7 MUST Do Mortgage Application Tips for First Time Buyers - How to Prepare Properly - [UPDATED]

[@alexkerrmortgage]

5 Free Videos! My 5 go-to Mortgage Lenders who Lend MORE - Opt-In for FREE Content here: www.firsttimebuyerexpert.co.uk/ftbe-opt-in-pre-pre-launch-v2

[@barrybudget2611]

Hi Alex, i noticed lenders are tightening up. a few of the high street ones like barclays only offer fixed 5 year deals if 15% deposit or more. feels like the market has definitely cooled down. im so hoping more properties come on the market. thanks again for your vids. spot on!

[@alexkerrmortgage]

Thanks Barry! Yes it does seem the market has changed a little bit in light of inflation and bank rates increasing… Hopefully this will bring a bit more balance!

[@2mehmi]

Hi Alex, great video and insight. In terms of the points discussed are these point largely relevant post mortgage in principle stage?

[@alexkerrmortgage]

Yes indeed, all in reference to the time you submit the mortgage application, which comes after the mortgage in principle, once you have found a property.

[@sylsuthss]

Just came across your channel today. I seem to have a situation as I have been saving across several banks online over 10 years. How do I prove my deposit if I have closed accounts over the years and no longer have proof via statements?

[@alexkerrmortgage]

Your bank should be able to provide copies! In my experience some lenders are more strict than others when it comes to this, but you do need to be in a position where you can prove every penny in case the Lender wants every single transaction.

[@niallmcstay9938]

Hi Alex, couple of questions. When you say large cash deposits how much are we talking? I recently lodged a few payments from jars of loose change I'd saved roughly £500 split into a few deposits is that a problem? Arranged overdrafts - occasionally I've dipped into my arranged over draft maybe only 10% of the arranged limit a day or two before payday is this a big issue? Finally I would frequently use my credit card for things like fuel but always pay the balance on time and in full should I pay any outstanding balances before applying? Great video btw

[@alexkerrmortgage]

Thanks for watching! - cash deposit: use that to pay your solictor bill and not towards your deposit and you will be good! - OD - stay out of it for at least 3 months if poss - credit card use if fine but clear balances if you can and don’t use during the process. They may ask evidence it’s cleared it applying soon after you clear it as can take a few months to update. Hope this helps!

[@srinathreddy590]

Hi Alex, Thanks for wonderful video, its very clear and easy understanding of your explanation. I'm new to the country, I'm employed here in UK, I've following: 1) voters roll registered and voted in elections, CHECK 2) 3 months bank statements & Pay Slips, CHECK 3)Your Employment Status and Continuity of Employment, CHECK 4) ID(BRP: Biometric residency permit) & Address verification(Bank Statements & Driving License) CHECK 5) Credit Score, IN PROCESS OF INCREASING THE SCORE, like Credit Card, Contracts, Counsel Tax, Direct debits. MY main Question is: Is it mandatory to stay in this country for minimum 3 years to get Loan from Banks...??? that too for First time buyer with "HELP TO BUY" Scheme in 2022 when approached Lloyds bank they said they need minimum 3 years and 25% down Payment, they didn't mentioned about HELP TO BUY scheme to me. I found out this. How to address this..? Please help me, your inputs are much needed

[@alexkerrmortgage]

Unfortunately you need indefinite leave to remain or permanent rights to reside for help to buy. Once you have two years in the UK I do have a high street lender I work with who they lend to you with a 10% deposit. Just get in touch when you're in this position for a free chat. I've put our website below where you can book a free chat. www.mortgagechain.co.uk/

[@SivaRam-qn2sl]

Hi, It's not like that- Moreover it depends upon the lender's requirement- If you are applying for a residential or buy to let- To be able to qualify for buy to let requirements you must be having an ILR. You can apply for a residential mortgage if you stay in UK for a minimum of 1 year with 3 months payslip, bank statement and proof of deposit if your exposure of the property value is less than £600K. If you are earning an income greater than 100K and the LTV is less than 75%- You will be qualified for premier customer eligibility and still you can proceed to apply for a mortgage with less than one year- If the income and LTV doesn't qualify you can submit this as a wealth application if the lender is OKay.

[@srinathreddy590]

@@SivaRam-qn2sl Hi Ram, What is Wealth Application and how to apply this?

[@SivaRam-qn2sl]

@@srinathreddy590 most of the banks will be processing under retail lending and that's when the above scenario won't proceed ,,, there is a best chance that the application can progress of it is submitted via wealth and not under retail, the respective underwriter or bdm should be able to advice.. but u will have to ask for the possibility

[@samanthacleland4459]

Can you explain more in depth gift giving? It's my understanding that if given anything under £3000p.a the gift giver does not have to provide a proof of statement.

[@alexkerrmortgage]

If someone is gifting you any amount of deposit, then they would need to prove where the source of their deposit has come from with most lenders, occasionally mortgage lenders may not ask

[@estherjohn7879]

Best video I have seen Thank you !

[@AOF17]

Alex, we have been looking into getting our first mortgage. We both earn well, have a good credit score/history and have a guaranteed 10% gifted deposit. However, I have gambling transactions (c.15% of income AFTER bills/outgoings) on my older statements, but I stopped gambling a month ago. All of the videos that I watch say that you need three months statements, yet two lenders I have found (out of 6) say they need no or 1 month of bank statements. Do you think it is necessary to wait for 3 months of clear (of gambling transactions) bank statements before submitting an application or is it possible to target a particular lender who don’t advertise requiring too many bank statements? Thanks

[@alexkerrmortgage]

No matter what bank you use, they can always request bank statements later on in the application for a number of different reasons. I always say preparation is the key to mortgage success. You might be okay but it all depends how the lender assesses your application. The further away those transactions, the better. I hope this helps and good luck!

[@kathleensisland]

Not sure if you have a video already on it, but what about if you have multiple streams of income? E.g I have a 9-5 job that pays my main salary, then I am a director of a ltd company I own in which I pay myself dividends from…..can you maybe do a video on how that will all work in the mortgage process pls and what they might check for both incomes

[@alexkerrmortgage]

There are mortgage lenders that will take multiple streams of income… It would all be to do with your current situation and how long you have been receiving the different elements of income for. If you ever need to discuss your mortgage options and affordability options just let me know and we can go through it all in a free chat.

[@nicksawyer1533]

Does this apply to Help to Buy?

[@alexkerrmortgage]

Hi Nick, thanks for watching and sorry for the delay. What part of the video where you referring to?

[@negardavariardakani9235]

Can a non-British first time buyer register to the voter’s role?

[@alexkerrmortgage]

You can once you have either permanent rights to reside or indefinite leave to remain

[@liamcraighill]

They only asked me for 3 months proof of deposits and my deposit was £70000

[@alexkerrmortgage]

It would be great if every application was like that, but it’s best to be prepared for them throwing the kitchen sink at you.

[@ivaylodimitrov4901]

I’m a bit puzzled by the quick tips for first time buyer? Isn’t it showing how much you like the property a bit damaging if you’re planning to negotiate down the price? My impression is that marketed prices are inflated compared to recent sales statistics and there’s room for negotiation. All these tips sound pro-seller rather than buyer-friendly to be honest.

[@alexkerrmortgage]

Your entitled to your opinion of course and thank you for that, but the tactic of planning to negotiate later down the line would not be possible in a “sellers market” which we are in now, as you will find buyers will put in the asking price or above every.single.time. The tactic you mention will be great for a buyers market… This video that I did which is a complete guide to buying your first time includes how to negotiate in both markets. Link - How to Buy Your First House // The Complete First Time Buyers Guide kzbin.info/www/bejne/h5_YgHiujrWblbs

[@edwardkasalovitz7186]

The problem is that the UK has not enough houses. So people whose bodies need to sleep somewhere are reduced by property moguls to the mere slaves, begging to be accepted as buyers. Go to Sweden, Finland, Norway to see the opposite, lol​@@alexkerrmortgage

[@R3sp3ctMyGam3]

By "no large cash deposits" I guess you mean "no large cash deposits that CANNOT be justified"?

[@alexkerrmortgage]

I meant “no large cash deposits” at all. Lenders do not like large cash deposits in any instances. Did you have a scenario you were thinking of?

[@R3sp3ctMyGam3]

@@alexkerrmortgage No worries, I see what you mean now. You mean literally cash deposits via an ATM/counter. I thought you meant e.g. large amounts via a wire transfer.

[@alexkerrmortgage]

@@R3sp3ctMyGam3 yes indeed, paper cash!

[@karuc2110]

Hello Alex! Do you think is possible to buy a property (get a mortgage) if you only have been living in the UK for 2 years?We are completely lost on how everything works 🥲

[@alexkerrmortgage]

If you have a 10% deposit, then, yes! If so, let me know and we can chat further.