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Courses for first-time buyers?
Comments
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Now is a bad time to buy, prices are falling. Same answer for 2009 and 2010. Not sure what will happen then.
You will need a 10% deposit and say another £5k on top.
You'll need clean credit histories and to have passed any initial trial period in a new job (3-6 months).
Not being a UK citizen will affect your mortgageability. If you are not a citizen of the UK, then a lender will assume that if you can't pay or won't pay the mortgage you'll just sit tight before sodding off home and leaving the house to be repossessed and them not able to track you down.0 -
Read the Post properly DOLT, "now permanent position"...
That doesn't necessarily mean permanent visa status!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
I don't know about courses, but there are certainly books out there that will explain how the whole house-buying process works.0
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See, I thought now *is* a good time to buy. You know, buy low, sell high, that sort of thing.
My other half is Norwegian, so he can be here indefinitely, due to some EEA treaty/agreement. I'm on an EEA family permit, which has an expiration date (2011), but is continuously renewable.
Psst..there's no need for name-calling. I've made plenty of typos/mistakes too. Pick battles big enough to matter, small enough to win. - Jonathan Kozol0 -
Can't imagine someone needs a course for buying a house! Just browse this forum and read some decent newspapers (which excludes The Sun and similar) and you'll have a good knowledge by yourself.
If you are not UK or EU citizen then some banks (mostly building societies) may not give you mortgage. However, most banks will welcome you as long as you can show a good income. I am myself a non-EU citizen, not even have permanent resident status in UK, still managed to get a good deal on mortgage. However, most banks require at least 2 years of remaining visa on your passport. Most EU citizens are considered as same status as of UK citizen.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
IamJem, prices are still falling, so I would wait a bit. Meanwhile:
Build up your credit, lenders should be OK with you being foreign, so long as EU treaty or permanent right to reside, but much easier if you have been here about 3 years and make sure you both have credit histories, i.e. credit cards that you pay on time EVERY month, on the electoral roll (if elligable) etc.
Save for a deposit, as Pastures says, min 10% plus £5k for costs.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
My other half is Norwegian, so he can be here indefinitely, due to some EEA treaty/agreement. I'm on an EEA family permit, which has an expiration date (2011), but is continuously renewable.
Sounds good from a mortgage point of view, subject to a credit record, etc. You might want to pop on to the mortgage board here on MSE for a broker's view.
PS - I think you are mad to buy at the moment too (-:...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
But the current climate is exactly the opposite to this....PasturesNew wrote: »Now is a bad time to buy, prices are falling. Same answer for 2009 and 2010. Not sure what will happen then.
Well I'm glad you two managed to get your hands on a crystal ball! I presume you'll be winning and sharing the Euromillions jackpot tomorrow too?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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