First Time Buyer Mistakes UK | Top 7 Mistakes to Avoid
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- Опубліковано 29 чер 2024
- It is so easy to make First Time Buyer Mistakes. In this video I discuss the top 7 mistakes to avoid!
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⚡ QUESTION OF THE DAY - Do you agree that preparation is key when buying your first home ? LMK 👇👇👇
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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⚡ QUESTION OF THE DAY - Do you agree that preparation is key when buying your first home ? LMK 👇👇👇
Preparation is a key for nearly everything
Great content really appreciate that thank you Alex!
True I didn’t factor in insurances however I will start small with the income protection 😃
Thank you, very helpful
You're welcome!
Hi Alex, I've sent across my credit file, hoping to get your advice :)
Some great advise we’ve just bought our first house but the second and third viewings weren’t possible the market in our area of Sheffield was crazy getting a viewing at all was often a problem 1 house we were going to view had over 50 viewings booked in on its first weekend luckily we got ours so didn’t have to bother! We put offers in on a few but the bidding wars were always crazy with them all going for £10,000-15,0000 over asking price!!
Hi ALi! Glad you got your property.... ! And wow, what is insight, sounds like a crazy housing market in Sheffield! Which is a positive for sure as good to know things are moving forwards. Have you moved in yet ?
alexkerrmortgage, it is crazy here we bought ours in January and have just got a moving date today of July 6th so fingers crossed! The crazy thing in Sheffield as well is no one will accept an offer until you’ve sold yours so when we bought ours they then had to find one and so on, luckily our chain ended after 2 but some get crazy! I know it’s not normal for it to work that way but their seems to be so many buyers in certain areas that they don’t need to take an offer from someone who hasn’t sold. My friend bought her house 4 years ago for £129,000 she put it up 2 weeks ago for £170,000 (she’s done noting to it but paint no new kitchen or anything) she sold it in 2 days for £185,000 it’s crazy!!
Could you make a video with advice and options for first time buyers on a Tier 2 visa?
I will put this on the list Katia and let you know when done! Alex
Hi Alex. Can you do a video of how much you need for extras when purchasing a property e.g stamp duty etc for first time buyers.
If your property is under £300k you do not play stamp duty.
I am a document for this, will dig it out! Email me on alex@mortgagechain.co.uk and I will send it to you. :-) Alex
Here you go Sindi, this one if for you I did after your request - :-) ua-cam.com/video/nrzU9Of5JjU/v-deo.html
Hi Alex, really love your videos! There is always something new and interesting you can learn from them. A quick question-I've got a property abroad, if I sell it would I qualify for a first time buyer? Thanks so much in advance!
Hi Ivan, thanks for watching! Sorry to say that you wouldn’t qualify as you have owned a property somewhere in the world.
You can check your credit score for free with karma credit and clear score.
Very helpful! Quick question: Am I a first time buyer, if Ive had a joint mortgage before? I've never had a single application mortgage.
I am afraid not Thomas but that only rules out help to buy... plenty of other options!
If you are buying a new build you won't necessarily be able to view the property though since you may be buying off plan
very true. Here is a video on new build, I talk about buying off plan and what to do in this instance - ua-cam.com/video/fvzwcYBSsX8/v-deo.html
Thank you. This is the position I am in now and it is quite nerve-wracking.
Once again, great video.
Quick question on stamp duty. Under the sunmary of consultation responses on the “Higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties (March 2016), it states: the government has decided that when applying the higher rates, a small share (50% or less) in a single property which has been inherited within the 36 months prior to the transaction will not be considered as an additional property. Is this still valid? Thank you.
Hi Apostolos - A bit of a complex one! Can you let me know the situation, including who it was inherited from (family member), the value, and the date of inheritance and has the transaction gone through ?
Hello Alex,
thank you for the response.
Do you have an email address I can send you some details?
Thank you,
Apostolos
Can u make a vid about people buying in cash , and the mistakes they make??
Hi, I do not help people buying in cash, just first time buyers with mortgages so afraid I have no knowledge on this.
Great video. Number 6 sounds like is needed a considerable amount of money to be saved. Is it that expensive?
Also, how much can I consider a mortgage adviser a 'friend' I can trust and tell things I don't want to tell to my lender? I own a property overseas and is very unlikely a UK bank will know unless they dig too deep (very deep). Can I confess to a mortgage adviser and ask him/her to keep the secret?
Hi, there are different options with insurance and can vary quite a lot. When you buy a property the solicitor will carry out searches of any other properties owned.
Top man, I at an advanced age am having to buy or rent, but I will be at the low end of the market. What is your opinion of Home wise, share to buy or any ive missed Alex?
I have never heard of home wise… Shared ownership sometimes provides more options… I don’t think you’ve missed anything!
Hi I would like to ask a quick question. If I inherit a small warehouse in another country am I classed as a first time buyer? Does property means house or any building? Thanks
Hi, a warehouse, as long as it is not residential then you would be ok. (i.e. no living space attached) - Alex
Alex - quick question i would be getting a mortgage by myself so 1 applicant, however have lived with my girlfriend for around 6 years and she gives me around £300 per month towards household bills (currently renting) would this be a factor as income for an application or would this be disregarded?
Hi and thanks for watching! I am afraid this would not be considered...
Looking at borrowing near my agreed maximum amount, but hoping to put down 15% deposit. What other advice can you give to sway the odds in our favour.
I would say having no debts would be most beneficial and choosing the right lender at 85% loan to value. Some are happier than others lending max loans. Are you planning to see a bank etc ? Alex
Hi Alex, I'm on maternity leave at the moment at go back to work in 3months, my Lisa account matures in September and would like to get my little man in our new home before I go back to work, what chance do we have of getting a mortgage with only 1/3 of my wages showing on my payslips
Hi Daphne, tricky one depends on the house value you want to buy, deposit etc - Can you email me an overview of your situation, including if you are going back to work etc and timescales. Thank you - alex@mortgagechain.co.uk
Great video. Question about property abroad - if my wife own a property (ownership only in her name, and acquired before marriage), are we still considered as non-first buyers in UK? I've never owned/bought any property. Thx.
Thanks for kind words! Your wife would not be considered a first time buyer having owned this property... Alex
I'm a first time buyer looking for a house right now. We have an approval in principle. I'm looking at places that need some work, but houses seem to be selling fast right now. I'm nervous about making a below guide price offer such as 10,15k as don't want to offend seller, what's best way to approach this?
Be guided by the Estate Agent, but I would not worry about offending the seller! 10 - 15k below is not a bad starting point, but all depends on the demand for the property and how much you want it! The Agent should be able to guide you with this so ask lots of questions (how long its been on the market, any other offers been placed, any other viewings lined up) Here is a video on placing an offer: ua-cam.com/video/7EXNQJJ_a64/v-deo.html Good luck! Alex
@@alexkerrmortgage thank you Alex, I'll check out your other video!
Why we use 4.5 in affordability , Can you explain me quick please ...........
Because most lenders use this within their own calculations. Sometimes you can get more if you are in a specific industry or a specific job role or if you earn over a certain amount. Does that help ?
Hi Alex me and my partner are wanting to become first time buyers but we are only working part time and are on a low income and have only just started to save up what advice or tips could you give us that would help us in anyway to become a first time buyer and is there any chance of us getting a mortgage
Hi Danny, we need to do a free affordability check for you to establish your options. At your next convenience please book in and choose the "affordability call" link here - outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/ Look forward to helping! Alex
alexkerrmortgage hi Alex both of us have help to buy isa aswell and we are also looking to start renting somewhere next year as we need our own space what advice could you give us about renting and then eventually wanting to buy a property
Alex, I will be a first time buyer soon, but my partner owns property abroad. Will we pay stamp duty? Thanks
Only if you get a joint mortgage. If you buy on your own, then you won’t pay stamp duty. I’m in the same position.
Hi Joseph, thanks for the question. I am afraid you will based on current criteria. (as of June 2020). A lot of lenders will insist you have a joint mortgage (if married). Here is a link to our stamp duty calculator - mortgagechain.co.uk/stamp-duty-calculator/
@@katiavione Thank you and good luck :)
@@alexkerrmortgage Thank you Alex :)
Me and my boyfriend both earn less than £2000 a month would it just be easier for us to rent, as we don’t earn enough to get a mortgage?
Hi Ellie! Please email me: Your exact income, deposit, any debts you have and the typical property price you would consider. alex@mortgagechain.co.uk - Alex
If a house is listed at 100000 pounds, should one give an offer of 100k or more , or less, wen buying property in cash??
Not sure as I don’t deal with cash purchases.
Great vid. Just had AIP. It's noting like 4 times my wage. Natwest gave me 2 times my wage stating due to corona virus it's hard ot get a mortgage. What a joke. Going to try other places. Is anyone else getting this info
It has started to get better... Just had a 5 X income accepted for a client with Accord Mortgages. How are you getting on with this ? Alex
@@alexkerrmortgage not having much luck. Can you recommend
Thanks for your reply
Watching this after getting a mortgage to see how many mistakes I did make 😬
Hi James, did you make any ?! haha
@@alexkerrmortgage Hi Alex, sort of, I did buy a property with only one viewing, but my wife went to view it again. And it doesn’t matter how many viewings I do, if she’s not happy, right? 😂. Completing later this month, very excited!
@@JamesColemanChess 😂 absolutely, that’s the most important element of the process! Great news, good luck with that!
Are you someone I can contact for a chat? Need some advice on my finances. I've got a amazing plan for me at the moment but some confirmation on it would help, can make a video about it not to bothered. I've just turned 22 living in London currently renting a council flat I'm working in a IT job in london currently on 28k, 31k after I include bonus and overtime
Hey would love to have a chat. Please book a free chat with me in my diary here! Choose "Analysis call"
outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/
Look forward to chatting
Alex
Hey would love to help. Please book in an "analysis call" with me here! outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/ Look forward to chatting! Alex
@@alexkerrmortgage all the timings dont work I'm working during the week 8-6