Yea im planing to buy a 2-3 bedroom semidetached house, but the process is too complicated. So i decided to rent this year while i find a proper place and good mortgage advisor and solicitor.
@@Dr-Skincare This is our "first time buyer journey" we mapped out that all of our clients go through. Hopefully this may simplify the process for you. Any questions let me know: mortgagechain.co.uk/first-time-buyer-journey/
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That is amazing news, congratulations! Really glad the videos helped, thank you for watching… I’ll get some remortgage ones done soon for when you need to renew your deal!
Love your videos. Can you do a video on how to repay the help to buy loan? Would be really useful for first time buyers in what options are available when the 5 year interest free period ends on the help to buy loan. Thank you
alexkerrmortgage could you also address what happens if you get to the end of the 5 years and you don’t have enough equity in your house to remortgage and pay the loan off please?
Regarding agreement in principle, I found that all the estate agents I looked at were asking if I had one before taking my details for a viewing. It was quite frustrating actually. Not sure if it's just an issue based on my location or if others found this as well.
This is the catch 22... You don't want to get an AIP with anyone as their criteria must match the property type... You shouldn't need an AIP to get a viewing! However you would to put an offer in... Feel free to get in touch with us as I would be able to clarify to the Agents your situation so you get a viewing (without an AIP!). Just book a free priority call with us on 03333 44 68 69. Up to you, the option is there if you get stuck! Alex
I’ve been trying to view properties and have come across this problem too. All of a sudden, the markets are moving fast and some estate agents won’t even let me view a property unless I have an offer on mine! Ridiculous. Luckily, not all of them are like that.
Hi Alex, About the survey/evaluation of the property: Shouldn't we do one before we make the offer, to get a good idea of any hidden problems of the property that will affect the range of our offer? For instance, there may be problems in the roof of a property that we may not be able find out ourselves, but the surveyors can find out and let us know, so we can make a lower offer or withdraw our interest completely. Thank you
Hi Alex, I like your videos... Would you be so kind to make a video and give us your opinion about the current situation in the UK, where for example Halifax is offering 85% mortgages? What do you think about that? How long could that last? Is interest bigger now than they were last year? Is this good moment for buying a house? Now many people can give a 15% deposit. I would like to hear your opinion, I believe that will be a good video
I am looking at houses myself! I would not be to worried if house prices crashed after buying one as historically, based on facts from the housing market, they always come back. 15% will give you plenty of options at the moment. I don't think we have seen the full impact yet, as what happens when furlough stops. I think its going to get worse before it gets better. My advice to anyone is always buy when you have the opportunity as you never know when that may come back!
Hi Alex, any advice on 1st time buyers currently and is it worth it to buy a house now or shall I wait till rates improve? Before lockdown the difference between 5% to 10% deposit was huge! Now 10% will get me the same rates or even worse compared to pre lock down!
I always say if you have an opportunity to buy your first home, take it! As property always delivers over a 10-15 year period! And rates could go up even more, they are currently historically low so always take the option if its there! Alex
Yes, I'm in the process, really good advice. I did find you can't view any properties without a mortgage in principle first. Can I ask when do you pay the deposit? In my case, it'll be 6 months before I can move in because it is a new build.
The information about help to buy is incorrect Alex. You say that you can only borrow 4.5x including equity loan is misleading. Please correct your mistake my friend.
thank you for bringing this to my attention. I am going to remove this part from the video for now, and am clarifying the situation with help to buy, and will come back / do a separate video. Thanks again. Alex
Great video, Could you please elaborate on what you said about paying off the debt before a mortgage application? I thought this would actually be a good idea since my net income per month would be higher when completing the app? This leads to another question: how important is the salary & net monthly income? For instance, £1400 net income per month vs £1600? If I could pay off my debt, then my net income would be a bit higher. Does it matter? What do you think is the ideal time span between making alterations to your credit reports and applying for a mortgage? a couple of months? Thanks in advance!
Hi Mirex, thanks for watching! If you are repaying debt, I would wait until the file is updated, which could be quick or take a few months, but checking your credit file will provide you that information. Net income of course helps, the higher the more possible options in regards to borrowing potential. In regards to repaying debt, when you apply for a mortgage, the lender will take details of your current balances. You do not want that to change during an application as it could effect your borrowing potential. Even if you have repaid debt, the change of balance is what can cause issues. Hope this helps. Alex
xinyu _624 hi and thanks for the question. An affordability check with the lender will tell you how much you can borrow, without the need for an AIP. An AIP shouldn’t be used to see how much you can borrow, because lenders criteria is different. You need an idea of the type of property you are going to buy first, as not all lenders lend on all property types. So you could end up with a lender who does not lend on the property type you are buying, by adopting the strategy of getting an AIP first, before a property is in mind. I am aware currently because of the pandemic some estate agents are asking for AIPs before even allowing a viewing, which makes this situation even harder. However any good broker should guide you through this process and if you are doing it yourself try your best to understand the property type you are going for (most lenders lend on standard brick and tile) however if you were to buy a concrete build or a new build (with or without help to buy) then not all lenders lend on this and deposit amounts you need to provide vary a lot. It’s also a good idea to have all your documents and situation checked from the outset to ensure the lender chosen is the right fit for you. This video explains that process in full - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-8s-P6uEb5-s.html I hope this helps and makes sense!
You mentioned tier 2 visas, what if you have limited leave to remain? How many years\months left do you need on your residence permit before you apply?
Hi Caren, it depends on the lender.... This is something we would assess at the time, but most lenders would need Indefinite Rights or Permanent Residence. If not the options are more restrictive. Halifax (one of the less restrictive, as of todays date 23/07/20) for example have these rules: All EEA citizens in this category have full rights to enter, live and work in the UK, provided they are able to support themselves without the need for State benefits. Where the customer is not a citizen of one of the countries listed above then the following checks must be completed: Applicants must not enjoy diplomatic immunity Passport includes indefinite leave to remain - proceed. Passport does not include indefinite leave to remain but includes work permit or visa with minimum 2 years 6 months remaining - proceed. If not, has the customer lived and worked in the UK for over 3 years (excluding refugees or any period as a student) - proceed If not, where work permit has less than 2 years 6 months remaining employer must confirm that they have applied (or intend to apply) for the permit to be renewed - proceed If none of the above applies, then the case may not proceed (or could be limited to 75% LTV). Please ensure that if the passport has a visa stamp and if this stamp has specific conditions attached that any documents that refer to these conditions are submitted with the passport, i.e. if the visa says ‘As authorised by the secretary of state’ then the work permit and a letter from the employer confirming that they have applied (or intend to apply) for the permit to be renewed are submitted. Some Non-EEA nationals may have an identity card issued by the home office in place of a visa, which will confirm the client's right to stay, work or study in the UK. These cards are acceptable. --- YOUR HOME MAYBE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
alexkerrmortgage is there options for if you have less than 2.6 years of a visa? I’m applying for a spousal visa but it is valid for 2.5 years after which you can renew and after 5 years you can get indefinite leave to remain.
Hi alex quick advice its been month now ive applied for my mortgage my adviser has only just informed me she has forgotten to upload load my payslip and is now away from her office for 3weeks can this delay the process.
Trust Pilot is also good, as obtaining reviews can give a good idea of decent solicitors. Don't worry about the odd bad review, that proves someone is human! Just watch out for consistently bad reviews... Also make sure they are not, for example, online only, as its important to be able to communicate over the phone for example. Finally I always prefer going for someone local (in relation to the property you are buying) as local knowledge can sometimes be an advantage. I hope this helps. Good luck, and more questions let me know. Alex
Hi I actually recently spoke with you regarding buying first time and we are booked in for an update call in December. My situation has now changed and I’m looking to buy a lot sooner. I’ve tried to get an appointment with you to talk about my options but you don’t seem to have any available slots.
lynz1086 hi, have you found a property now ? As we offer a “priority call” option for this. Did you check that ?! I can check for you as well. Speak soon, Alex
I have found a property....but it will be bought alone and not with my partner as we discussed. I now need to look at how a mortgage alone will look for me please. I did look at appointments I think but couldn’t get one. Thanks
Hey Alex, do you think lenders asking for 20% deposits due to the current crisis will be a permanent hurdle? Got my 10% together then was told to double it
vasiren there are a couple of 10% options, and a lot more 15% ones… It’s very unpredictable at the moment. I can’t see things changing in the short term.
Great video. I have a question - if i have a sum of money of say ~ £1000 in a stocks and shares isa and transfer it to my bank account before the mortgage application to help with the deposit will the lender question this and i will have to provide a statement or something to show its came from my isa? Thanks
Hi Alex, I’m in the middle of an application and my car insurance policy was renewed in March (it’s payed monthly) it’s only just updated on Experian. I’m guessing because of the impact of covid .... Will this cause problems?
Hi there, you said that is really important that all documents match. In that subject, all my documents are as Single (because I am). if I marry (marriage certificate) do I need to change all my documents or the only relevant bit is the "Full Name"? Thanks
Filipe Bergami Alves you wouldn’t need to change if you married, as your name would not change. Just needs to be spelt correct across all docs with correct address showing, with no spelling errors, typos etc anywhere. I hope this helps!
Good morning Alex, great video and thanks for helping us. My question is, I’m looking to buy a house in Nottingham but I live in London and work here. I want to buy it as first time buyer. I’ll go there just on weekends and work in London Monday to Friday. Do you think this will be a problem with the leader?
Hi just want to ask one quick question as i am applying for mortgage as joint as i am applicant 1 and my wife is applicant 2 but my wife got spouse visa and my self m british can she get help to buy. As we both are first time buyer. Thanks
I save about 10k a month but my income comes from trading. Is this consideted a risky and less relevant income? Where I live, prices go from 350k and id like to save at least 50% or 200k for a deposit. Would this compensate for a risky income or would I nees more for a deposit?
@@alexkerrmortgage it is not my main income. Im full time employed but I do not save anything from this income. All my saving comes from trading which is my second income
