Myrage2:
Hello,

I need a solution to this challenge house

I landed in uk yesterday and I am sick. I am vomiting with uneasy stomach though no pains. I do not have a uk sim card to call the NHS and I don't want to go out either so as to avoid breaking the quarantine rule. Any suggestions pls? I have ordered sim card online, to be delivered tomorrow but I really wish I could get a treatment tonight.

Optimally:
Good day everyone
Tickets are currently expensive in August and cheap precisely for me at September 30, can I book for September with flexible date option and readjust my departure date to somewhere in August?
Is it possible?

OkanlawonB:


If you are in quarantine, no worry NHS test and trace abi na track and trace go begin wire you calls to confirm that you dey quarantine. Tell them your problem dem go send you Ambulance ASAP.

Myrage2:
Hello,

I need a solution to this challenge house

I landed in uk yesterday and I am sick. I am vomiting with uneasy stomach though no pains. I do not have a uk sim card to call the NHS and I don't want to go out either so as to avoid breaking the quarantine rule. Any suggestions pls? I have ordered sim card online, to be delivered tomorrow but I really wish I could get a treatment tonight.

Tolvin:
Anyone please?

omopapa:
Said he doesn’t have a sim yet so how will they call him? I wonder which number he filled on the form

EngrSaks:
That's not bad, like I said it's not a bad option but it's not the best.

In 2 years with renovations to your old house you would have been able to move to a new one and put the current one on rent

Looking at a situation where we can all increase the number of property we own in the shortest time

Africans are not very well represented in the property market. Its something we should all be actively thinking about

Ticha:


It's not actually that easy. In a rising market, remember you are also buying in that market. Plus add stamp duty, 25% deposit min, affordability costs and you most likely won't get the plans off the ground. I agree that property is the fastest way to growing generational wealth but it is a slow process. The days of slapping paint on, new kitchen and bathroom to get instant equity are long gone. Plus BTLs are stress tested at higher interest rates than resi mortgages.

HTB is a good way to get on the ladder if you are struggling to get there. The most important is to get on the ladder. Once on it, recalibrate and grow. It's easier to leverage once you have one than starting from scratch.

New builds do carry a hefty premium - I'll never buy one. They also don't stack up in value properly compared to older houses. I completely agree with you on that one. I'd rather buy a leasehold flat than a new build house but that's because property is my side gig so whatever I'm buying has to be work for leveraging purposes. If I would ever live in a new build, it will be me building to spec for myself on my own land.

PS - Homes Under the Hammer does not replicate real life o! Lots of unseen calculations that they never ever show!
In addition to life insurance, write a will too! If you have children, stipulate the guardian for them in the will too.

fatima04:


I think the bolded is what we don't talk about enough. For those with families, please try and get a Life insurance.

EngrSaks:
Buy to let package is different o, but there are ways of using bridging loans to leverage things, always best to talk to a broker who knows what they are doing...you make money with BTL when you buy at a right price, especially if you can get at below market value then add value to the house...but I wasnt even talking about that route...


I'm referring to a normal guy on a resi mortgage who added value to his house...his renovations gave him an added value of a huge sum after expenses...got his mortgage provider to allow him rent out the house without any increase in deposit, then got a new house...

There are many options available, let's just keep our mind open and try to discuss options with brokers or our banks


People are doing things in property, make we follow o

omopapa:
Said he doesn’t have a sim yet so how will they call him? I wonder which number he filled on the form

Irenenwaka:


How much you need roughly?more details please

Vooom:
YOU CAN WLK IN.
BUT YOU GONNA PAY 120 POUND AS POST.

I DID SAME LAST MONTH

IF YOU WAIT TO GET A DATE YOU PAY 20 POUND BUT THAT GETTING THAT DATE WOULD NOT COME IN 2YEARS TIME

lusco:
Hello @Irene Biko can u be of help to me too...I intend moving with my family (family of 3)...the ones am seeing are kind of high. Can I send u a direct msg?

Ticha:
Using our latest

Ticha:
Using our latest family home purchase as an example - we bought a 5 bedroom, 1 bathroom, 1 garage semi-detached in 2017 for £225k. We put down a 15% (£35k)deposit as we were buying as a family home. Interest was 2.18% so monthly payments just under £700pcm.

We then spent £55k (cash reserves) on the renovations. It included taking it back to brick internally, putting new windows (was single glazed), central heating, kitchen, re-wiring, created a 2nd bathroom by splitting the garage, carpeted it throughout. It took 5 weeks because we know people in the industry and also had somewhere else to stay so weren't living in a building site. Remember we have 3 children (they were 3, 1.5 and 1.5 then) so we're a family of 5.

All completed - we had spent £90k cash to include the deposit upfront luckily the money came from the sale of our previous family home. Let's imagine that we did it on a budget we would have needed at least a 10% deposit (£22.5k) and another £15k min for a cosmetic renovation (central heating, double glazing, new bathroom, and kitchen) and if we were living in it then it'd be a room by room reno - taking longer and most likely costing more. That's by the by. Our total expectation was that the value would be at least £300k. As it's now a 5 bedroom, 2 bathroom house. If we had taken a bridging loan for the £55k for 6 weeks, interest wold be around 8%, application fees about £1,500, broker fees around £500.

We then left the UK, asked for consent to let and put it in Airbnb for 1 year and did make quite a substantial amount of money from that because it can sleep upto 12 people. CTL was granted for the duration of the rest of our fixed period so 5 years and we were expressly told at the end of that, we would have to revert to a BTL mortgage. CTL cost £199 and we have to re-apply annually.

In 2019, we broke the fix and refixed it for 2 years at 1.8%. The bank did a valuation and the value came back at £265k. Remember adding all our costs means we need it to be £315k to break even. Anyway refixed and rented it out properly. Tenant was paying £980pcm. Mortgage was now just over £600 a month but a repayment mortgage. Meant we could square away £280 ish a month (agent fees and commission is 10%) Luckily, we're not working in the UK now so no tax but if we were working in the UK then £980 - expenses = whatever is left is liable for tax.
That tenant left Dec 2020 and we spent about £5k tarting it up for the new tenant. New tenant is now paying £1250pcm. The mortgage is still just over £600 pcm and it's repayment.

Now 2021 - we have overpaid that we now owe about £150k on the house. So have equity of about £100k. We are remortaging to refix again and take some money out to buy a house in Glasgow. First and foremost, we have to come off the CTL cos we want to leverage the existing equity. It means higher interest rates however it also means lower payments because we will move to an interest only mortgage.

The house is now valued at £290k 4 years later. We must leave a 25% equity in it and have a 25% deposit for the Glasgow house (Looking at max £80k (£20k deposit). It means we need £75k as deposit for the existing house and £20k for Glasgow. The equity just about covers it. Mainly because it's a cheaper house. Much more cheaper. Then we need solicitors fees, stamp duty (2nd home so 3% of purchase price), survey fees, application fees (all BTLs charge it) and the house must be in walk in condition otherwise we need reno costs so maybe another £5k/6k ish. Our new re-fix is for 5 years at 1.3% and interest only so our payments will around £360 ish a month. Remember the rent is £1250pcm. Then iya Charlie takes her cut re tax.

Now compare that to the very first house we bought in the UK in 2010. 2 bedroom leasehold flat - paid £105k in Bristol. It's now worth almost £300k. When we rented it out in 2012, the tenant was paying £280pcm. The current tenant is paying £650pcm and we've almost paid off that mortgage. 11 years. property is a long game.

Recycling cash out of property is the way to go however it pays to know exactly what you're letting yourself in for. Buy right and hold. Property is a long term game. You buy and sit on it and you make the gains. We haven't had to front up a cash deposit in a long time.

You want to go into property? Ignore all those property gurus on YouTube.
Do not pay for any training courses! Join a PIN (Property Investor Network) group in your area - they usually meet monthly and network.
Join Property Tribes.
There are some useful UK property groups on FB.
Get clued up on financing property.
Find a very good broker and lastly, have a source of income no matter how little.

Property goes through lean and good times. In 2015, 2 of ours were empty at the same time, one with extensive pet damage. It's also incredibly hard to remove a tenant. You have to go through the courts and in the meantime, they can stop paying rent. It currently takes at least 14 months to remove a tenant through the court system.

But it is by far the best investments we have done. So my advice? Do it but with eyes wide open.

EngrSaks:
Thanks so much for the detailed explanation...we are on the same page, nothing good comes easy so it's worth the shot for all of us here to aspire to get into property


As you rightly said, the key is to buy right and have the right information


The beauty about conversations like this is the general house gets to see things in new light

dustydee:

thank you. I am quoting this for keeps. I thought you were a Ticha, I didn't know you are also a real estate guru . Thumbs up.

Ticha:


Hehe teaching is my daytime job. But that teaching eh, can't sort my future the way I want. So property it is. Interestingly, although property is our side gig, it pays us way way more than our daytime jobs. But packing in the daytime job will kill our affordability. Chicken and egg situation

Ticha:


Hehe teaching is my daytime job. But that teaching eh, can't sort my future the way I want. So property it is. Interestingly, although property is our side gig, it pays us way way more than our daytime jobs. But packing in the daytime job will kill our affordability. Chicken and egg situation

Ticha:


Hehe teaching is my daytime job. But that teaching eh, can't sort my future the way I want. So property it is. Interestingly, although property is our side gig, it pays us way way more than our daytime jobs. But packing in the daytime job will kill our affordability. Chicken and egg situation

Irenenwaka:


Hello lusco I replied to stenons post because he asked if anyone could help… i know of someone who could hence my reply.

But the person **only** helps with the 28 days money lodgement for student visa….. he doesn’t get involved with any other kind of loans.

Ticha:
Using our latest family home purchase as an example - we bought a 5 bedroom, 1 bathroom, 1 garage semi-detached in 2017 for £225k. We put down a 15% (£35k)deposit as we were buying as a family home. Interest was 2.18% so monthly payments just under £700pcm.

We then spent £55k (cash reserves) on the renovations. It included taking it back to brick internally, putting new windows (was single glazed), central heating, kitchen, re-wiring, created a 2nd bathroom by splitting the garage, carpeted it throughout. It took 5 weeks because we know people in the industry and also had somewhere else to stay so weren't living in a building site. Remember we have 3 children (they were 3, 1.5 and 1.5 then) so we're a family of 5.

All completed - we had spent £90k cash to include the deposit upfront luckily the money came from the sale of our previous family home. Let's imagine that we did it on a budget we would have needed at least a 10% deposit (£22.5k) and another £15k min for a cosmetic renovation (central heating, double glazing, new bathroom, and kitchen) and if we were living in it then it'd be a room by room reno - taking longer and most likely costing more. That's by the by. Our total expectation was that the value would be at least £300k. As it's now a 5 bedroom, 2 bathroom house. If we had taken a bridging loan for the £55k for 6 weeks, interest wold be around 8%, application fees about £1,500, broker fees around £500.

We then left the UK, asked for consent to let and put it in Airbnb for 1 year and did make quite a substantial amount of money from that because it can sleep upto 12 people. CTL was granted for the duration of the rest of our fixed period so 5 years and we were expressly told at the end of that, we would have to revert to a BTL mortgage. CTL cost £199 and we have to re-apply annually.

In 2019, we broke the fix and refixed it for 2 years at 1.8%. The bank did a valuation and the value came back at £265k. Remember adding all our costs means we need it to be £315k to break even. Anyway refixed and rented it out properly. Tenant was paying £980pcm. Mortgage was now just over £600 a month but a repayment mortgage. Meant we could square away £280 ish a month (agent fees and commission is 10%) Luckily, we're not working in the UK now so no tax but if we were working in the UK then £980 - expenses = whatever is left is liable for tax.
That tenant left Dec 2020 and we spent about £5k tarting it up for the new tenant. New tenant is now paying £1250pcm. The mortgage is still just over £600 pcm and it's repayment.

Now 2021 - we have overpaid that we now owe about £150k on the house. So have equity of about £100k. We are remortaging to refix again and take some money out to buy a house in Glasgow. First and foremost, we have to come off the CTL cos we want to leverage the existing equity. It means higher interest rates however it also means lower payments because we will move to an interest only mortgage.

The house is now valued at £290k 4 years later. We must leave a 25% equity in it and have a 25% deposit for the Glasgow house (Looking at max £80k (£20k deposit). It means we need £75k as deposit for the existing house and £20k for Glasgow. The equity just about covers it. Mainly because it's a cheaper house. Much more cheaper. Then we need solicitors fees, stamp duty (2nd home so 3% of purchase price), survey fees, application fees (all BTLs charge it) and the house must be in walk in condition otherwise we need reno costs so maybe another £5k/6k ish. Our new re-fix is for 5 years at 1.3% and interest only so our payments will around £360 ish a month. Remember the rent is £1250pcm. Then iya Charlie takes her cut re tax.

Now compare that to the very first house we bought in the UK in 2010. 2 bedroom leasehold flat - paid £105k in Bristol. It's now worth almost £300k. When we rented it out in 2012, the tenant was paying £280pcm. The current tenant is paying £650pcm and we've almost paid off that mortgage. 11 years. property is a long game.

Recycling cash out of property is the way to go however it pays to know exactly what you're letting yourself in for. Buy right and hold. Property is a long term game. You buy and sit on it and you make the gains. We haven't had to front up a cash deposit in a long time.

You want to go into property? Ignore all those property gurus on YouTube.
Do not pay for any training courses! Join a PIN (Property Investor Network) group in your area - they usually meet monthly and network.
Join Property Tribes.
There are some useful UK property groups on FB.
Get clued up on financing property.
Find a very good broker and lastly, have a source of income no matter how little.

Property goes through lean and good times. In 2015, 2 of ours were empty at the same time, one with extensive pet damage. It's also incredibly hard to remove a tenant. You have to go through the courts and in the meantime, they can stop paying rent. It currently takes at least 14 months to remove a tenant through the court system.

But it is by far the best investments we have done. So my advice? Do it but with eyes wide open.


So much to learn from one post, thank you

Ticha:
Using our latest family home purchase as an example - we bought a 5 bedroom, 1

Ticha:


Now compare that to the very first house we bought in the UK in 2010. 2 bedroom leasehold flat - paid £105k in Bristol. It's now worth almost £300k. When we rented it out in 2012, the tenant was paying £280pcm. The current tenant is paying £650pcm and we've almost paid off that mortgage. 11 years. property is a long game.