Hi Alex, Super informative video thank you! However, I have one question: I’m 25 and I’ve never had a credit card, as I never wanted to spend money I don’t have… however, you mentioned that I’ll be assessed based on my credit score… I’m planning to buy within the next 2-4 years. What do you recon I should do? Do I need to even a credit card? What purchases should I use it for? Or is it even a necessity?
A credit card is not necessary… Just make sure you are on the voters role or if not all of your address records are correct on your credit file and maybe a mobile phone contract would help as well. That’s it.
A credit card can be very beneficial, but only when used correctly. Don't look at it as "free money" or "temp loans". Rather as a safety feature. If you have no credit, you may have to take a slight loss (the loss being you paying a small interest margin). If you do, you may already get 0% purchase cards. What you do is use the credit card for those normal spends, such as fuel, shopping etc. Set credit card to "clear balance in full". The benefits are, it doesn't cost a penny, your credit rating increases & god forbid, if your card was ever cloned... Your money is safe, due to you using the credit card!. Too many will obtain a credit card & use it for that which they couldn't already afford & lead their selves to debt.
You can get a credit builder card where over the course of a set amount of time you can add x amount onto the card. At the end of the set period of time, you have access to the card. For that to work effectively, you need to consistently put money on there so any loaners know that you're responsible with money
Alex, you need to speak with mortgage lenders, their system is silly. I have near perfect credit files, yet I couldn't get a mortgage for 41k mortgage.
Lloyds tell me I can borrow £360k which means I can buy an avarage house... I earn £100k per year and I will be putting down a 20% deposit, I also have an excellent credit rating... not sure how anyone else is buying houses atm?
If you’re getting those figures you mentioned off of the mortgage quote, it’s possibly taking into account the interest you would pay after your mortgage fixed rate or tracker rate expires (what ever product you chose), which always pushes this figure up. I would say with property long-term, history suggests that it’s always a good investment.
I’m 30 and still live at home. Decent amount saved. Shit scared of having to pay off a crap house for 35 years. Renting doesn’t sound so bad because it’s so casual, and you’re not up to your knees in debt. What the fuck do I do?
Finally someone of my mindset ;) The 30 years is just so scary, and these awful UK houses need a ton of maintenance, and they are never warm, unless you tear it apart and rebuild from scratch. My only solution to this: get a remote job you can do from (ideally) anywhere. Go to X country with a low(er) cost of living for a couple of years, save your cash. Then buy somewhere, anything but a leasehold in the UK (so many fees you have zero control over), which kind of means you have to buy a house, because hardly any flats are freehold... , and buy in cash. This is purely theoretical and I haven't tried it out (yet), but I think it could work.
I'm also in the mindset of leaving my kids something, with renting the owner can take back the house or apartment with notice and are you truly ever settled?
yes, deposit is necessary when buying a house through mortgage *please take what i am saying with a grain of salt* i do not own properties i am just trying to learn as well, but this is what i understand deposit is like a mini safety bubble for the mortgage company, because they are giving you a loan, they are risking whether you are able to repay and whether the house prices will remain the same (as it could drop) if you pay 20% deposit on a house then you are basically telling the mortgage company that you are covering for a potential drop of 20% in house price, hence they have more of a reason to "risk" a loan because if the house dropped more than 20% then they may not be able to make back the money they've loaned out to you
No, possibly not if you’re buying the property you live in. This is known as buying as a “sitting tenant”. If the landlord gives you the property below market value (a discount) then you can use that equity as your deposit, as long as there is enough. If you want to chat further just book a free chat with me here - link.alexkerr.co.uk/mortgage
I got offer for us like first time buyers from HSBC 2y 5.1% = 1125£(cashback 990) or 5y 4.54% = 1054£(cashback 1600) Which take if could we prediction rate after end 2y will be 3% - 3.55% - 4%?
@@alexkerrmortgage the variable rate is 6.1%. However, I will avoid this if I remortgage after 2 years, right? Just wanted to know what is better 5 years fixed with 4.54% or 2 years fixed with 5.1% and then it will be as prediction between 3-4% so next offers fixed rate on 5y would be 3% and 2y 3.5%?
@@mcklimo ah I see what you mean…yes you will avoid when remortgaging… I prefer 5 over 2 most of the time but depends on Individual circumstances…. but I can’t “advise” for you specifically as product recommendations require me to do a factfind before advising! Just remember a 2 year requires you to remortgage every 2 years which will cost fees, where as a 5 will miss 2 renewals when compared to a 2 year fixed.
Hi Alex, I recently moved from the US to England with my UK citizen wife and children. We're currently renting a 3 bed terraced house with 2 adjacent flats added on in 2015. Our landlords are selling all 3 units and I'm wondering if we could buy them all with the stated £1,200pm rent counting towards our (potential) income.
Hi! ideally before you buy properties to rent out you need to own your own one. So if you were buying a property for yourself then you could buy additional properties on Buy To Let mortgages to rent out.
hi alex,some banks will not accept mortgage aplication because im not a british citizen even though have the deposit ready and the right income,any reason why?
@@ERREXHEPI I can help you as a non-UK national obtain a mortgage with a 10% deposit. Feel free to book a free no obligation chat with me using this link so we can go through your options - link.coursecreator360.com/widget/appointment/mortgage-chain
Alex i am new here in scotland i came in scotland from Pakistan just 10 months ago. I am now full tine employee and just using one credit card and paying timely payments. What you think i should go for mortgage and by which lender i can afford 10 percent deposit.
Hi there, you need to be here for a minimum of one year before you have some options. I would say just get in touch when you are ready so we can go through your options!
I'm looking to mortgage with a friend, he's paying off a car very well, he's got alot saved outside of that aswell but his credit scores falls under 300 for some reason while I have no loans and my credit score is in the 800s, is that an issue?
It could be… all depends what on his credit files (there are 3 mortgage lenders looks at). If you want a free chat I can explain your options and you can take it from there. Book in here - link.alexkerr.co.uk/mortgage/ftb Any questions let me know. Alex
Hi mate, I’m buying with my partner. Her credit score is literally flawless but I had a default about 5 years ago, should I wait until it expires or will her credit help us regardless? Also although the default will expire soon(ish) I still have an outstanding balance, will that mean I will receive a new default after the first one expires? Thanks in advance
Hi there, there might be a High Street lender that will look at it given your current situation. If you want to have a look at this to see if it would fit with the High Street Lender just let me know and I will send you the link so we can have a chat. Alex
Hi Alex, very informative video. I'm Indian citizen, living in UK in skilled worker visa. I'm owning a home back in India. Will I be qualified for 'first time buyer ' , as I do not have any own house in UK. ?
Yes you should be ok. This is something we specialise in and have some exclusive products. Please book a free chat with me so we can chat through your options! Link below. link.coursecreator360.com/widget/appointment/mortgage-chain
New to this, could someone help me out. I have an excellent credit score, Also I could borrow 95% mortgage as a first time buyer of £156000, this deal is with my bank. Is it any good, should I go with a broker, how does it even work?
Hi there, if you go to your bank, then you only get one set of mortgage options, however, if you use a broker then they can look at all of the banks for you. Have a look at our website and feel free to book in for a free chat. Here is the link - www.mortgagechain.co.uk/
There are mortgage lenders out there, who now do 95% loan to value mortgages for New Builds, however some of them are broker only mortgage lenders… Are you looking to apply direct yourself or would you consider using a broker?
Hi Alex, this is an informative video. I am an Indian citizen and have been working with the NHS as a nurse for about a year now. Can I be eligible to buy a property in the UK. Could you please advise me on this.
Yes you need a 10% deposit. Please feel free to book in a free chat with me to discuss your options using this link. link.coursecreator360.com/widget/appointment/mortgage-chain
Thank you for watching! It’s still possible, you have to choose the right Mortgage Lender. Please feel free to book in a free chat with me so we can discuss further, using the link below. link.coursecreator360.com/widget/appointment/mortgage-chain
@@alexkerrmortgage Perfect, I'm living with parents so I don't have too many bills except from multiple sport club memberships, car insurance, phone bill. I'm guessing paperwork for all of these will help me get my first flat.
I’m 19 my credit score is at 609 I’m persuming would need to be full to borrow money for a mortgage ? I’m probs gonna be 30 years old by time I get a mortgage hey ho tho
Hello Alex, me and my partner just had a kid and we want to have a mortgage as first time buyers. We can only buy 200k house with 5%deposit. Is it better to wait to buy and rent instead or should we just go for it? Another thing, my partner is self employed less than 3years do you know any bank that would help us with an AIP? I’m very scared and confused we don’t know what we should do.
For your situation, it’s impossible to give you the best solution from your short message, feel free to book a free chat with me using this link. link.coursecreator360.com/widget/appointment/mortgage-chain
I don’t own a first home. I am considering buying to let first via a buy - to - let mortgage and then buy my first home subsequently with a first time buyer mortgage . Is it possible to do that?
It is possible, but most lenders will want you to be a homeowner occupier first, before they give you a buy to let Mortgage… The small minority that do provide a first time buyer a Buy To Let mortgage will restrict the amount you can borrow based on your income.
@@SoftwareHelper-dl6ox this video is selling our course. There are hundreds of our videos that provide free value but ide rather you fucked off from the channel as you are not welcome.
@@SoftwareHelper-dl6ox I was just providing a bell end reply to a bell end approach… I’ve provided hundreds of free videos including a complete guide like this one (45 mins long) - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QnuOExYPh_Y.htmlsi=ztxJO9ECaFJ3h1Cc helping first time buyers for the last 5 years. The first person ever to comment like that. If that was how all my videos were like then fair enough, but there not.
Hey. Problem with this is, you are massively limited by the housing association. They review how much you saved and nonsense like this. I have a friend who was interested. Block of flats. Took AGES to finish building, overran by more than a year. Someone broke in as they were nearing completion, that caused further delays. Applicants would have to pay for FLOORING, no tiles allowed. No plumbing for dishwashers. They had to pay for curtain poles to be fitted. What kind of nonsense is that?! As if they're goona take the curtain polls and the floor with them on moving out! None of this was known from the outset, and the information was passed to the applicants as the building work approached completion. Total disaster.
@@ElenaGusan-o9f ok well maybe I am wrong, but it’s not my area of expertise unfortunately. I’ve not heard of it. Maybe try lenders like NatWest International and Skipton International, possibly Barclays Wealth,
I understand where you’re coming from, but if a bank is lending hundreds of thousands of pounds, then they need to know the identity of that person, and if you want a mortgage, then to get a passport is not too difficult.
@@alexkerrmortgage not really, they can see you in person. They worked perfectly fine in the past without them. You shouldn't have to get a passport at all, especially if you aren't going to ever use it. The photos on passports and driving licenses can be up to 19 years out of date as well, so they are hardly secure.
@@LawrenceTimme I understand your argument but I don’t agree. Let’s agree to disagree! They have always wanted a passport. Anyone could turn up with any name…. A fraudster etc and they wouldn’t know.
I dont need a mortage i am mentally and physically sick i have government supported accomodation i get like £1100 a month in total benefits and i have zero council tax or rent im proud of it as well
how can someone know when to get a mortgage? Sounds like a silly question but right now I face a 6.89 interest rate for borrowing 254k leading to 1607 monthly PM
a morgage over 25 years is gonna be 500k easy. you can rather pay 1607 in rent for 25 years and its a waste, or take the gamble! if you live there for 25 years and pay it off, then sell it for 400k, still 400k that u will get even know you paid more. as i said earlier, or rent for 25 years and then have nothing at the end.
