How to Buy Your First House // The Complete First Time Buyers Guide

[@callumtyler686]

It's insane how little first time buyers know about buying a property, myself included. I knew almost nothing when starting. This is the sort of stuff that needs teaching in schools.

[@alexkerrmortgage]

Thanks very much! We are actually launching a online course on the 1st of August! More information will follow on this channel…

[@DC502_]

I don't know. I wonder if schools are best sticking to teaching people how to learn in general. Then people can research things like buying a home for themselves. There is plenty of information available online like this these days.

[@callumtyler686]

@@DC502_ that's definitely where I fell down during further education... We were expected to go and do additional learning in our own time having never needed to before. I didn't know where to start and didn't get much support so just didn't 😂

[@kitchkewl7129]

They won't teach this in school simply because it would educate people and there isn't any point in that .. but getting people into debt keeps people becoming a slave to the system

[@minahtheweirdo]

LOL I LITERALLY PUT THE KETTLE ON AS YOU SAID IT 😂😂😂😂

[@lauren185]

Getting an agreement in principle is only a soft credit search and they expire after 2-3 months. So, do not worry about taking your time to search for the house thats a right fit for you. A soft credit search will not hurt your credit score, so re-applying for an AIP will not do any harm at all.

[@AdeAde007]

Rarely comment but I couldn't go without appreciating the insights you so kindly shared here, freely and comprehensively. Thank you. Hope this reaches more people.

[@alexkerrmortgage]

Thanks very much for your kind words, really appreciate them and thank you for watching!

[@georgios9384]

The content you produce Alex is literally a treasure! Thank you so much for sharing such a valuable information!!! 💪

[@alexkerrmortgage]

no worries and thank you so much for watching!

[@samanthabbandara]

Done a credit check and it says fair .Thanks

[@PatienceM-w1f]

This video helped us massively in preparing to buy our first home. We had everything ready, including the mortgage in principle as advised, and this made us a better choice for the seller even though they had a higher bid than ours. We completed in 3 months thanks to being prepared. Really appreciated this video. Thank you

[@alexkerrmortgage]

So glad this helped and made the difference! Sometimes it’s all about marginal gains. 👍🏻

[@ASMRaphael]

One of the best videos I have seen in a long time :) so good! :)

[@alexkerrmortgage]

Really happy to hear that, thank you so much for watching!

[@shesonyoutube]

This information is golden; delivered so coherently too!

[@alexkerrmortgage]

Thanks very much, it took a while to put together this video!

[@toluwabanjoko6620]

What a goldmine of info, a million thanks!

[@chasemason5129]

Alex this is so so good! I won’t be in a position to buy until around 2026 but I’ve bookmarked this video to come back to when necessary.

[@alexkerrmortgage]

Thank you chase, plenty more coming, and any questions along the way just let us know!

[@OptimalLivingVision]

What a detail important lesson for a guy like me a novice about mortgage, thanks a lot.

[@alexkerrmortgage]

Glad it was helpful!

[@Isha.Rachakonda]

This is one of the best video for house buying process UK..👌🏻👌🏻👌🏻

[@alexkerrmortgage]

Thank you 🙏 appreciate you watching it!

[@kmtb2011]

I need to memorise this video, excellent information.

[@alexkerrmortgage]

Glad it was helpful!

[@DarkKreig]

Not sure about England, but in Scotland you can get a home report from the estate agent with the information you talked about in the mortgage application process. Unless the property meets certain circumstances, they need to have one to sell.

[@alexkerrmortgage]

Yes indeed, unfortunately we do not get that!

[@normaharvey4392]

Please please teach this in schools and colleges this is very informative

[@alexkerrmortgage]

Thank you 🙏 is there anything particular you would like to know in another video ?

[@okibelieveyou3671]

Really useful information thankyou very much for your content

[@junedahmed5835]

Very helpful video, I can't thank you enough. Alex when should I do the RICS approved survey? After the offer accepted or before?

[@alexkerrmortgage]

I would do the survey once you have your mortgage offer… then you know the mortgage is good and you can take a closer look. No point in spending the extra money until you know the more the is good…

[@kusang3220]

Very detailed. Great!

[@cricketylife8742]

This was incredibly helpful! Thank you so much!

[@alexkerrmortgage]

No worries, thank you for watching!

[@sylsuthss]

Thank you Alex for this really in-depth explanation for the whole process. Definitely saving this video for when I start the process next year

[@alexkerrmortgage]

Good luck with everything and thank you for watching!

[@AshuwithS]

This is a gem of a video and so helpful for first time buyers!

[@alexkerrmortgage]

Glad it was helpful!

[@HAA_GOTYABOI]

Fantastic vid❤ thank you

[@alexkerrmortgage]

@@HAA_GOTYABOI thank you for watching!

[@Adamski94]

Great guide. I must've watched it about 5-6 times already :) Could someone please clarify how to make a bid on a property? Do I need a solicitor for this or can I simply call an estate agent and make the offer verbally?

[@alexkerrmortgage]

Yes, just call the estate agent and place the bid!

[@T-London]

What a fantastic breakdown of the process, thank you. I do have a question please, does the lender do all the underwriting before they order a valuation? I am trying to establish if the lender has done all the checks on my paperwork provided as they have instructed a valuation. Thanks

[@alexkerrmortgage]

It depends to the Lender is, some of them will only instruct the valuation when they are happy with the case and others instruct almost straight away… So if it’s still not been instructed and you have been a week or two into the application then they are probably waiting until everything is okay and then the valuation will be the last item.

[@artzi1]

Excellent video, thank you! Quick question: why is the mortgage application and home buyers report explained in the final, 10th step? As far as I understand, you should get the mortgage before buying the house and get the report before making an offer?

[@alexkerrmortgage]

There’s a huge amount of preparation to do before you put the mortgage application in… The homebuyer report is after the mortgage application has gone in…

[@PokerFace73]

This is very good video, I'll use it in my process of buying the first home. I have a question - Is it only current address on voters roll that needs to be on each provider credit file? Do they look at previous addresses also?

[@alexkerrmortgage]

Current and previous but ideally a total of 3 years

[@kylewalkerfilm]

They should be teaching this in schools! Top quality video Alex, couple of quick questions, are 5% mortgages commonplace when purchasing existing properties if you have good credit and in fulltime work? Is it likely for people to get 200k properties with a 10k deposit, if all finances and credit are in order? Not looking for Help to buy, shares or schemes. Cheers

[@alexkerrmortgage]

Hi Kyle, thank you for your kind words! We are making a first time buyer course! Sounds like a 95% mortgage should be fine for you and they are very common! Any more questions please let me know.

[@kylewalkerfilm]

@@alexkerrmortgage Thanks for the reply, Am I right in thinking the steps in Action 10 are to be done before completion can be achieved and getting they keys? Or is completion just a part of the solicitor process?

[@benbiglin2349]

This video is so valuable, thanks alot. Deserve more credit

[@alexkerrmortgage]

Thanks Ben, really appreciate the kind words and glad its adding value to you!

[@KaysFantasy]

Hey Alex, what’s your views and opinion of the current housing market at this point in time? Meaning the rise of cost of living and the rise of gas and such. Sorry if my question seemed to make no sense 😅 is now, in 2022 the best time to look for a house? Will the housing market crash? Thanks a bunch✌🏽😊

[@alexkerrmortgage]

That is the million dollar question! Very hard to predict what will happen next... Long-term property will always deliver as an asset, however short-term it is more of a risk... The market is very active, however it is a sellers market meaning it's hard to buy property with so much competition... I always say if you have an opportunity to get onto the ladder then take it!

[@KaysFantasy]

@@alexkerrmortgage I guess that was a silly thing to ask, my apologies.😁 It’s like trying to read a crystal ball🔮 to tell what the future for housing market will look like. When you say short-term property, do you mean like, buying a small house to start with before really getting something bigger, like to see if you can manage the mortgage and paying? Thanks for responding

[@powerfulsingh]

What if you pay the deposit at exchange contract and mortgage fails? Your mortage is right at the end process after you paid a deposit? And do you have to pay all deposit not just part? It feels like a risk if you pay deposit and mortgage fails final stages?

[@alexkerrmortgage]

The mortgage shouldn’t fail… I’ve never come across this. Do you mean if they go bust ?

[@george5680]

Thanks, great video

[@alexkerrmortgage]

Glad you liked it!

[@shesonyoutube]

11:40 so helpful, I've always wanted to work this out myself so thank you

[@alexkerrmortgage]

No worries, glad you were able to work it out!

[@deejejey9712]

Wow amazing Alex as always, but very long content (lol)! But thanks for sharing and always useful!!!!

[@alexkerrmortgage]

Hi Dee! Yes I wanted to make a much more detailed one this time as there is a lot to go through in the process. Thank you for watching!

[@AnimatorHeadSpace]

This is great! Thanks. Would it be possible to make this video available in such a way that I can add it to a playlist? That way I can come back to this video, thanks.

[@alexkerrmortgage]

You can add it to your own playlist via KZbin. It will have “add to playlist” option.

[@alexkerrmortgage]

You can add it to your own playlist via KZbin. It will have “add to playlist” option.

[@AnimatorHeadSpace]

@@alexkerrmortgage Thanks! Not sure why I didn't see the option before. Cheers.

[@indahkurniawati7742]

What about self employee? Will the lender lend their money?

[@alexkerrmortgage]

Should be ok if you can prove net profit for at least 1 year, ideally 2 and affordability fits.

[@mytwocents5356]

Very informative video thank you very much, just a dilemma can you not use funds saved off student finance then if you were a working student to save for a deposit.

[@alexkerrmortgage]

I have not come across a lender who accepts student finance as a deposit… I had this enquiry before, and unfortunately was not able to find a lender. There might be one out there somewhere!

[@RearViEwmirror-3]

Why not to date mortgage deed signature?

[@alexkerrmortgage]

@@RearViEwmirror-3 because the solicitor will date it on the day you complete, which is the day you own the property and that document means you own the property so the dates must match.

[@m.zaahidnaseer9380]

Thank you so much for this greatly informative video. We were looking to buy a house in Hampshire Portsmouth but the house prices are just so high at the moment.I work for NHS as a doctor and would you pls be able to advice on when the first home scheme would be brought back. We are looking for new built. At moment noone seems to be offering this scheme. Many thanks Alex

[@alexkerrmortgage]

Glad it was helpful! The first home scheme is available in the Midlands and they are aiming to build 10,000 homes per year so just watch out for them on right move, it's going to take some time to filter throughout the rest of the country.

[@Tina_Fay]

Thank you for all the info

[@alexkerrmortgage]

Thank you for watching!

[@Professor-Scientist]

Thank you, I really appreciate your videos

[@alexkerrmortgage]

thank you Baller for watching, really appreciate it!

[@shola5852]

Hello Alex thanks for this information, just came across the video. Can you help with removing default report on my credit file? Thanks.

[@alexkerrmortgage]

Hi there, I’m not able to remove anything from credit files, just advise how to improve credit score through traditional methods.

[@wuragerasimov6064]

Is it possible to pull your credit score without being on the voters role? For example as a foreigner

[@alexkerrmortgage]

Hi, thanks for your comment, what do you mean by pull your credit score? If you mean just to have a credit profile, then the most important thing would be making sure your address records are correct alongside any credit commitments you have. You don’t need the voters roll for a credit profile.

[@simplyComplicatedLife]

Very helpful thank you 😊

[@alexkerrmortgage]

No problem, thank you for watching.

[@marionsense4381]

Great video, so informative! What if there are addresses of places where I used to live currently showing under the electoral roll section? Should there only be my current address? Also what if a certain address (under electoral roll and other sections) shows as different addresses because it’s written slightly differently every time? Thank you!

[@alexkerrmortgage]

It’s okay, if your previous addresses show, as long as your current address is the most recent… If they show slightly different variations, as long as the house or flat number and postcode is correct, then it should pull through on a credit score. However, if it’s completely different, then it might be worth updating it with the credit agency.

[@atlasyaz]

Hi Alex. Great content, many thanks! Quick question for if I am getting a new build house, do we need to apply for any form of valuation, and do you think this is necessary, if so would a basic valuation suffice?

[@alexkerrmortgage]

It’s completely your choice, homebuyers report is never a bad idea! How are you getting on with everything?

[@samanthabbandara]

I do not have indefinite leave to remain. Do I need a 10% deposit?

[@alexkerrmortgage]

Do you have settled or pre-settled status?

[@arhamiqbal3574]

What happens if the report says the house is in poor shape or there are issues that need to be addressed. Can you retract your offer or is it too late

[@alexkerrmortgage]

You are only legally tied in once you sign. So at this point you can walk away but you would lose any money spent up until now.

[@seekadvice6906]

​@alexkerrmortgage do lenders differentiate between UK Citizen and expat came from other country to decide how much% they could offer. I came in the UK just a year ago. Will lender ask me more deposit 30%?

[@alexkerrmortgage]

I’ve got a lender that will work with you based on one years in the UK. With a 5 to 10% deposit. Let me know if you want to chat about your options.

[@sublimeenlightenment6711]

Does checking your score on checkmylife lower your credit score or it's considered a soft search?

[@alexkerrmortgage]

Checking your credit file doesn’t have any effect on your credit score whatsoever!

[@manlikemark9641]

Amazing video, I'm hoping to get a property over in Worcestershire next year, quick question, as i live at home and need bank statements, my bank is paperless, would i be able to use online statements or download and print, or do i need to ask the bank to post statements to me? Also i help my parents out with rent but once i get my own place i won't be doing that, theres also a couple of clubs that i take part in and pay for that i would give up when i move, does that get taken into consideration ny lenders that it wont be an ongoing outgoing once completed or do they say thats what your paying now so that counts against your affordability?

[@alexkerrmortgage]

As long as the bank statement you download online has your name, address and bank details on then you can use that. The mortgage lenders will usually ask for three months worth of bank statements, so as long as you stop paying the clubs etc I would say at least 3 to 6 months before the mortgage application, they will not take those payments into account.

[@manlikemark9641]

@@alexkerrmortgage amazing, thank you. Sorry one last thing I just thought of, is it more advisable to find solicitors and/or mortgage brokers that are based or specific to the area I'm looking to move to?

[@justsomedude1488]

Would they recognise any benefit ontop of your wage? Universal credit for example?

[@alexkerrmortgage]

Some lenders will allow this it would be a case of researching their criteria to match your circumstances!

[@justsomedude1488]

@@alexkerrmortgage thanks mate.. be a shame if it was disregarded

[@callatabares2290]

Hi, I would like to buy to rent but i am in a council flat these affect as i no able to buy a house 4 rent as a inversion i have to buy my council flat b4 that?

[@alexkerrmortgage]

Sorry could you expand on that a little bit, I didn’t quite understand the question. Many thanks.

[@barneylomas4961]

Hi Alex, thanks for the content we’ve learnt so much! How long does the Help 2 Buy application usual take?

[@alexkerrmortgage]

Thanks Barney! You mean the whole process or just help to buy approval ?

[@barneylomas4961]

@@alexkerrmortgage Just the Help to Buy approval, we’re currently waiting to hear back from the lender help to buy.

[@fahimabdullatif1244]

2 questions: 1. My credit score is good but my wife's score is poor. We do not have a joint account but we live together and both of our names are in the Council Tax. Can I go for a mortgage and buy a house excluding my wife's name in every process in order to get approved? Or am I obliged to apply for mortgage as a couple? 2. Does Universal Credit count as income when calculating the annual income? Thanks

[@alexkerrmortgage]

There are one or two mortgage lenders, that might consider this as long as you can afford the mortgage in your own name. If you’re married most lenders would want you to do a joint mortgage. However, there are better options if you’ve got any bad credit as well at the moment. If you want to chat further, just let me know!

[@fahimabdullatif1244]

@@alexkerrmortgage Thank you! I will definitely come to you before taking the step

[@lauren185]

How do you know if youre in a sellers market or a buyers market?

[@alexkerrmortgage]

Sellers market. There is not much choice and you need to pay the asking price where a buyers market. You will have loads of choice and because of that will be able to get bigger discounts on the purchase price.

[@lauren185]

@@alexkerrmortgage thanks! ☺️

[@maxelbrig1315]

Awesome content, Alex you are the master. Quick question if I may, I've got more than 5% deposit but my credit score it's 710 (poor at experian) shall I put more so I get better interest rate and higher chances of getting the mortgage are higher and banks see you more as a less risker, or shall I put 5% and use the other cash for renovation?

[@alexkerrmortgage]

If you have bad credit then you may need between 10 to 15% as a deposit… Do you have any missed payments, defaults or ccjs ?

[@maxelbrig1315]

@@alexkerrmortgage Yes I missed a payment due to the fact that company went into administration so I was made reduntant and missed a payment, hence I was thinking putting more than 10% deposit?

[@alexkerrmortgage]

@@maxelbrig1315 If you email me, I can send you some information… It might be worth us having a chat. [e-mail]

[@lokesh787]

Hi Alex, Awesome video, have one question. I am not very sure if I will stay in the UK for long-term but I wanted to know is it worth buying a home if let's say i plan to stay in the UK for another 5 years? Please advice 🙏🙏🙏 All these years because of this dilemma I didn't want to buy a property but now have been thinking if I am wasting money renting.

[@alexkerrmortgage]

Buying a property is never a bad thing as in long-term it always turns out to be a good investment!

[@taranazare2633]

Thank you!!

[@alexkerrmortgage]

You're welcome!

[@mohib8668]

DOES THE MORTGAGE APPLICATION HAPPEN AFTER YOU BOUGHT THE HOUSE OR BEFORE ??

[@mohib8668]

AND IF THE MORTGAGE LENDER DOESN’T APROVE THE VALUE WHAT HAPPENS

[@alexkerrmortgage]

Before!

[@vitinho2000uk]

Great video, everything in one place makes it so much easier, thanks Alex. My questions, if I may: 1) I’m turning 39 in June 2022. Are there any age limits as a first time buyer? Eg. government schemes, accessing my lifetime ISA funds etc. 2) In a previous reply, you said that buying a first property to get onto the ladder is always worth it in the long run, but might not give dividends in the short term. What is short term and long term? Or is there a way to work out by when the property is already making sense financially? Thanks for the great content 🙏

[@alexkerrmortgage]

Thank you for watching! 1) you can still get a 30 year mortgage no problem, as you can go to age 69 and there's no limits. 2) short-term is just a few years, you could buy a property just before a market crash for example. But long-term I would say is 10 to 15 years. Historically, factual data states that when you buy a property 10 to 15 years later it's always worth more, pretty much double in most cases.

[@ombreeevid]

My boyfriend is Chinese living and working (e.g. resident on working visa) in the UK and I kept nagging him to register to the electoral roll - but when we tried doing this it was not possible because he is not a UK national neither is he from the EEA or Commonwealth area... what about people like him then who are unable to get on the electoral roll but live here and intend to buy a house with a UK mortgage???????

[@alexkerrmortgage]

Once he has been in the UK for two years, we will be able to help you guys get a mortgage. You will likely need a 10% deposit. Get in touch when you are ready!

[@bukkyoloyede6740]

Thanks Alex

[@alexkerrmortgage]

No worries, Thank you for watching the video!

[@svanie]

Survey quote link appears broken

[@alexkerrmortgage]

Hi Tharaa, thank you for pointing that out. This is now working. I've put the link below for convenience. Thanks for watching! quote.sortrefer.co.uk/MTM0MTg=

[@arwend.hellsing9682]

Can someone pay somebody else to do the hole process I'm a first time buyer and unfortunately I haven't understand anything about it

[@alexkerrmortgage]

Of course! We are mortgage brokers and can help. Feel free to book in a free chat using this link - link.coursecreator360.com/widget/appointment/mortgage-chain This is us here - www.mortgagechain.co.uk/

[@arwend.hellsing9682]

@@alexkerrmortgage ty 😊

[@annax38]

Good video but wow so many ads

[@alexkerrmortgage]

@@annax38 yeah sorry about that it’s because it’s a 45 minute video…! Took me about 2 weeks to edit this one.

[@annax38]

@@alexkerrmortgage ahhh ok sorry

[@BenCundy]

Hi Alex - credit history question: Coming from USA, does the credit reporting from my time in America also work for UK? It’s the same 3 agencies but I’ve heard the credit history doesn’t transfer. Thanks

[@alexkerrmortgage]

Hi Ben, unfortunately this will not transfer… You need a good solid 2 to 3 years in the UK for mortgage lenders to then look at lending to you.

[@LawrenceTimme]

If you have crypto you just buy the house outright. Why would you need a mortgage if you already have millions in crypto

[@alexkerrmortgage]

You can’t buy a house with crypto… (In the UK)

[@LawrenceTimme]

@@alexkerrmortgage you can just convert the crypto to cash then buy the house outright though. As long as you paid the tax on it.

[@ToxicVaccines_HivHoax]

11:30 When you say "Anual Salary", is that before or after tax anual salary?

[@alexkerrmortgage]

Before tax (gross) 👍🏻

[@ToxicVaccines_HivHoax]

@@alexkerrmortgage - Thank you. 👍

[@georgemears2564]

Thank you, very helpful!

[@alexkerrmortgage]

You're welcome!

[@ManiaCop100]

Thank you for the video very useful

[@alexkerrmortgage]

Thank you for watching!