NewStats: 3,264,407 , 8,183,624 topics. Date: Tuesday, 10 June 2025 at 10:44 PM 3d4z5f

6z3e3g

Living In The UK: Property,Mortgage And Related - Travel (15) - Nairaland 6j1x4u

Living In The UK: Property,Mortgage And Related (127415 Views)

(4)

Go Down)

elisinho(m): 8:58pm On Sep 21, 2023
Ralphlauren:


Did they eventually tell you why your mortgage application was declined?

na 10% i get sha i will try my luck and see what happens
elisinho(m): 1:12pm On Sep 28, 2023
please how much does you pay for house insuarance and life insurance please
MonkeySee: 1:54pm On Sep 28, 2023
elisinho:
please how much does you pay for house insuarance and life insurance please

£38 house insurance
£20 life insurance

1 Like

Wristler: 9:48am On Sep 29, 2023
MonkeySee:


£38 house insurance
£20 life insurance
£38, is this plus content?
elisinho(m): 2:06pm On Sep 29, 2023
MonkeySee:


£38 house insurance
£20 life insurance

thanks for your reply why im i getting 34 qoute for life insuarance can i get your provider please
thanks
Solumtoya: 2:09pm On Sep 29, 2023
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
ukay2: 2:42pm On Sep 29, 2023
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
MonkeySee: 5:01pm On Sep 30, 2023
Wristler:

£38, is this plus content?

Yes
MonkeySee: 5:04pm On Sep 30, 2023
elisinho:


thanks for your reply why im i getting 34 qoute for life insuarance can i get your provider please
thanks

It depends on your personal circumstances.

The insurance also pays 100 pounds per day for me or my kids for hospital ission

The insurance name is Metlife
solveabode(m): 4:42pm On Oct 15, 2023
Good day to you all.
Do anyone have a clue of lender that gives less 2 years residency a mortgage?
Healhtyliving: 5:36pm On Oct 15, 2023
Halifax
solveabode:
Good day to you all.
Do anyone have a clue of lender that gives less 2 years residency a mortgage?
LaXxOnebody(m): 11:54pm On Oct 15, 2023
Has anyone ever tried getting a property via an auction?

Would you be able to survey it also?

Any thoughts or advice based on experience?

Bring back @SemmyK also
Ticha: 12:55am On Oct 16, 2023
LaXxOnebody:
Has anyone ever tried getting a property via an auction?

Would you be able to survey it also?

Any thoughts or advice based on experience?

Bring back @SemmyK also

Have you reached out to SemmyK to check he is ok? Be a good fellow Nigerian and check on him!

If you don't need a mortgage then by all means have a go at auction. Be aware that all your buying costs are pre-loaded. 90% of the time, houses at auction have heaps of issues, weird covenants and could be unmortgage-able. You also need to complete within 28 days and once the gavel falls, you don buy house be that.

So to buy at auction, you need to have;

1. Collected/ ed and read the legal pack. So you will need to instruct and pay a solicitor to do that. Considering that you'll usually have about a month beforehand, it means you'll be paying prices for the solicitor to work through the documents quickly.

2. Have a 10% deposit plus any auction fees ready to go

3. Have any loans or mortgages already approved and ready to go - this cannot happen for mortgages at all. You maybe able to get a bridging loan but you'll be looking at interest rates of 10% to 12% over a max 18 month period. Most bridging loans also have interest rolled in so they'll give you the money minus the charged interest so they collect their interest upfront. Bridging loans also comes with fees of between 2-3% of the loan which you have to pay upfront. You will also need a broker. You must also have an exit strategy in place so when the loan period ends what will you do? Get a mortgage? Is the house mortgageable even when all repair work has been done?

4. Do a survey for information purposes rather than leverage purposes.

5. Have nerves of steel and good discipline. There is a reason majority of houses at auction go above guide prices. The guide price is just that - a guide price. Guide prices are also often deliberately set very low to generate interest and push people into emptying out their pockets. My friend bought a house in Liverpool at auction - the guide price was £1. The opening bid was £20k. She bought it for £180k and spent about £25k doing it up!

These days there is the modern method of auction which unlike the proper auction method allows you bid over the course of weeks. But you will need to pay all the sellers costs upfront before bidding and if you don't win, you lose that money - usually around £6k to £8k.

If you really want to buy this way, my suggestion would be to look for properties that did not sell at auction and then buy by negotiation. All auction results will tell you what the last bid was or if no one bid on it. You can then use that information to buy at the price point that works for you.

For everything auction, have a look at https://www.eigpropertyauctions.co.uk/

You can for a free trial period which will allow you to see past auctions, guide prices, sold prices etc.

11 Likes

Amazoner01: 11:06am On Oct 16, 2023
Healhtyliving:
Halifax
Good morning All,
I had a quick call with Halifax and told them about my situation (self employed plus less than 2 years ) and was told if I have 25percent they could give me an offer. It sounds like a deal to me and I’m ready to proceed. However out of curiosity, do I really need a Broker ( can they negotiate the interest rate or property price in my own interest) or I should just keep on with the transaction myself? Thanks as I await your opinion.
Cheers!!!
Lexusgs430: 1:23pm On Oct 16, 2023
Amazoner01:

Good morning All,
I had a quick call with Halifax and told them about my situation (self employed plus less than 2 years ) and was told if I have 25percent they could give me an offer. It sounds like a deal to me and I’m ready to proceed. However out of curiosity, do I really need a Broker ( can they negotiate the interest rate or property price in my own interest) or I should just keep on with the transaction myself? Thanks as I await your opinion.
Cheers!!!

A broker does not negotiate property prices on your behalf (buying the way we used to)......

You would conduct your own research and offer prices accordingly.......

A broker can be used, if you intend to explore wide range of offers, giving you the avenue to explore varying rates and conditions.......

Some brokers charge a fee........
Amazoner01: 1:36pm On Oct 16, 2023
Lexusgs430:


A broker does not negotiate property prices on your behalf (buying the way we used to)......

You would conduct your own research and offer prices accordingly.......

A broker can be used, if you intend to explore wide range of offers, giving you the avenue to explore varying rates and conditions.......

Some brokers charge a fee........

Thanks … I would just get one.
Estroller: 7:19pm On Oct 16, 2023
Amazoner01:


Thanks … I would just get one.

Get the AIP from Halifax and compare it with offers you'll get from the broker. You never can tell.

1 Like

LaXxOnebody(m): 10:44pm On Oct 16, 2023
Thank you very much for this detailed response.

I've also sent quite a few PMs to semmyk with no reply for a while. I do not know him personally or have any of his details, otherwise I would have reached out to him.

His style of analytical responses akin to what you've dropped here is what endeared me to his online personality. I wish him well wherever he is and will keep trying to reach him.

Ticha:


Have you reached out to SemmyK to check he is ok? Be a good fellow Nigerian and check on him!

If you don't need a mortgage then by all means have a go at auction. Be aware that all your buying costs are pre-loaded. 90% of the time, houses at auction have heaps of issues, weird covenants and could be unmortgage-able. You also need to complete within 28 days and once the gavel falls, you don buy house be that.

So to buy at auction, you need to have;

1. Collected/ ed and read the legal pack. So you will need to instruct and pay a solicitor to do that. Considering that you'll usually have about a month beforehand, it means you'll be paying prices for the solicitor to work through the documents quickly.

2. Have a 10% deposit plus any auction fees ready to go

3. Have any loans or mortgages already approved and ready to go - this cannot happen for mortgages at all. You maybe able to get a bridging loan but you'll be looking at interest rates of 10% to 12% over a max 18 month period. Most bridging loans also have interest rolled in so they'll give you the money minus the charged interest so they collect their interest upfront. Bridging loans also comes with fees of between 2-3% of the loan which you have to pay upfront. You will also need a broker. You must also have an exit strategy in place so when the loan period ends what will you do? Get a mortgage? Is the house mortgageable even when all repair work has been done?

4. Do a survey for information purposes rather than leverage purposes.

5. Have nerves of steel and good discipline. There is a reason majority of houses at auction go above guide prices. The guide price is just that - a guide price. Guide prices are also often deliberately set very low to generate interest and push people into emptying out their pockets. My friend bought a house in Liverpool at auction - the guide price was £1. The opening bid was £20k. She bought it for £180k and spent about £25k doing it up!

These days there is the modern method of auction which unlike the proper auction method allows you bid over the course of weeks. But you will need to pay all the sellers costs upfront before bidding and if you don't win, you lose that money - usually around £6k to £8k.

If you really want to buy this way, my suggestion would be to look for properties that did not sell at auction and then buy by negotiation. All auction results will tell you what the last bid was or if no one bid on it. You can then use that information to buy at the price point that works for you.

For everything auction, have a look at https://www.eigpropertyauctions.co.uk/

You can for a free trial period which will allow you to see past auctions, guide prices, sold prices etc.

1 Like

solveabode(m): 7:02am On Oct 18, 2023
Healhtyliving:
Halifax

Thank you I will try them.
babajeje123(m): 10:09am On Oct 18, 2023
Can an individual get a mortgage excluding their spouse?
Lexusgs430: 10:28am On Oct 18, 2023
babajeje123:
Can an individual get a mortgage excluding their spouse?


Yes...... If your individual financial status, meets up to prerequisite guidelines.........
babajeje123(m): 10:31am On Oct 18, 2023
Lexusgs430:



Yes...... If your individual financial status, meets up to prerequisite guidelines.........
Thank you oga Lexus jeep grin. If you don't mind sir, what are the things to prepare for?
Lexusgs430: 10:42am On Oct 18, 2023
babajeje123:

Thank you oga Lexus jeep grin. If you don't mind sir, what are the things to prepare for?


Different lenders use different multipliers, but a rough rule of thumb for single applicants is around 4 to 4.5x your income..........

So if your looking to buy a property worth £300,000, you must earn about £75,000......

Best to buy with your spouse, this is saying it in tongue n cheek ......... Not for you, but general knowledge....... If a divorce ever happens, the nameless spouse, would still be entitled to 50% (as a starting point)(on the assumption, that it's a family home).....😜🤣

7 Likes

semmyk(m): 9:43pm On Oct 24, 2023
Showing right Now on BBC Two - Britain’s Housing Crisis: What Went Wrong? Series 1 Episode 2
PS: I just happened to turn on the TV

Previously, which I didn't watch but might need to catch up
Britain’s Housing Crisis: What Went Wrong? Series 1 Episode 1
tshoboy(m): 9:37am On Oct 25, 2023
Welcome back
semmyk:
Showing right Now on BBC Two - Britain’s Housing Crisis: What Went Wrong? Series 1 Episode 2
PS: I just happened to turn on the TV

Previously, which I didn't watch but might need to catch up
Britain’s Housing Crisis: What Went Wrong? Series 1 Episode 1
daisyjo(f): 10:45pm On Oct 25, 2023
elisinho:


thanks i ed Land C and they said they will get in touch and i said i was refered and that they do give 20£ amazon voucher for referal if i tell them your name



Has anyone gotten a mortgage with a partner who earns in naira ? Most of the money is earned in naira as husband works in Nigeria and wife is on a tier two work visa in England
Lexusgs430: 12:20am On Oct 26, 2023
daisyjo:




Has anyone gotten a mortgage with a partner who earns in naira ? Most of the money is earned in naira as husband works in Nigeria and wife is on a tier two work visa in England

It's possible, but you would require a specialist broker + be prepared for all sorts of scrutiny.........
daisyjo(f): 12:12am On Oct 27, 2023
Lexusgs430:


It's possible, but you would require a specialist broker + be prepared for all sorts of scrutiny.........

Thanks for your response. Can you suggest any?
semmyk(m): 8:26pm On Oct 27, 2023
Thanks for the PM. My sincere apology for not responding. I'm going thru a #phase.
Glad, Ticha gave a comprehensive response.
Auctions have it's pro and cons, not just property auctions. The risk is just riskier in property! Pardon the tautology. In any case, the gain is also tremendously sweet with property auction.
- mind the gap (property state, unknown history...)
- be a DIY and/or have steady stream of known/reliable handyman and renovators
- have eye for details
- have disposable funds or access to funds free of encumbrances
LaXxOnebody:
Thank you very much for this detailed response.

I've also sent quite a few PMs to semmyk with no reply for a while. I do not know him personally or have any of his details, otherwise I would have reached out to him.

His style of analytical responses akin to what you've dropped here is what endeared me to his online personality. I wish him well wherever he is and will keep trying to reach him.

ukay2: 11:53pm On Oct 27, 2023
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...

28 Likes 1 Share

Reply)

Nigerian Living In Mexico. Ask Me Any Question About Life Here

(Go Up)

Sections: How To . 50
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or s on Nairaland.