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Evan

mortgages

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a friend of mine has a work permit, is a nurse and his permit is due for renewal in August. Are there any banks which offer mortgages for people who don't have citizenship/indefinite leave to remain in the UK ?

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HSBC definitely does. Some others like Halifax, need the visa to be at least for a duration of 3 years.

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Intelligent Finance (part of Hallifax i think),First Active (Royal Bank of Scotland) and HSBC are some that I know of have proveded mortgages for people on PFT and HSMP.

A good financial advicer will be able to say which banks will offer.

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When I got my mortgage 3 years ago, I was offered a mortgage but most banks wanted a 20% deposit.

Good thing I did all that locuming first 8-)

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I got my morgage last year when I was on work permit ( less than 3 years was left ).

I used BMA financial service and the advisor did all the work and found a very good deal from Scottish widows for 100% cover.

You can also check www.moneyfacts.com to compare all deals.

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Is it possible to get 100% mortgage??

without any deposit or down payment by just bearing the legal fees and stamp duty??

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Trinity: Yes, it is possible to get a 100% mortagage-Scottish Widows has been doing it for years. Apparently they cr*pped themselves when the immigration rules changed as they had so many IMGs with 100% mortgages.

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thanks for the advice.

I got a 100% mortgage myself.Don't recommend it, as the interest rate is high, and if you let the flat out on a later date you are unlikely to get a rental income which covers the mortgage

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Trinity: Yes, it is possible to get a 100% mortagage-Scottish Widows has been doing it for years. Apparently they cr*pped themselves when the immigration rules changed as they had so many IMGs with 100% mortgages.

Thanks

i believed that one has to get atleast 10% before getting on to the property ladder.

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Trinity: Yes, it is possible to get a 100% mortagage-Scottish Widows has been doing it for years. Apparently they cr*pped themselves when the immigration rules changed as they had so many IMGs with 100% mortgages.

Thanks

i believed that one has to get atleast 10% before getting on to the property ladder.

Deposit is not essential as mentioned above. However, the more deposit you pay, the better deal you get on mortgages.

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Interest rates have been hiked again, to 5.25% today with further rises expected in the next few months due to a bouyant housing market and(grossly) above target inflation.Homeowners are finding it difficult to keep up with repayments and repos are on the increase. Lenders are jittery and the general consensus is that the housing market is on the verge of a downturn. If you choose to buy now, chances are you might be sitting on a s**tload of negative equity this time next year.

Wait for a year,until the MMC cloud blows over and there is more clarity around your immigration status before you make the plunge. It is highly likely that house prices would be 20% down on their current levels by that time anyway.

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Interest rates have been hiked again, to 5.25% today with further rises expected in the next few months due to a bouyant housing market and(grossly) above target inflation.Homeowners are finding it difficult to keep up with repayments and repos are on the increase. Lenders are jittery and the general consensus is that the housing market is on the verge of a downturn. If you choose to buy now, chances are you might be sitting on a s**tload of negative equity this time next year.

Wait for a year,until the MMC cloud blows over and there is more clarity around your immigration status before you take the plunge. It is highly likely that house prices would be 20% down on their current levels by that time anyway.

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People with negative cognitive distortions have been predicting a property crash for years now and it hasnt materialised . It aint gonna happen cos of the simple law of supply and demand i.e too many potential buyers for too few houses. I dont see anyone having a problem with negative equity, the worst that can happen is a reduction in the rate at which house prices are increasing. After years of waiting for the expected property crash I finally took the plunge last year and I have no regrets. Because I got a 2 yr fixed rate mortgage before the interest rate hikes Ive been able to escape making extra payments. My advice to anyone still sitting on the fence is take the plunge. Remember that u will never recover the 1000s of pounds you pay your landlord each year so even if after buying a house ure unfortunate enough to end up with negative equity at least you have an asset which is better than just giving out free money.

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if you're not a saver as most of us, it is advisable to go for an affordable property.the mortgage will put brakes on some of your expenses and as mentioned above you will have an asset(your savings).the property may level out a bit but unlikely to crash.of course look at affordability.good luck.

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My opinion.

The word 'price crash' in property sounds very scary but i dont think its as bad as we imagine.

Yes, even if there is a price crash, you will still make a profit, albiet, less than what you had expected, provided you stick to it for a few years.

Not to mention, owning your own property carries a sense of fulfilment and satisfaction which cant be experienced by renting a property, no matter how much money you make or save.

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With increasing interest rates property prices will slow down and may well fall in the future - simple economic theory. However, if there is a fall in prices it will be relative and the next property you move into will also be cheaper and in the long term prices will increase again! I don't feel we will have the same property crash as in the late 80's because our inflation rate is very low at present....only time will tell!

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in London, pessimism gets you nowhere.A friend of mine recently made 130k in 6 months by buying a reposession flat, doing it up to an incredible standard and then selling it.Try telling him buying is a bad idea.

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London should be evaluated differently from the rest of the UK.

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in London, pessimism gets you nowhere.A friend of mine recently made 130k in 6 months by buying a reposession flat, doing it up to an incredible standard and then selling it.Try telling him buying is a bad idea.

One should be asking why the flat got reposessed in the first place...

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well they dont in London - just buy buy buy and sell sell sell for £££ £££ £££ - and no i'm not bitter!!

its crazy cause investers will hike up the prices especially in london as they can be prepared to pay those extra couple of £1000 more which we might be worried about. I remember looking aronud a flat for £185k -not bad until u consider lease was only 50years. Dodgy Estate agent said it was the market price and that investors were 'snapping it up at that price' (despite the fact that a lease extention cost £14k). After a survey it was devalued by £14k (after a tip off) - but we we walked away we heard it sold for close to the asking price...to an investor!!!

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I think, the pharmacodyanmics (if you know what i mean) of London is completely different from the whole of UK. London is UNIQUE in the world, therefore, when we talk about UK, we need to exclude London, can't generalise UK to London. This is my personal Opinion. 8-)

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I agree about London and UK on this subject....

personally I don't think there will be any price crush in the years to come, especially not before the Olympics...

What do other people think?

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When we bought our current flat, the agents gave us 45 seconds, didn't answer any questions, there were 20 plus viewings that day, 3 asking price offers, sealed bids and we got it by 200 pounds !!

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