NewStats: 3,264,714 , 8,184,491 topics. Date: Thursday, 12 June 2025 at 07:26 AM 252c5g

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

please how much does you pay for house insuarance and life insurance please

elisinho:
please how much does you pay for house insuarance and life insurance please

£38 house insurance
£20 life insurance

MonkeySee:


£38 house insurance
£20 life insurance

£38, is this plus content?

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

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

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

Wristler:

£38, is this plus content?

Yes

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

Good day to you all.
Do anyone have a clue of lender that gives less 2 years residency a mortgage?

Halifax

solveabode:
Good day to you all.
Do anyone have a clue of lender that gives less 2 years residency a mortgage?

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

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.

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!!!

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........

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.

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.

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.

Healhtyliving:
Halifax

Thank you I will try them.

Can an individual get a mortgage excluding their spouse?

babajeje123:
Can an individual get a mortgage excluding their spouse?

Yes...... If your individual financial status, meets up to prerequisite guidelines.........

Lexusgs430:



Yes...... If your individual financial status, meets up to prerequisite guidelines.........

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

babajeje123:

Thank you oga Lexus jeep . 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).....😜🤣

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

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

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

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.........

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?

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.

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...