Live Q&A for First Time Buyers on Shared Ownership, Help to Buy and mortgages
Вставка
- Опубліковано 25 чер 2024
- I answer first time buyer questions on Shared Ownership, Help to Buy and mortgages. I respond to questions I received on UA-cam, Instagram and during the Live. Watch in to hear my thoughts on Shared Ownership and other first time buyer housing topics.
CONTACT DETAILS
Email: lemuelstudios@gmail.com
Instagram: @SelfInvested_UK
Twitter: @InvestedSelf
LINKS MENTIONED
Local Help to Buy Agent (Midlands and London) contact details - enquiries@helptobuyagent2.org.uk, 03333 214 044
Local Help to Buy Agent website - www.ownyourhome.gov.uk/scheme...
Shared Ownership playlist - • Shared Ownership: help...
Selling my Shared Ownership - • My Shared Ownership ex...
My chat with my mortgage broker - • Talk with a mortgage a... (Ken Brooke - kenneth.brooke@justmortgages.co.uk, 020 8460 6688)
Mortgage overpayment explained - www.nationwide.co.uk/support/... & www.moneysupermarket.com/mort...
Mortgages explained - • Mortgages for First-Ti...
Leasehold reform - • Leasehold reform | 990...
CHAPTERS
Intro 00:00
Life update 03:45
Disclaimer 04:57
My Shared Ownership videos 05:40
How important is the interest rate when finding a mortgage? 07:55
Should I buy Shared Ownership 11:17
Right to Buy for housing association properties 16:35
Renting out Shared Ownership and Help to Buy homes 18:25
Tips for selling a Shared Ownership home 21:18
Help to Buy ISA and Lifetime ISA limitations 27:12
How much can I overpay on a fixed rate mortgage? 30:44
Commission based salaries and mortgages 33:44
Ground rent to be abolished on new leases 35:23
Are Shared Ownership properties desirable when selling? 36:12
How do you know if a mortgage rate is good? 38:23
What are the different types of mortgages? 45:08
Is it better to buy or continue renting? 53:50
Outro 59:57
ABOUT ME
I'm Lemuel. I'm not a financial advisor. I'm not an expert. I'm just a regular guy that enjoys talking about how we can do better with money.
If you want to learn more about how you can do better with money, then subscribe to the channel and hit the notification bell so you get an alert whenever I upload a video.
DISCLAIMER
This video is not meant to address the specific circumstances of any particular individual. It is created for educational purposes only. You should not rely upon it as legal, financial or professional advice, or a substitute for it. I do not accept any liability whatsoever for errors, omissions or misstatements contained therein. You should consult a suitably qualified professional if you require specific advice or information. - Розваги
CLARIFICATION
1) The government has committed to abolishing ground rent for new leases (not all existing). Watch this video to find out more - ua-cam.com/video/oiF_4K-JJPk/v-deo.html
Really appreciate you mate guiding us to this matters
Well done mate! Really good! You're going to help a lot of people with these!
Thanks, Lee! :)
My daughter is going through the shared ownership process. I was extremely worried but your channel has clarified so many issues in this regard. This route is better than renting in my view so long as you really look into all aspects of the scheme. As a single person you cannot get the banks to lend you enough to buy anything so this scheme suits the situation. Thank you so much and congratulations on the new child x
Hi Patricia 👋🏿 Thank you! I do think you need to be careful with shared ownership. Have you watched the videos in my shared ownership playlist: ua-cam.com/play/PLUG_SDz9gLQI3lKk_GIxi9Kgn_GeCaDDp.html
Also, I’ve interviewed a number of shared owners: ua-cam.com/play/PLUG_SDz9gLQKqInQrRbCC21S4pZpp4JrN.html
Bless your are best advisor
Well explained. Thank you 👌🏽
You're welcome! Thank you for watching :)
Great video, very informative
Thanks, Dom! I'm glad you think so :)
Gutted I missed this! Awww congratulations on the second child and safe delivery. Blessing to you and the fam.
Thank you! Did you miss the post I did promoting it? I’ll do another in the future but not sure of the best way to promote it...
Yeah not all of us use other socials like Instagram. I would suggest also making a video the day before it you can to announce you will be hosting a Live QnA. Congratulations as well!
You are doing good from yr life experiences on shared ownership as 65 yr old never heard of it and a good start for younger genarations 😷👍
It works for some, but buyers need to do their research before going for it
Thanks for the great content
You’re welcome, Nitro 🙏🏿 Thank you for watching!
Really informative thank you😉
You’re welcome. Thank you too! 😉
Very helpful information thank you 😜
Haha! Thank you 😉
Congratulations on your new pregnancy! Wishing you and your family all the best!
Thank you! ☺️
It’s not so new lol! It sounded like I said 9 weeks because of the bad connection, but she’s actually 39 weeks and due this Tuesday coming lol!
Hello mate questions please,about staircasing on shared ownership on a house property
Great live! Thanks for asking my question on renting a Help to Buy/Shared Ownership property. Please do share the links in the video description. On a side note, just wanna remind your audience that Help to Buy ISA is no longer offered to new account openers. New joiners can only open a Life ISA.
Yes, you're right! Thank you for clarifying and for watching 🙏🏿
The links are now in the description btw ;)
Could you make a video on Right to Acquire on the housing association? and possible ways to buy or leave to buy a house?
I’ve got one in the works, it’s coming!
Hello mate
Hello, thank you so much for your video. Just a quick question, I’m sorry if this has been answered before. If I buy a house through the Help to buy scheme, am I allowed to rent out the property once the government loan is fully repaid? I would like to live in a flat for 5 years and then upgrade to a house. Thank you!
Hello, Ella 👋🏿 Once you own 100% of your property, having paid back the loan in full, you should be able to rent it out - as long as there’s nothing in your lease agreement to prevent this. Good luck with your property hunt! I have quite a few videos on the Help to Buy scheme if you haven’t watched them: ua-cam.com/play/PLUG_SDz9gLQJIBs_0uHERF90GRFLamKv_.html
Hi bro I love all you videos. I am new to this house buying thing and in process of saving. Could you guide me I am going to open Lifetime ISA and planning to save 4k over a year. My wife who doesnt work at present can she open Lifetime ISA as well? And then once we have enough saving can we both use our Lifetime ISA funds to buy one property? Keeping in mind she doesnt work/earn can this affect our mortagage in a sense that they may say since she is not earning thay how can she contribute towards mortagage? And then not allowing her to contribute her Lifetime ISA. Because I dont want to fix 4k in her Lifetime ISA if we will not be able to use it.
Thank you for watching and leaving me a comment, I really appreciate it. So, to use a lifetime isa bonus to buy a house, you need to be a first time buyer and buy a property for £450k or less. I don’t think it makes a difference whether you’re employed or not. Your employment status should only be an issue when a lender is considering the affordability of a mortgage. Typically, lenders will lend a maximum of 4.5 times someone’s income. Hope this answers your questions. Here’s a video I did on lifetime isas: ua-cam.com/video/ArNpXRO7m3w/v-deo.html
How or where can I get a long term fixed mortgage as in usa from my past in usa we could budget to a fixed mortgage and not worry over the end of say 2 yr fixed
Are you based in the us? Don’t know much about mortgages over there. In the UK, I’d say speak to a mortgage broker
@@SelfInvested no we moved back to uk in 2017 and still looking for a good deal but will ask around for a mortgage broker
good advice by the way thanks
@@paulthorp3239 check out my latest video, I spoke to a broker on there
;)
Good man ;)
😉
Thanks for watching all the way through! ;)
You’re welcome! Keep making these very informative videos 😊
Will do 💪🏿