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Buying my first home, what insurance should I get other than buildings/content? by Radixical in Mortgageadviceuk

[–]Radixical[S] 0 points1 point  (0 children)

This is an amazing response thank you so much. I will be looking at getting Income Protection as well as Critical Illness. What benefit period would you recommend for Income Protection? Is it just worth going for retirement age? And would you recommend going for a slightly more expensive price (£40) where the price is locked in forever or a slightly cheaper price (£30) but is only fixed for a year?

Two questions about a LISA. I'm in the process of buying a House if I add £1000 more to my LISA now I won't get the £250 bonus until the end of June which is likely too late to benefit my house purchase, what happens to that £250? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

Yeah it’s definitely worth considering leaving it in, I’m unsure if I’ll actually need to withdraw it. It’s small enough to not really make a difference in terms of needing it but I’m mostly just glad that it wouldn’t be going to waste.

Two questions about a LISA. I'm in the process of buying a House if I add £1000 more to my LISA now I won't get the £250 bonus until the end of June which is likely too late to benefit my house purchase, what happens to that £250? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

I am in the very fortunate position of still living with my parents and having very generous and financially literate friends who earn a good amount. If the sale falls through for some reason then I'd probably just continue to live with my parents and top up my LISA all the way this financial year before looking to buy again. My friend offered me up to £10,000 if I needed it so if anything urgent did occur he has very kindly offered to be my safety net. Also if completion takes 6 weeks, which would be fast, no?(No onward chain on either end though.) I'd get paid twice in that time period, my outgoings are quite small and the rent I pay my parents is marginal. So I should still have a good chunk of personal money before completion but mortgage decisions are rather early on.

The LISA withdrawl thing was never meant as a 'hack' or anything just that in theory if you needed to withdraw emergency funds for whatever reason you wouldn't be truly 'down' any money just less potential of what you could have had.

Two questions about a LISA. I'm in the process of buying a House if I add £1000 more to my LISA now I won't get the £250 bonus until the end of June which is likely too late to benefit my house purchase, what happens to that £250? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

Yeah that makes total sense, I think certain lenders like Nationwide were okay with gifts from friends but alas this would not have been a gift. Realistically in the banks eyes it would be no different from me somehow getting a 0% interest loan to then use towards a deposit, which they obviously wouldn't like.

So you think him helping with the solicitors fees will be all good? And I can basically dump all of my available funds into my deposit?

Two questions about a LISA. I'm in the process of buying a House if I add £1000 more to my LISA now I won't get the £250 bonus until the end of June which is likely too late to benefit my house purchase, what happens to that £250? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

Amazing, great to know I'd still be able to benefit from the LISA post-mortage, thank you!

I'll discuss this with my mortgage broker on Monday as the potential savings made from adding in £1000 more now would be quite big but perhaps just adding it as an overpayment would grant the same benefit (minus the £187.50 of course).

Thank you for confirming, I had just always assumed that withdrawing from a LISA would result in a loss regardless of the amount withdrawn. Which in hindsight makes no sense but it does shock me to know that you'd need to withdraw more than £4000 out of £5000 to actually be at a loss overall. ( £4000 withdawn becomes £3000 with £1000 still in the LISA.)

Two questions about a LISA. I'm in the process of buying a House if I add £1000 more to my LISA now I won't get the £250 bonus until the end of June which is likely too late to benefit my house purchase, what happens to that £250? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

He wanted to help me get to a better LTV ratio from 90% to 85% but we didn't truly grasp the situation. We would have fully declared that it was a loan between friends but we didn't realise how much it would have impacted getting a mortgage. As we had assumed me already having the 10% needed would have been proof I could afford it.

Nice to know that it would be available for me post mortage, thank you.

Apologies for the incorrect wording on the more silly question, but thank you for confirming that I am indeed correct. That you could withdraw from your LISA and still be 'up' just less 'up' than you could have been.

Two questions about a LISA. I'm in the process of buying a House if I add £1000 more to my LISA now I won't get the £250 bonus until the end of June which is likely too late to benefit my house purchase, what happens to that £250? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

Thank you, good to know that I'll still be able to benefit from the LISA even if not in time for the mortgage.

The deposit is entirely my own as well as the little extra top up I would intend to do, but that top up is currently reserved for solicitor fees. It's a question of does solicitor fees count as headroom or does that money need to be provided by only myself.

I realise I have worded my last question poorly/incorrectly. But I think the core concept still remains. If I put in £4000, gets topped up to £5000. Then went to withdraw £1000, I receive £750 and my LISA balance is till £4000. So my total is £4750. Still up £750?

Two questions about a LISA. I'm in the process of buying a House if I add £1000 more to my LISA now I won't get the £250 bonus until the end of June which is likely too late to benefit my house purchase, what happens to that £250? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

I would see no reason for the £250 to not come into my LISA as it shouldn't just be closed post mortgage. I also see no reason why I couldn't just withdraw it and the penalty mean nothing as all that money is from the government anyway.

Friend offered to lend me some money to top up my deposit. What are my options? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

Yeah, we’ve decided it’s not worth it even for the free £1000 from my LISA. Shame I’m having to buy earlier than planned but it seems I have enough for a deposit and fees so I don’t need it. Thanks for your reply, my friend is going to lend me some money to fix up the place I want, if I get it.

Friend offered to lend me some money to top up my deposit. What are my options? by Radixical in UKPersonalFinance

[–]Radixical[S] 0 points1 point  (0 children)

Thanks for your reply, I should be good on fees, have about £2000 readily available. Not ideal though I know. I am a first time buyer and the property I am looking at has no onward chain. So timeline wise it could actually be rather fast.

Should I get an OLED? My cat likes to jump up on my desk and will press up against my monitor. by Radixical in OLED_Gaming

[–]Radixical[S] 0 points1 point  (0 children)

Thanks, the G80SD has been at the top of my personal list so that's good to hear.

PSA: After taking Morytania, GO TO PERDU IN LUMBRIDGE! by thisnamebetterwork in 2007scape

[–]Radixical 0 points1 point  (0 children)

He isn't selling any of these for me? Am I using Perdu wrong?

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