It is 15 working days for loan offer and 10 working days for funds issue. Get you life policy and home insurance in place.
Getting to the business end of the process now. Choosing between 3 year fixed and 5 year fixed.
Has anyone any particular insight or thoughts into which is preferable. 5 year rate is a bit extra per month but obviously comes with more certainty.
Iâd be taking as long as possible anyway
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Itâs hard to imagine theyâre going to ease them as we head towards higher rates and a bumpy macro economic situation
Seems like itâs moving to 4x salary. At a horrible time for me as it will bring more buyers into the market while Iâm mid application
Thatâs surprising. I thought banks were tightening their own criteria recently
That makes no sense at all. All it will do is push up prices further negatively affecting first time buyers the most.
People who do get on the ladder could be tipped over the edge by the interest rate increases then. It wonât be affordable if youâre in that bracket just getting in.
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Has Kwasi Karteng joined the central bank?
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Why not build social housing and reduce prices rather than increase demand
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Thatâs the complete opposite of what they want
Add to the pyramid scheme and keep the rich getting richer
Looks like the potential for an utter car crash ahead?
Can you drawdown a mortgage if the sellers have paid incorrect local property tax? They were somehow getting away with paying in a much lower band.
If you are a seller and paid incorrectly do you have to correct restrospecitvely since its introduction in 2013 or if house was only valued this year for sale puroposes does this year only need to remedied?
Iâd say half the country is paying a lower band than they should be
There is very detailed instructions for buyers and sellers on the revenue website.
The valuation in 2013 when the scheme was intro was held until 2021 when they asked people to revalue. So it doesnât IMO matter what the value was in 2016 or 2020, they were entitled to pay using 2013 valuation
If they underdeclared in either of those years they should be adjusting for it now but I donât see any practical risk that they would be caught out in it barring completely taking the piss. The property has probably doubled in value since in reality
They need to provide you with a clearance cert from revenue, if price is sub 350k then I think its light touch
If buying your Solr will need to do all this and confirm its done to the Bank. They will be entitled to challenge it with vendor if think it hasnât been done right
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Think Iâve seen posts on this before from some of our financial gurus but if I have the option to borrow more than I need would I be better off to do that and hang on to more savings or else just borrow what I need and spend more of savings?
Itâs unlikely you will be able to generate better returns at a safe level than the current interest rates so I wouldnât borrow more than I had to
But Iâd keep a buffer for myself if I could.
Build back up the savings. Then max out the pension as much as you can.
You should be carrying no high interest loans either. Credit card, car loans etc pay them down with savings and borrow extra if you need. Mortgage is the cheapest loan you will get.
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Talk to a financial advisor. Nothing is guaranteed and they can always go down as well as up but even after downturns decent funds recover over the longer term, so if you keep the money in for say 8-10 years you could fairly expect to be earning 5% on it anyway, which should be more than youâre paying on the mortgage.
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Unless you have work to do on new house then borrowing what you donât need doesnât make sense. Strange that theyâd give you more than you need. We had awful bother getting more money off them when price of materials went up. Use it to pay off more expensive debt as @Julio_Geordio advises.