Hi Rahul, useful video, i will be mobinv to UK Nov 1 and looking to buy a house ASAP,. I would really like to know hownlong does it take to buy a house normally? I heard 3 months pay slip is necessary.. In that case shall i start hunting the house earlier from 1st month and if I like a house can i hold it for a while until i eligible for mortgage? Pls calrify...
Hi, you can buy a house if you have minimum 10% deposit and provided you get a mortgage. If you are on a skilled worker visa, some banks might require you to have been in the country for 2 years, while some of them might want you to have atleast 2.5 years of visa remaining .. so it all depends. Also they have increased the interest rate on mortgage to 6% now.. so it might be better for you to wait and see and once the market stabilises and interest rates come down then buy.
It will take up to 3 months for you to complete the process of buying the property.. but you can’t hold any property until you put down a deposit and have a mortgage approval ready. This if for both new built and old houses
@@LifeOfRahulUdhayakumar Thanks for the response and sharing a much valuable advice, sp once we landed whom we should talk inorder to understand the process better and to make a informed decison? Does the interest rates are likely to change in future even if we take it at 6% now, like floating rate?
You have to consult with mortgage advisor to understand the process and how mortgage you are eligible for. You can take fixed interest rate for a year and then after that you can renegotiate after interest rates come down.
