Hey Dreamers, where are you on your property ownership journey? Do you already own a house? or saving for your first ever property? Please share below 😀
VISA status also affects the Mortgage rate as it is higher for non-British citizens and lender options are fewer. Once ILR is attained, you definitely get a lower rate.
Very interesting point I have been asking about visa if it does affect mortgage application not alot of ppl know about it. But thanks for highlighting this point...
Very useful video guys! Great to see Mary on screen again! She’s a natural! I bought in 2016 with a 3 year fixed rate mortgage around 2%, then got a 2 year tracker in 2019 with an interest rate 0.89% above the base rate so my it’s currently under 1%!! Mortgage rates at the moment are a bit crazy though, they keep increasing and the fixed periods are longer. I was looking at 90% LTV mortgages in September and the cheapest fixed rate I could find was 2.85% over 5 years!!
Thank a lot!! :). Great share about these mortgage rates. Interesting to see that a 5 year fixed is 2.85%. When we bought out first flat, it was 5.99% for 5 year fixed. How times have changed! Says a lot about what we can expect for the future really.
Hi. Ken and Mary. I am so glad. I am buying my new semi detatched/detached. I run my own export and import business in garments, and through the business I am able to make an offer on the house I am buying. I do not need a mortage. I am a Cash buyer and I also have a solicitor working on behalf of myself. I am nearly there to move. I must say thanks for the Tips in purchasing a house. I will be buying my House in KENT where is much quiet and peaceful without the nice in London. I will be outside of London, with easy access by train to come into London. Thanks. Joseph
I'm planning to "house hack" meaning - buy a place less than 10 mins walk to a train station and rent out all but 1 of the rooms... Then "semi-retire" 😅 at 27🎊 Thoughts anyone?
@@TheHumblePenny Hmm... it depends where you buy and what kind of house you buy. Ideally outside Berlin with many lakes around. That would be East Germany then, where I was born 😉 GDR
@@LivingSwedish I took a leap off faith by joining the best team for credit repair, I am so excited to see where my score will be after a couple of days more. Thank you Credit PatchUp LLC. I'm really happy I contacted them because they really saved my ass and helped get our new home. My family and I show our appreciation and we are forever indebted to them. In 10 years I struggled to bring it to 803. Without 'Creditpatchup.com' this would not have happened.
Wowww... I have been a fan since first covid times and you guys are truly blessed and a Ray of light for the dark and challenging times we are in. You guys are evidence to the fact that, however dark, the times get, there is hope that, light will shine through by God's help... Thanks for this video and it's so soo good to have Mary dropping wisdom nuggets alongside you, Ken..there's power in Team work indeed... One quick question though... we are looking to purchase the home we currently occupy via housing association .. a lot of the perks like location and school are all checked... But the thing is, do we need to get a surveyor to still look at the property to assess the structural integrity seeing we have been living in here for over 7 years? Also, when we get to the finish line, how soon can we begin to look at going for a second property as we would like to one day rent this one out? Also with current interest rate at 1.25%, is there still a chance of getting a fixed rate on the mortgage in say 5 months time? Many thanks and I look forward to your reply Great work you two...🤗🤗🤗
Currently saving for my first property (27). My plan is buy to rent out and hopefully get a next one. I'm new to this so the vids helpful and easy to follow 👍🏿
I think to do the process justice the video easily could have been 3x the length :) I have completed on a help to buy property in London this March - and what was crucial to my planning and what so few places highlight - is how much money you need at each stage - i.e. reservation, exchange, completion - that's also very different for new builds as exchange for off plan purchases often happens way ahead of completion.
Aiming to sort out my housing situation in 2022. Will get there hopefully. Thanks for the tips, as there were a few things I need to pay closer attention to 👍🏿
Good point! It is a buyer's market now, so sellers will be receiving offers. 5% or below is what we typically aim for. Especially if it's a property that has a lot going for it. e.g. £350k property, you can realistically ask for £330k and start there.
Really enjoying your videos... We are in the middle of buying a property so this is great to watch and see what is coming up next. Also it's made us think about getting a survey on the flat (I wasn't planning to) :) Thanks again.
@@TheHumblePenny Thank you!! - My next step is to pay off my mortgage within 7 years and your videos are so helpful. Thanks for always sharing and inspiring!
Hey Ken, very relevant content for first time buyers. There couldn't be a better opportunity given current economic climate and available incentives. Bricks and mortar for the long term. I'm invested and on the journey to early retirement on the markets and side hustles..hehe. Good job!
Great content as always. I didn't get a mortgage broker as I wanted to do most things myself so I remember these stages really well. That was 3 years ago. Ive just shared this video of yours to my friends who's planning to buy their first homes this year. God bless.
Very nice work between two of you .... I wish you were covering how to choose insurance ...i m doing all myself and It is not easy ... it is also helpful to talk about how to plan for making important improvements to the house ? Before collection day ? After?
Great video! I wish this had come out before we went for our first home. One thing I cannot find anywhere is how you would go about upscaling to a larger property, my partner and I love the house we're in but only see it as a house that will last around 5 years before we upgrade to our forever home. I'm struggling to find resources online on what that process is like
Very informative video Thank you guys Please I want to ask , is it essential to check the energy efficiency of a house before buying? Could you advise the energy level to avoid/manage
Hi thanks for your video. As a matter of urgency I’m about to buy a house with my partner but I’m not excited about the location as I feel it’s rough or dodgy. Please who can I employ for on advice about choosing a location within our budget. Like what professionals are these kind of people called here in UK?
Congrats on your near purchase! :) We'd suggest focusing on local estate agents (especially ones that are not selling the property to you) and secondly, speaking with local neighbours. Unfortunately, the most reliable judgement or assessment about an area is one that you carry out by yourself across multiple dates and different times of day. Also, we'd highly recommend not buying in an area that you feel is dodgy. We had to do the same and pull out just before exchange of contracts as our judgement led us to do so on the back of certain things we saw in the specific area. All the best! :)
You're welcome 😊. Yes we do :). The younger you get life insurance the better. We have a Life Insurance video you should watch. Just search "Life Insurance" on our channel
Can you give a guide for non British immigrants and EU on buying a house in UK for first time? How long do they need to be in UK in order to get qualified for mortgage?
Thank you so much for this both, you are doing really helpful work especial for me personally. I'm from a background that hasn't got any mentor or adults to support me so...so this is a big help.Could you please say more about morgadge company lending, I'm not sure where to go. Also I still have my student loan to pay off and have had set backs which has lead to only saving 10k at a late age. Do you have any company or where I can search it any advice on whether I should not be buying yet. Thank you🙏
You're welcome, Vi! :). Student loans - Are these from the UK? if so, I'd prioritise other use of your money for now (e.g. buying a home) before attempting to pay this off. In our view, now is a good time to buy given the stamp duty incentive. But please make sure you do sufficient research about where you're buying, etc.
@@TheHumblePenny Hi both, thank you for your response and advice. Yes, I'm from the UK. To confirm, does that mean that paying off your student loan does not affect your credit. I was really worried about that.
@@summerbreeze1100 student loan doesn't affect getting a mortgage - I graduated in 2007 and haven't paid off my student loan and have had many mortgages since :)
@@deltastate3936 I took a leap off faith by joining the best team for credit repair, I am so excited to see where my score will be after a couple of days more. Thank you Credit PatchUp LLC. I'm really happy I contacted them because they really saved my ass and helped get our new home. My family and I show our appreciation and we are forever indebted to them. In 10 years I struggled to bring it to 803. Without 'Creditpatchup.com' this would not have happened.
I managed to save 10% for the deposit. Covid came and now most lenders will only offer 85% mortgages. Because I’m an immigrant, my mortgage options are really limited. I also need at least 12 months left on my visa, so I’m running out of time before I have to wait 12-15 months to get a permanent visa and be able to buy a house. It’s frustrating that I’ll have to wait but at least I know I’m ready.
thank you this was so informative. two questions: if you are a couple and only one partner is working can the mortgage application be based on just the person working and does this put you in a better position? what if your partner has really bad credit, should the application be solely based on the person with good credit to stand a better chance? thanks
You two make it interesting and nice to become a property owner, I thank God and pray Yah help me own a property here in UK and anywhere else as it pleases Him this year 2022 in Yeshua's Holy name Amen and Amen. Thanks
You mentioned you can't back out once you've exchanged contracts, would I be right to think that the mortgage has to be 100% approved prior to exchanging contracts then? Also on average how long does this process take from making an offer to completion? What might slow things down and how might I avoid those delays?
Hello guys very informative video, could you please tell me about monthly mortage repayment calculated on zoopla, for example if the propertty is £350000 and i put a deposit of 35000, i will pay the mortage on £315000? Thanks in advance.
Yes, correct. You pay mortgage on the portion that you borrow. Feel free to download our mortgage calculator here: thehumblepenny.com/mortgagecalculator
Do you have information about buying Vs shared ownership please and pros and cons on staircasing as I'm a single woman and it seems impossible to buy anything with my salary without shared ownership as an option
What is your salary (if you don't mind me asking)? We've never really been fans of shared ownership. However, we understand that it's the only option available to some people. Personally, I'd much rather move to an area that I can afford whilst also working to continually increase my income over time.
Yes we still have term life insurance even though we no longer have a mortgage. We have Term Life insurance. It can build generational wealth if claimed on and depending on personal circumstances. Life assurance is guaranteed payout and more expensive. Life Insurance is less expensive and isn't guaranteed.
What do you mean by saying interest rates r low now? What is low? tried to make the years low- a 12 year mortgage plan, I think what is left from my salary is not much more than the overpaying limit and I expect to contribute the savings if anything after five years and gradually making 12 about 7-8 years.
Your mortgage repayments are linked almost directly to the Bank of England base rate, and when this video came out the interest rate was VERY low (I think less than 1% - It is now 4.5% !!). The repayment to your Lender goes up and down according to the Base Rate.
What advice can you give a 27 year old single female from a background with no support or advice. I have been saving for almost 3 years now and have a sum of £20k deposit. I heard mortgages are calculated 4x salary. I want to know if I can get accepted for more than 4x my salary. Thank you.
First direct whom I'm with offer 4.75 times your salary. Also for mine anyway you have the benefit of being able to pay off as much as you want as long as you don't pay it all before the fixed term. Speak to a free mortgage broker to see if they can find nay others that will lend you more.
£20k is a great chunk of money, well done. But if you have £20k, you really only have £15k, cos £5k will go on costs. Don't know where you want to buy but there are houses very cheap in the North West (L'pool) and North East (Durham, Stockton etc) There are some not so bad areas for around £80k to £100k and you don't have to lend up to the hilt of 4.5 x your salary.
Hello should I arrange a house buy surveyor before I make an offer? You mention the surveyor later in the video but it seems like that’s after you have accepted the property and it’s off the market
Once you've made an offer and it has been accepted, then get a survey done - you don't really want to go any further if the house has say, structural issues, at which point you pull out and look for a better house (there is ALWAYS something better)
Since the housing market opened up again buyers are offering above the asking price regardless of any costs required to do the house up which for me being a FTB is really throwing me off! Any advice?
😆 good point well made :). We mention London as it's an extremely expensive City. Most places outside of London aren't as expensive. And let's not forget, London is the epicentre of UK financial activity although I ofcourse get the point you're making that there is more to UK life beyond London.
My advice (nine properties) DO NOT use a mortgage adviser - someone pays them, if that is not you, then the Lender will pay them and this means your MA will try to steer you towards that Lender - they do not really look out for you, but for who pays them the most. They don't do it for nuffink ‼️ Do your own research - easy on Google - and don't forget building societies. ALWAYS get a Repayment Mortgage. A tracker is just stating that it tracks the BoE interest rate, but most mortgages do anyway 🥺
Hey Dreamers, where are you on your property ownership journey? Do you already own a house? or saving for your first ever property? Please share below 😀
Thanks Ken...your videos are so helpful... Can you do a video on Bitcoin/ Cyrptocurrency... I hear Paypal is now dealing in Crptocurrency
Her skin is beautiful 😍 she’s pretty
😍 thank you 🙏🏽. There i was thinking I needed a better skin care regime 😊
I'm planning on buying a house next year. This video is for me
Perfect!! :). Where are you hoping to buy?
I'm in Birmingham x
@@amayaraymond4486 nice! We like Birmingham!
Man like Ken and his lovely wife. God bless you both. :)
God bless 😊🙏🏽
VISA status also affects the Mortgage rate as it is higher for non-British citizens and lender options are fewer. Once ILR is attained, you definitely get a lower rate.
This is a BRILLIANT point. Thanks so much for sharing 😊. Isn't it interesting that lenders in effect discriminate in this way too? 🤔
@@TheHumblePenny Totally agree. But it is a small hurdle that people should overcome 🤗
Very interesting point I have been asking about visa if it does affect mortgage application not alot of ppl know about it. But thanks for highlighting this point...
Very useful video guys! Great to see Mary on screen again! She’s a natural!
I bought in 2016 with a 3 year fixed rate mortgage around 2%, then got a 2 year tracker in 2019 with an interest rate 0.89% above the base rate so my it’s currently under 1%!!
Mortgage rates at the moment are a bit crazy though, they keep increasing and the fixed periods are longer.
I was looking at 90% LTV mortgages in September and the cheapest fixed rate I could find was 2.85% over 5 years!!
Thank a lot!! :). Great share about these mortgage rates. Interesting to see that a 5 year fixed is 2.85%. When we bought out first flat, it was 5.99% for 5 year fixed. How times have changed! Says a lot about what we can expect for the future really.
@@TheHumblePenny 5.99% WOW!! Any particular reason it was so high? Was that just how it was at the time?
@E B Geez!! Let’s hope they stay low otherwise a lot of ppl will be in trouble!
Hi. Ken and Mary. I am so glad. I am buying my new semi detatched/detached. I run my own export and import business in garments, and through the business I am able to make an offer on the house I am buying. I do not need a mortage. I am a Cash buyer and I also have a solicitor working on behalf of myself. I am nearly there to move.
I must say thanks for the Tips in purchasing a house. I will be buying my House in KENT where is much quiet and peaceful without the nice in London. I will be outside of London, with easy access by train to come into London. Thanks. Joseph
Joseph, HUGE congrats!! 😁
I'm planning to "house hack" meaning - buy a place less than 10 mins walk to a train station and rent out all but 1 of the rooms... Then "semi-retire" 😅 at 27🎊 Thoughts anyone?
Best of luck
Saving for our first home
Please do a video on steps to remortgage. We will remortgage next march. Thanks a lot.
Noted :)
First time buyer. Now just waiting to exchange and complete fingers crossed I’ll have the keys soon 😅
Whoop whoop!! 🥂
Great video! ✨ It's quite scary to buy a house, to be honest. But saving up for it 💪🏻 One day, very soon 😉
It really is quite scary, but it becomes very practical when you plan for it well. Where are you hoping to buy?
@@TheHumblePenny Not quite sure yet. Thinking about buying in Germany...
@@LivingSwedish Is that cheaper relatively? East or West Germany?
@@TheHumblePenny Hmm... it depends where you buy and what kind of house you buy. Ideally outside Berlin with many lakes around. That would be East Germany then, where I was born 😉 GDR
@@LivingSwedish I took a leap off faith by joining the best team for credit repair, I am so excited to see where my score will be after a couple of days more. Thank you Credit PatchUp LLC. I'm really happy I contacted them because they really saved my ass and helped get our new home. My family and I show our appreciation and we are forever indebted to them. In 10 years I struggled to bring it to 803. Without 'Creditpatchup.com' this would not have happened.
Wow. This was AMAZING!!!!!!! I have made notes. Appreciate you x
You're so welcome!
'In all things be thankful and see joy' 🤗👌 Great video as always y'all
Yay! You spotted it. This is our motto up in here :) "In all things, be thankful and seek joy"
@@TheHumblePenny love it 👌
Wowww... I have been a fan since first covid times and you guys are truly blessed and a Ray of light for the dark and challenging times we are in. You guys are evidence to the fact that, however dark, the times get, there is hope that, light will shine through by God's help...
Thanks for this video and it's so soo good to have Mary dropping wisdom nuggets alongside you, Ken..there's power in Team work indeed...
One quick question though... we are looking to purchase the home we currently occupy via housing association .. a lot of the perks like location and school are all checked...
But the thing is, do we need to get a surveyor to still look at the property to assess the structural integrity seeing we have been living in here for over 7 years?
Also, when we get to the finish line, how soon can we begin to look at going for a second property as we would like to one day rent this one out?
Also with current interest rate at 1.25%, is there still a chance of getting a fixed rate on the mortgage in say 5 months time?
Many thanks and I look forward to your reply
Great work you two...🤗🤗🤗
I recently discovered your channel and have been bingewatching your videos. Wishing you another successful year
Currently saving for my first property (27). My plan is buy to rent out and hopefully get a next one. I'm new to this so the vids helpful and easy to follow 👍🏿
I think to do the process justice the video easily could have been 3x the length :) I have completed on a help to buy property in London this March - and what was crucial to my planning and what so few places highlight - is how much money you need at each stage - i.e. reservation, exchange, completion - that's also very different for new builds as exchange for off plan purchases often happens way ahead of completion.
Thank you for adding value to the conversation. You're right, it's a very lengthy and quite complicated process.
thanks for this video guys, i had to watch a few before i got to yours and now understand it easily enough
Great 👍🏽
Aiming to sort out my housing situation in 2022. Will get there hopefully. Thanks for the tips, as there were a few things I need to pay closer attention to 👍🏿
You got this! Keep going. 2022 is not far now :)
@@TheHumblePenny I sure will. Thanks very much!
Really helpful video guys :)
Glad it was helpful! Kindly share with others
Good information, I just wish Ken would let Mary talk without interrupting her......
New subscriber here looking to buy my first home. Thank you for explaining the steps clearly!
You're most welcome 😊
Very useful. I have lifetime Isa and considering buying my two bedrooms council flat.
Thank you and good luck 😀
Great video! You explained this process so well! Very helpful!
Much appreciated :). Thank you for watching.
love you guys. Thanks a lot!
Much
Making a lower offer can be a nice saving. But maybe you could have explained a bit more on acceptable offerings (5% , 10%, 15% lower??)
Good point! It is a buyer's market now, so sellers will be receiving offers. 5% or below is what we typically aim for. Especially if it's a property that has a lot going for it. e.g. £350k property, you can realistically ask for £330k and start there.
Already subscribed and love your content
😊🙏🏽
Thanks for this great video!
You're welcome 😊
Great video, the last time I moved was almost 15 years ago and I am now looking to move again soon, so this was refreshing.
Fab! Thanks for watching :). All the best with a move soon 😊
Really enjoying your videos... We are in the middle of buying a property so this is great to watch and see what is coming up next. Also it's made us think about getting a survey on the flat (I wasn't planning to) :) Thanks again.
Wonderful! 😊
Thanks for this! So helpful
You're most welcome :)
Always looking forward to your videos, thank you for the detailed video it really helped. You guys also look lovely together 😊
The timing of this vid is great and was very informative. Looking to buy my first property next summer 🙏🏿
Its so exciting buying a new house. I'm waiting for my keys now :-) . The hustle has been real and long but very worthwhile.
George Subira is proud
AMAZING!! :) CONGRATS!!
@@TheHumblePenny Thank you!! - My next step is to pay off my mortgage within 7 years and your videos are so helpful. Thanks for always sharing and inspiring!
Thanks for sharing ❤
You're welcome 😊
Beautiful couple! I love your videos and your personalities ❤️
😍
Hey Ken, very relevant content for first time buyers. There couldn't be a better opportunity given current economic climate and available incentives. Bricks and mortar for the long term. I'm invested and on the journey to early retirement on the markets and side hustles..hehe. Good job!
Hey, much appreciated comment! Yes, the incentives are incredible right now. Stay on the journey and enjoy it! :)
Keep up the good work ken and mary.
Much appreciated :)
This is awesome thanks so much! We're hoping to buy next year
Amazing! Any particular area?
Great content as always. I didn't get a mortgage broker as I wanted to do most things myself so I remember these stages really well. That was 3 years ago. Ive just shared this video of yours to my friends who's planning to buy their first homes this year. God bless.
I love the head scarf 🌍
Thank you! 😊
Love the time stamps thanks!!
Yay!! We'll add this to new videos and gradually to older ones 😀
The time stamps are great. Like a table of content. Really great value guys.
Very nice work between two of you .... I wish you were covering how to choose insurance ...i m doing all myself and It is not easy ... it is also helpful to talk about how to plan for making important improvements to the house ? Before collection day ? After?
I love you guys!!!
Love you too! 😊
This is a perfect break down! Thank you
Glad it was helpful! Thanks for watching :)
Great video! I wish this had come out before we went for our first home. One thing I cannot find anywhere is how you would go about upscaling to a larger property, my partner and I love the house we're in but only see it as a house that will last around 5 years before we upgrade to our forever home. I'm struggling to find resources online on what that process is like
Great advice thank you
Very useful thanks so much .
You're so welcome 🙏🏾
Love your channel ❤️
Much love, Ash 💛
Thank you for explaining!
Great advice! 😊👍🏾❤️
Thanks, Ken! :)
Very informative video
Thank you guys
Please I want to ask , is it essential to check the energy efficiency of a house before buying?
Could you advise the energy level to avoid/manage
Thank you and yes! :). The closer to A the better.
Great video!
Thank you 🙏🏽
Hi thanks for your video. As a matter of urgency I’m about to buy a house with my partner but I’m not excited about the location as I feel it’s rough or dodgy. Please who can I employ for on advice about choosing a location within our budget. Like what professionals are these kind of people called here in UK?
Congrats on your near purchase! :) We'd suggest focusing on local estate agents (especially ones that are not selling the property to you) and secondly, speaking with local neighbours. Unfortunately, the most reliable judgement or assessment about an area is one that you carry out by yourself across multiple dates and different times of day. Also, we'd highly recommend not buying in an area that you feel is dodgy. We had to do the same and pull out just before exchange of contracts as our judgement led us to do so on the back of certain things we saw in the specific area. All the best! :)
Thank you for this video really helpful. I assume you must also have a life insurance as well???
You're welcome 😊. Yes we do :). The younger you get life insurance the better. We have a Life Insurance video you should watch. Just search "Life Insurance" on our channel
This video was veryhelpful!
Can you give a guide for non British immigrants and EU on buying a house in UK for first time? How long do they need to be in UK in order to get qualified for mortgage?
Thank you so much for this both, you are doing really helpful work especial for me personally. I'm from a background that hasn't got any mentor or adults to support me so...so this is a big help.Could you please say more about morgadge company lending, I'm not sure where to go. Also I still have my student loan to pay off and have had set backs which has lead to only saving 10k at a late age. Do you have any company or where I can search it any advice on whether I should not be buying yet. Thank you🙏
You're welcome, Vi! :). Student loans - Are these from the UK? if so, I'd prioritise other use of your money for now (e.g. buying a home) before attempting to pay this off. In our view, now is a good time to buy given the stamp duty incentive. But please make sure you do sufficient research about where you're buying, etc.
@@TheHumblePenny Hi both, thank you for your response and advice. Yes, I'm from the UK. To confirm, does that mean that paying off your student loan does not affect your credit. I was really worried about that.
@@summerbreeze1100 student loan doesn't affect getting a mortgage - I graduated in 2007 and haven't paid off my student loan and have had many mortgages since :)
@@deltastate3936 I took a leap off faith by joining the best team for credit repair, I am so excited to see where my score will be after a couple of days more. Thank you Credit PatchUp LLC. I'm really happy I contacted them because they really saved my ass and helped get our new home. My family and I show our appreciation and we are forever indebted to them. In 10 years I struggled to bring it to 803. Without 'Creditpatchup.com' this would not have happened.
@@deltastate3936 thank you for your advice, I really appreciate it. 🙏🌻🌻💫💫
I managed to save 10% for the deposit. Covid came and now most lenders will only offer 85% mortgages. Because I’m an immigrant, my mortgage options are really limited. I also need at least 12 months left on my visa, so I’m running out of time before I have to wait 12-15 months to get a permanent visa and be able to buy a house. It’s frustrating that I’ll have to wait but at least I know I’m ready.
Thank you for your wonderful videos, very informative :)
Glad you like them! Thanks for watching :)
Great video 👌🏾
What is the first step?
Get a 3-6 months worth of income saved or use the money as part of your deposit for a first house?
Always have an available emergency fund first. This is even more important in the current climate.
thank you this was so informative. two questions:
if you are a couple and only one partner is working can the mortgage application be based on just the person working and does this put you in a better position?
what if your partner has really bad credit, should the application be solely based on the person with good credit to stand a better chance?
thanks
Great video! Thanks
Glad you liked it! :)
You two make it interesting and nice to become a property owner, I thank God and pray Yah help me own a property here in UK and anywhere else as it pleases Him this year 2022 in Yeshua's Holy name Amen and Amen. Thanks
😊🙏🏾
You mentioned you can't back out once you've exchanged contracts, would I be right to think that the mortgage has to be 100% approved prior to exchanging contracts then?
Also on average how long does this process take from making an offer to completion? What might slow things down and how might I avoid those delays?
Thank you, super helpful video. Looking to buy a house next year. is it worth getting property survey for new built homes
We'd say, yes! The survey looks beyond the structure of the property. Good luck for next year :)
I would recommend a 'new build' Snagging Expert - there are some vids on utube showing disgustig new builds ... 👎😒
Amazing vid
Thank you!! :)
Great stuff as always :-)
😊🙏🏽. Thanks so much, Stephen!
Great video
Glad you enjoyed it! :)
Thank you !
Amazing stuff
Hello guys very informative video, could you please tell me about monthly mortage repayment calculated on zoopla, for example if the propertty is £350000 and i put a deposit of 35000, i will pay the mortage on £315000? Thanks in advance.
Yes, correct. You pay mortgage on the portion that you borrow. Feel free to download our mortgage calculator here:
thehumblepenny.com/mortgagecalculator
How about advice on buying a council flat
Added to our list :)
Which area of London's outskirts have you bought your property?
Kent :)
Kent too
Do you have information about buying Vs shared ownership please and pros and cons on staircasing as I'm a single woman and it seems impossible to buy anything with my salary without shared ownership as an option
What is your salary (if you don't mind me asking)? We've never really been fans of shared ownership. However, we understand that it's the only option available to some people. Personally, I'd much rather move to an area that I can afford whilst also working to continually increase my income over time.
Hey Ken, do you have life insurance? What do you recommend? Does this build general wealth?
Yes we still have term life insurance even though we no longer have a mortgage. We have Term Life insurance.
It can build generational wealth if claimed on and depending on personal circumstances. Life assurance is guaranteed payout and more expensive. Life Insurance is less expensive and isn't guaranteed.
@@TheHumblePenny thank you very much!
What do you mean by saying interest rates r low now? What is low? tried to make the years low- a 12 year mortgage plan, I think what is left from my salary is not much more than the overpaying limit and I expect to contribute the savings if anything after five years and gradually making 12 about 7-8 years.
Your mortgage repayments are linked almost directly to the Bank of England base rate, and when this video came out the interest rate was VERY low (I think less than 1% - It is now 4.5% !!).
The repayment to your Lender goes up and down according to the Base Rate.
What advice can you give a 27 year old single female from a background with no support or advice. I have been saving for almost 3 years now and have a sum of £20k deposit.
I heard mortgages are calculated 4x salary. I want to know if I can get accepted for more than 4x my salary. Thank you.
First direct whom I'm with offer 4.75 times your salary. Also for mine anyway you have the benefit of being able to pay off as much as you want as long as you don't pay it all before the fixed term. Speak to a free mortgage broker to see if they can find nay others that will lend you more.
£20k is a great chunk of money, well done. But if you have £20k, you really only have £15k, cos £5k will go on costs. Don't know where you want to buy but there are houses very cheap in the North West (L'pool) and North East (Durham, Stockton etc) There are some not so bad areas for around £80k to £100k and you don't have to lend up to the hilt of 4.5 x your salary.
Hello should I arrange a house buy surveyor before I make an offer? You mention the surveyor later in the video but it seems like that’s after you have accepted the property and it’s off the market
See my other response ... once offer accepted then get survey done ...
This video 🙌🏿
At what stage can you get a property surveyor in and how does it work?
Once you've made an offer and it has been accepted, then get a survey done - you don't really want to go any further if the house has say, structural issues, at which point you pull out and look for a better house (there is ALWAYS something better)
Does your income determine how much mortgage you can borrow, which then means it will determine where you can actually buy a property?
Yes. Because it ultimately dictates how much you can afford to spend.
Amazing couple !! :)
😊💛
You didn’t cover stamp duty
Me too by the grace of GOD. Will be a FTB
Since the housing market opened up again buyers are offering above the asking price regardless of any costs required to do the house up which for me being a FTB is really throwing me off! Any advice?
This is the situation we are finding in Scotland too. Where are you by the way? Will be great to get an answer to this
@@peaceborn I'm based in the West Midlands
Thanks Ken...your videos are so helpful... Can you do a video on Bitcoin/ Cyrptocurrency... I hear Paypal is now dealing in Crptocurrency
What’s a mortgage principal
a "Mortgage in Principle" is a letter from a lender saying they are prepared to lend you the money. BUT they may pull out ... 🥺🥺
Hello it's me
❤️❤️
Hii
Where have you been guys
Here 😉
I'm self employed will 2 years history be enough 😫😩
Yes, usually - depends on lender ...
Hey I'm video editor I can edit all your videos in such a way that, that would be more impactful for your audience..
Send us an email via thehumblepenny.com
It’s looks like an apartment
Big hotel room :)
Haha, "are you living inside of London? Or on the outskirts of London?" The rest of the UK doesn't exist 😂
😆 good point well made :). We mention London as it's an extremely expensive City. Most places outside of London aren't as expensive. And let's not forget, London is the epicentre of UK financial activity although I ofcourse get the point you're making that there is more to UK life beyond London.
My advice (nine properties) DO NOT use a mortgage adviser - someone pays them, if that is not you, then the Lender will pay them and this means your MA will try to steer you towards that Lender - they do not really look out for you, but for who pays them the most. They don't do it for nuffink ‼️
Do your own research - easy on Google - and don't forget building societies. ALWAYS get a Repayment Mortgage. A tracker is just stating that it tracks the BoE interest rate, but most mortgages do anyway 🥺
Thank you guys. The video is vey helpful
You're welcome 😊
Great video👍
Glad you enjoyed it :)
Good Stuff! Thank you.
Much appreciated! 😊