...........


Broker to patch shortfalls (that 1% fee is worth it's weight in gold).......

Get a bank loan......... (don't over stretch)

Joint mortgage + joint source of funds.....

Do asusu with a sizeable drop........ Etc etc etc
good one but gettign a bank Loan would count against him as he would be in debt to that % already in the 1st instance,Dont forget your outgoing plays a vital role in the % or APR you are going to be given
Re: Living In The Uk/life As A UK Immigrant by TRAY2(m): 8:21pm On Nov 09, 2020
Lexusgs430:



Remember, according to our case study here today...... He only got 18 months in the UK.......

How was his mortgage approved?......

I went through halifax.. it was 85% LTV.. I showed 3 months of payslip that showed steady and consistent income including Over times and enhancements, i made sure i built a good credit score, no loans no missed payments. For the person advising using a broker. I was just so lucky. I just thought it was worth trying and it worked.

3 Likes 3 Shares

Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:24pm On Nov 09, 2020
Bourne007:
Completely false. Everyone is eligible as long as you meet the requirements


These are the kind of statements I don't like, you are more than welcome to air ur own view rather that list someone else one as false.
Since you are the champ here let me ask, what do you think in ur i nfinit wisdom makes someone eligiable for a mortgage??
Re: Living In The Uk/life As A UK Immigrant by Bourne007(m): 8:25pm On Nov 09, 2020
So you get it grin. Thank goodness wink


erico2k2:

if you got no atom os sarcasm in you just pass my post, can U see frm waht i wrote that Im taking the biscuit cos he has to go to the so-called OLD school bank for mortgage and not the new online one, bro take a chill Pill pls!
Re: Living In The Uk/life As A UK Immigrant by wallg123: 8:26pm On Nov 09, 2020
Lexusgs430:



Options available to you...........


Broker to patch shortfalls (that 1% fee is worth it's weight in gold).......

Get a bank loan......... (don't over stretch)

Joint mortgage + joint source of funds.....

Do asusu with a sizeable drop........ Etc etc etc

Well said
Re: Living In The Uk/life As A UK Immigrant by Bourne007(m): 8:28pm On Nov 09, 2020
@the bolded. Help to buy is not just for keyworkers but for everyone


erico2k2:

These are the kind of statements I don't like, you are more than welcome to air ur own view rather that list someone else one as false.
Since you are the champ here let me ask, what do you think in ur i nfinit wisdom makes someone eligiable for a mortgage??
Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:28pm On Nov 09, 2020
TRAY2:


I went through halifax.. it was 85% LTV.. I showed 3 months of payslip that showed steady and consistent income including Over times and enhancements, i made sure i built a good credit score, no loans no missed payments. For the person advising using a broker. I was just so lucky. I just thought it was worth trying and it worked.
Ok so what is the value of the 15% you got to pay as deposit?
Re: Living In The Uk/life As A UK Immigrant by deept(m): 8:32pm On Nov 09, 2020
Bourne007:
@the bolded. Help to buy is not just for keyworkers but for everyone



Is help to buy not public funds?
Re: Living In The Uk/life As A UK Immigrant by Bourne007(m): 8:33pm On Nov 09, 2020
No it's not public funds


deept:


Is help to buy not public funds?
Re: Living In The Uk/life As A UK Immigrant by EmmyKing86(m): 8:35pm On Nov 09, 2020
You see!!! grin

Just look at how everyone is giving their different experiences of getting mortgages particularly from erico & Lagosismyhome. There is nothing wrong in sharing our different ideas and opinions in a respectful manner as people will find them useful.

8 Likes

Re: Living In The Uk/life As A UK Immigrant by RalphJean: 8:36pm On Nov 09, 2020
TRAY2:


I went through halifax.. it was 85% LTV.. I showed 3 months of payslip that showed steady and consistent income including Over times and enhancements, i made sure i built a good credit score, no loans no missed payments. For the person advising using a broker. I was just so lucky. I just thought it was worth trying and it worked.


Bros, what is LTV again?

My Essay Writing/Comprehension teacher in Secondary school always penalised us for using acronyms that have not been defined in the early parts of an essay.
Biko what is LTV?

2 Likes

Re: Living In The Uk/life As A UK Immigrant by TRAY2(m): 8:37pm On Nov 09, 2020
RalphJean:



Biko, by going direct, what does that mean please? I have always thought I must go through mortgage brokers.

Most of them are time wasters, as they can not explain your circumstance better than you, i went directly to halfax explained my circumstance and it was successful. I will use a broker when next i want to remortgage by then Kpali go don ready. I no go need speak plenty English lol.

1 Like 1 Share

Re: Living In The Uk/life As A UK Immigrant by TRAY2(m): 8:38pm On Nov 09, 2020
erico2k2:

Ok so what is the value of the 15% you got to pay as deposit?

£17,250
Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:40pm On Nov 09, 2020
RalphJean:



Bros, what is LTV again?

My Essay Writing/Comprehension teacher in Secondary school always penalised us for using acronyms that have not been defined in the early parts of an essay.
Biko what is LTV?

lend to value!
Re: Living In The Uk/life As A UK Immigrant by LagosismyHome(f): 8:40pm On Nov 09, 2020
RalphJean:



Bros, what is LTV again?

My Essay Writing/Comprehension teacher in Secondary school always penalised us for using acronyms that have not been defined in the early parts of an essay.
Biko what is LTV?


loan-to-value... deposit : mortgage ratio

The house price is 100 percent what value do you bring ( your deposit) and what value is the bank bringing as a loan/ mortgage . The higher you are bringing the more a bank might be willing to speak to you

But a reminder the days of you bringing 0% and bank brining 100 % doesnt exist. Help to buy you must bring at least 5% to the table ,gov bring 20% do bank brings 75%..... . For a buy to let to rent, then you are looking at 25% deposit to 75% mortgage.
Re: Living In The Uk/life As A UK Immigrant by RalphJean: 8:40pm On Nov 09, 2020
Lexusgs430:


An MIP aka professionally linked, simply because of projected appreciation of income.........

Those that are happy paying rent continually + driving a banger ..... Kwantinue......... This life, is like a pot of beans....... grin

I cum in pieces........ cheesy

For the sake of my sanity, I will pretend that cum & come mean the same thing.
I will ignore my earlier thoughts that the former is closely related to cassava & condensed milk.
At least for the sake of mortgages, I will pretend that to come in pieces is to cum in pieces.

2 Likes

Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:41pm On Nov 09, 2020
EmmyKing86:

You see!!! grin

Just look at how everyone is giving their different experiences of getting mortgages particularly from erico & Lagosismyhome. There is nothing wrong in sharing our different ideas and opinions in a respectful manner as people will find them useful.

Thank you Jare
Re: Living In The Uk/life As A UK Immigrant by TRAY2(m): 8:43pm On Nov 09, 2020
RalphJean:



Bros, what is LTV again?

My Essay Writing/Comprehension teacher in Secondary school always penalised us for using acronyms that have not been defined in the early parts of an essay.
Biko what is LTV?


Hahaha, sorry jare to type dey lazy me �, LTV is loan to value ratio. It’s Like saying 15% deposit. Bank will pay 85% of the value of the property while you will pay the 15%. Most lenders use the acronym. There is this facebook mortgage group i followed that was helpful. Send me your fb username i will add you.
Re: Living In The Uk/life As A UK Immigrant by fatima04: 8:43pm On Nov 09, 2020
@ralphjean, I believe you are more than eligible. You can go through a mortgage broker and it makes application very much easy. Although just selected banks accept Tier 2 visa Halifax, Santander and Natwest (according to mine).

I am currently using one which the service is free of charge and they get paid from the bank. All this will be stated on the AIP eventually.

For deposit, some people do joint contributions (ajo) to raise this, if not feasible for you then try have a property budget and start saving the 5% of that based on a monthly target.

Obviously if you have a partner this will be much easier as you can pull resources together. You are also eligible for HTB which is govt *Equity* loan which helps add 20% interest to your deposit.

The HTB is interest free for 5 years but beware govt owns 20% of your property. This isn't as bad as it sounds and the mortgage brokers will advise you better. They will also assist with your HTB application and any information you need.

N.B- Btw, your parent can also gift you the deposit. Something called *gifted deposit*. Some banks accept friends gifting it as well to get you on the property ladder

5 Likes 4 Shares

Re: Living In The Uk/life As A UK Immigrant by erico2k2(m): 8:54pm On Nov 09, 2020
TRAY2:


Most of them are time wasters, as they can not explain your circumstance better than you, i went directly to halfax explained my circumstance and it was successful. I will use a broker when next i want to remortgage by then Kpali go don ready. I no go need speak plenty English lol.
Not at all ohh, some of them could be a life saver and direct you to the right path.Vast majority of them will not even charge you as they get paid by teh banks.But ur Pocket and Job tells you more grin grin grin

1 Like

Re: Living In The Uk/life As A UK Immigrant by omopapa: 8:56pm On Nov 09, 2020
Wahala for who no dey learn from this topic

7 Likes

Re: Living In The Uk/life As A UK Immigrant by nihilistjnr: 9:04pm On Nov 09, 2020
fatima04:
@ralphjean, I believe you are more than eligible. You can go through a mortgage broker and it makes application very much easy. Although just selected banks accept Tier 2 visa Halifax, Santander and Natwest (according to mine).

I am currently using one which the service is free of charge and they get paid from the bank. All this will be stated on the AIP eventually.

For deposit, some people do joint contributions (ajo) to raise this, if not feasible for you then try have a property budget and start saving the 5% of that based on a monthly target.

Obviously if you have a partner this will be much easier as you can pull resources together. You are also eligible for HTB which is govt *Equity* loan which helps add 20% interest to your deposit.

The HTB is interest free for 5 years but beware govt owns 20% of your property. This isn't as bad as it sounds and the mortgage brokers will advise you better. They will also assist with your HTB application and any information you need.

N.B- Btw, your parent can also gift you the deposit. Something called *gifted deposit*. Some banks accept friends gifting it as well to get you on the property ladder

Problem with Help to Buy is that it only applies to new builds which are massively overpriced.

3 Likes

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