flinton:
Good afternoon @ everyone

I use to think T2 visas are on a 5 year route to settlement.
When we (family) got our visas it was written on the accompanying doc that we are on a 10 year route to settlement
Is it new? Or I have been thinking amiss

How do one change to 5 year route

NB I'm a newbie and I don't intend to be idle while I wait for my professional certification before job hunting
Any advice on how to survive, hustle & keep body and soul together, I will greatly appreciate
I'm in liverpool

nihilistjnr:


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

Aphrodite007:


They give you the 10 year route if you can’t meet the financial requirement.

wallg123:


The best tips are
1: save up you 15-20% deposit.
2: make sure you’ve got maintain a good credit record.
3: if you are married I’ll suggest you take out the mortgage with your wife if she’s also working and also with a good credit record. ...

These are just the basics. Other gurus can help you with more tips ...

RalphJean:



Thank you very much.

Any tips on ‘friendly’ banks?
I currently bank with Barclays (old school bank)
And with Starling (JJC/novice/smallBoys bank- according to someone I know).

Please any idea of a bank that is friendly? Please

EngrSaks:


New builds are overpriced and you can hardly have an increased equity within a short period....

The beauty of old houses is you can do a few renovations and boom the house value will just increase


But house na house o...better to enter anyone your money reach, because rent na waste...

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.....

There are even non-fee charging brokers now. One of my best decisions was to go with a mortgage broker.

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

nihilistjnr:


Strongly disagree with the bolded.

New Builds should be avoided as much as possible. Many of these developers are thieves.

For example, during this stamp duty holiday, new-build prices have gone up to swallow the money that buyers would have instead paid the government.

Same thing with help-to-buy, the 20% you get from the government has been priced into the cost of the house.
https://www.independent.co.uk/money/spend-save/help-buy-house-prices-loans-first-time-buyers-savings-a8958056.html
https://www.mirror.co.uk/money/help-buy-pushed-up-prices-16501487

The top 4 property developers in the UK are currently under investigation for their shady sales practices
https://www.business-live.co.uk/retail-consumer/barratt-countryside-properties-persimmon--18878586


Not all house na house...shine ya eyes

nihilistjnr:


Strongly disagree with the bolded.

New Builds should be avoided as much as possible. Many of these developers are thieves.

For example, during this stamp duty holiday, new-build prices have gone up to swallow the money that buyers would have instead paid the government.

Same thing with help-to-buy, the 20% you get from the government has been priced into the cost of the house.
https://www.independent.co.uk/money/spend-save/help-buy-house-prices-loans-first-time-buyers-savings-a8958056.html
https://www.mirror.co.uk/money/help-buy-pushed-up-prices-16501487

The top 4 property developers in the UK are currently under investigation for their shady sales practices
https://www.business-live.co.uk/retail-consumer/barratt-countryside-properties-persimmon--18878586


Not all house na house...shine ya eyes

Aphrodite007:


I don’t suggest you buy with your wife. Buy individually and use the LISA. If one person buys with a LISA, after 5 years, they can sell the first apartment, add money and the other partner can buy with the LISA.

If both of you team up to buy one house, you would have used up your LISA Opportunities.

LagosismyHome:


Some areas have seen the value of new build go up within a short time, for example areas were cross rail came so some are lucky with a bit of research.

However I agree, new build are massively over priced for their value. Developers really took advantage of gov involvement in help to buy and exploited the market to the max

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?

nihilistjnr:


Strongly disagree with the bolded.

New Builds should be avoided as much as possible. Many of these developers are thieves.

For example, during this stamp duty holiday, new-build prices have gone up to swallow the money that buyers would have instead paid the government.

Same thing with help-to-buy, the 20% you get from the government has been priced into the cost of the house.
https://www.independent.co.uk/money/spend-save/help-buy-house-prices-loans-first-time-buyers-savings-a8958056.html
https://www.mirror.co.uk/money/help-buy-pushed-up-prices-16501487

The top 4 property developers in the UK are currently under investigation for their shady sales practices
https://www.business-live.co.uk/retail-consumer/barratt-countryside-properties-persimmon--18878586


Not all house na house...shine ya eyes

nihilistjnr:


LISA only allows you to save a max of 4k a year.

You would have to save for 9-10 years to raise the deposit for a 2 bed flat in London.

Then you get charged 25% to withdraw the money you want to use as a deposit.

This is a poor strategy to try to get on the ladder

Bourne007:
But not for T2 applicants. It's usually for family life applicants

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.

Aphrodite007:


I know T2 dependents that got 10 year. It’s cos they didn’t meet the threshold satisfactorily.

EngrSaks:


New builds are overpriced and you can hardly have an increased equity within a short period....

The beauty of old houses is you can do a few renovations and boom the house value will just increase


But house na house o...better to enter anyone your money reach, because rent na waste...

EngrSaks:


Yeah some shady deals happening but na the 5% get catch people that's why na our people dey buy new builds pass...lol

fatima04:


Yeah you are right about the over priced but the truth is RICS regulates the market. Your mortgage broker would request a valuation and wont pay more than what the valuer states, and this is usually in line with older houses in the neighbourhood. This helps get the right type of deal.

And ofcourse refurbishment on Old houses too makes a lot of sense. Although I read HTB can be used on refurbished houses but not too certain about this.

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?

fatima04:
In addition to all the points raised best interest i see is usually for 5years which means you are committed to the lender for that period.

Basically this also helps the house appreciate in value so also an opportunity to have a good mortgage repayment for that period. .

justwise:
[/b]

Nope, its for everyone and not just for keyworkers working during covid.

Though Help To Buy has ended for new applicants.

If you have the time and money avoid brokers, you can apply for mortgage principle yourself and deal with the bank directly.

fatima04:


Yesso, tbh its an easy way to get on the property ladder. Imagine paying rent of £725pcm on a 3 bed house worth 199k and then getting a MIP of £450(30years) on same house value. All the past rent gone

erico2k2:

My lat Mortgage was 10 years ago and Im a bit rusty, I just have to go and check facts,the world has moved from keyworker to everyone but them times this help was available to jst keyworkers,
regard brokers the mortgage mkt has moved on as well,I guess you are a bit rusty here as there are brokers who charge you nothing and get paid by the mortgage co.The Mortgage brokers do not just help you get finance, they check the best deal available to you based o n your circumstances and point you to the right lender or the right Mortgage that suites your needs i n teh long run.As you can see, in the heat of getting a Mortgage people get the wrong one and end up struggling to meet up,if you have an insight to the numbers of guys who lost their homes in these two years you will be shocked,Im sure you drive past boarded houses and flat daily.
Lastly teh help to buy has not ended, infact there is a new scheame for 2021 to 2023,I will find out the name and get back to you, it might help few guys on here too.

fatima04:


Yeah you are right about the over priced but the truth is RICS regulates the market. Your mortgage broker would request a valuation and wont pay more than what the valuer states, and this is usually in line with older houses in the neighbourhood. This helps get the right type of deal.

And ofcourse refurbishment on Old houses too makes a lot of sense. Although I read HTB can be used on refurbished houses but not too certain about this.

RalphJean:
Thank God for the member who aired their ‘contrary’ opinion about @TRAY’s house & motor post ohh.

If we had only listened to the ‘congratulate him and pass’... and the ‘stop spoiling somebody’s joy’ and the ‘you are jealous fir airing a contrary opinion’ geng....

That’s how we would have missed all these vital (and free) mortgage lessons.

erico2k2:

Bross 30 years shaaa lol that means u go be 22 years ohh, cos retirement fit pass U 4 repaayment ohhh ahah.Nah there and Y u go see old man wey don retire dey do security Nah joke i dey ohhhh

LagosismyHome:


I see new build going up significantly all in the name of charging a premium......abeg nobody regulates the prices in reality

Broker evaluation..how details is that .

My mortgage company came, the man didnt spend more than 10mins and valued the property exactly the offer price...coincidentally I was in the property when he came .... He certainly didnt put any effort into nothing (offer price wasnt even a round figure and slightly higher than the listed price , yet he just matched it) ...me self was hoping he reduce the value so I can to back and renegotiate a reduce

textbook/ on paper and reality are two different thing .when evaluating they just look at similar properties in that area and be done .