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Nairaland Forum / Nairaland / General / Travel / Living In The Uk-life Of An Immigrant (part 2) (1145468 Views)
Living In The Uk-life Of An Immigrant (part 3) / Living In Canada/Life As A Canadian Immigrant Part 2 / Living In The Uk/life As A UK Immigrant (2) (3) (4)
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Re: Living In The Uk-life Of An Immigrant (part 2) by hustla(m): 6:59pm On Oct 24, 2021 |
Ticha: Quick question How did you manage to buy those houses? Does good credit come into factor even if you have down-payment available? How do you estimate the profitability of a property over time? I'd like to learn pls Thanks! 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by IamE: 7:33pm On Oct 24, 2021 |
Thanks. You just explained the much i needed mdeeokoye: |
Re: Living In The Uk-life Of An Immigrant (part 2) by IamE: 7:58pm On Oct 24, 2021 |
Every one is willing to switch. Note: tech is quite similar to nursing, you need to understand the job. As a newbie, watch a lot of youtube to first understand what tech is about (dont believe those youtube guys saying they learnt in 3 months) I dont think it is realistic for someone with zero knowledge.. Tech is broad, pick an area and focus on it. Learn from basic to intermediate as there is no mastery level in Tech. The best tech guy still relies on stackoverflow and other online resources when they need to remember a code and command function.. .Also know that you don't have to migrate to the UK before you can get a job with a UK company. I am not talking you out of going to the UK, in my case i am going as a dependent. Best of luck guys. Remember the idea behind all these is to get a better life Okayoo: 7 Likes 1 Share |
Re: Living In The Uk-life Of An Immigrant (part 2) by DisGuy: 8:02pm On Oct 24, 2021 |
wallg123: that's why the Nigerian portal is still showing, once you're done with the arrival test, you're good to go, much easier now once you're fully jabbed 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by wallg123: 8:14pm On Oct 24, 2021 |
DisGuy:Thanks 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by EngrSaks(m): 8:22pm On Oct 24, 2021 |
For those having difficulty getting accommodation especially those coming in to study and coming with their families....the best thing to do is when you see any house you like, after viewing, tell the agent you are willing to pay 6 months rent in advance....the truth is, it is very difficult to rent out properties to students with families as they are without any concrete source of income... By paying six months rent in advance, the landlord/agents are more likely to give you the place because you should be able to have settled down to an extent in that time and get a source of income... 6 Likes 3 Shares |
Re: Living In The Uk-life Of An Immigrant (part 2) by Ebonybiuty: 8:32pm On Oct 24, 2021 |
tshoboy: Responded to your mail. Many thanks for this |
Re: Living In The Uk-life Of An Immigrant (part 2) by Specialtee: 9:11pm On Oct 24, 2021 |
yes either your BRP or passport is compulsory. And original not copy. mizGene: 2 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by NomzyJust(m): 9:27pm On Oct 24, 2021 |
IamE: This would be great. I need mentorship in this too. 2 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by Ticha: 9:44pm On Oct 24, 2021 |
Thought I'd answer the questions in a general post We started off with buying a 2 bedroom flat in Bristol - as our first home. We'd used all of our savings for the deposit but wanted to save up again so rented one room out to a Mon - Fri boarder. We also made some lifestyle changes - sold our 2nd car (we had 1 each), husband started cycling to work (50 mins each way) and I started taking public transport. It turned out the rent from the boarder not only paid all our bills but also covered our basic food costs. By the end of that year, we had saved quite a bit. We then both changed jobs, got paid more and decided to buy a proper family home. It turned out we had some good equity (thanks to rising house prices) in the flat and with our savings, we could afford to buy a bigger house, went to see a broker who also turned out to be a property investor and that's how our property journey started. Thanks to his advice, we didn't sell the flat but rented it out and bought the biggest house we could afford close to transport facilities. We rented out 3 rooms and kept 2 rooms for ourselves. The rent from the 3 people paid the whole mortgage, bills and covered our food cost so we basically saved all our wages for about 18 months. We then moved to Norfolk - sold the family home and bought 2 houses in one go as we had more than enough equity to put down 2 deposits and even had change left over thanks to the equity from the sale. One in Bristol that we rented out straight away and a complete derelict house for our family home in Norfolk which we completely renovated but before we could move in, my husband got offered a transfer to New Zealand so we rented that one out and shipped out to New Zealand. Because property is a long game, we have leveraged - so that first flat we bought in 2010 has appreciated so much we took out a deposit out of it to buy a fourth house 2 years ago as well as transferred some to New Zealand to buy our first home here too. This year, we leveraged the New Zealand house by demolishing it and building 2 new houses on the site, re-valued the 2 new ones, rented them out and bought a family home. Again, we have bought a slight larger house and airbnb 2 rooms which has a Jack and Jill bathroom and all the money from there goes into overpaying the mortgage. The one thing we have done which is not advisable if you want to grow property quickly is that we have left all the mortgages on repayments rather than interest only cos we have also kept our full time jobs as we have no need for the income from the properties to live on now. Our plan is to semi- retire when at 50. That's 7 years away so we're making tracks to achieve that and that involves having at least 2 houses mortgage free. We're now partnering with another couple - we've joined resources, bought a house sitting on a big plot of land and will demolish that to build 5 houses next year. We've got to the point where we can't service a new mortgage anymore because even if the house pays for itself, banks will still take your incomes into consideration for servicing so a joint venture is the way forward for now. You do need a deposit and a reasonable credit rating - the higher the deposit, the better the interest rate and the better your credit rating, the better the interest rates as well. You also need to have a good handle on your spending as banks will usually go through your statements with a fine toothcomb. Clean your account up for 3 months before applying for a mortgage. Pay down any unsecured credit, stay away from pay day loans etc. I have a spreadsheet for calculating if the property works financially or not. For a house you want to live in, most banks will consider 3x income and some even 4x income. Then stress test at around 5% even if interest rates are currently very very low. For a BTL mortgage, you need at least a 20% deposit, a minimum income of 25k (2 banks don't bother about minimum income but their interest rates are quite high), they expect the rent to be 125% of the mortgage payments (interest only so there's lots of wriggle room) but you need to factor solicitor costs, stamp duty of 3%-15% (compulsory on all second homes and 0% on first homes under 125k), mortgage fees, broker fees (you can get a free broker though) and survey fees. So for a purchase of 100k, you need a 20k deposit, 3k for stamp duty, 600 ish for solicitor, 250/300 for survey costs, usually about 999 for the mortgage application fee and the rent has to be at least 375 a month for a BTL. For your own home, a 10% deposit will do and with the new government schemes, you can even use a 5% deposit. Plus the additional costs of an owner occupier home is lower - solicitor, stamp duty if buying above 125k are the only extra costs. Thanks to that first mortgage broker who opened our eyes to the possibilities of what we could do and achieve and for guiding us all the way through and pushing us forward even when we were hesitant. Hope that helps. 121 Likes 57 Shares |
Re: Living In The Uk-life Of An Immigrant (part 2) by Aphrodite007(f): 10:30pm On Oct 24, 2021 |
mdeeokoye: Amazing. Well done 2 Likes 1 Share |
Re: Living In The Uk-life Of An Immigrant (part 2) by Aphrodite007(f): 10:32pm On Oct 24, 2021 |
LagosismyHome: I liked your comment because I appreciate the honesty. Yes tech is not easy to enter if you’re not a hardworking person with passion or ambition. The only way to stay relevant in tech is to love tech and to be ready to study everyday (I have guys that live off github and YT) So if someone is passionate about tech, they will make easy money in tech. If they can’t sit down and study, and be ready to start from the bottom- no need. 5 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by captainhoo: 10:50pm On Oct 24, 2021 |
Newwoman: How about checking house rental websites. Google house rent in Edinburgh and many websites will pop up or check spareroom. House rental from 9ja may not be easy and straightforward especially with the documentation. |
Re: Living In The Uk-life Of An Immigrant (part 2) by jtech17: 10:52pm On Oct 24, 2021 |
Okayoo:you can do MSC in financial technology
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Re: Living In The Uk-life Of An Immigrant (part 2) by Santa2: 11:03pm On Oct 24, 2021 |
Ticha: @Ticha Thanks for the ted talk, this right here is a why i come to NL. Thanks for breaking it down for us....runs to get notepad and pen 7 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by Elektra008(f): 11:29pm On Oct 24, 2021 |
Ticha: Thank you o UZomarrr abi wetin be your name, if not for you, we would have missed out on this piece of gold right here. Thanks for the break down Ticha, it will really come in handy for us newbies. 14 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by Lexusgs430: 12:35am On Oct 25, 2021 |
If you're driving within London, ensure you check if your vehicle is ULEZ compliant...... ULEZ scheme extended from today....... A big fine awaits offenders..... https://motorway.co.uk/ulez-checker/results 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by esterella: 2:08am On Oct 25, 2021 |
Poanan: @ the bolded! How has nobody taken this man up on his racist behavior |
Re: Living In The Uk-life Of An Immigrant (part 2) by deept(m): 3:07am On Oct 25, 2021 |
Elektra008: This is when you play in the big league. If John Snow no know make him ask or listen and learn.... If aunty wants to move to Banana island tomorrow, she just needs to point to whichever building she wants instead of building house in mowe or ibeju lekki where development never reach. 4 Likes 1 Share |
Re: Living In The Uk-life Of An Immigrant (part 2) by deept(m): 3:17am On Oct 25, 2021 |
No disrespect to mowe and ibeju lekki residents o |
Re: Living In The Uk-life Of An Immigrant (part 2) by Lexusgs430: 4:10am On Oct 25, 2021 |
deept: But it's this places Uzomarrr123, wants abroadians to build houses...... Location does not matter, just build to show your people, you have arrived............. 7 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by Mimzyy(f): 6:32am On Oct 25, 2021 |
Thank you ma. This helps. Liked and shared for reference. Ticha: |
Re: Living In The Uk-life Of An Immigrant (part 2) by Olalekank(m): 7:12am On Oct 25, 2021 |
Ticha:Bless you! 1 Like 1 Share |
Re: Living In The Uk-life Of An Immigrant (part 2) by hustla(m): 7:21am On Oct 25, 2021 |
Ticha: Bookmarked.. |
Re: Living In The Uk-life Of An Immigrant (part 2) by BouharryArtikou: 8:31am On Oct 25, 2021 |
DaveChapelle: Thanks bro. I do have a family 3 little ones. |
Re: Living In The Uk-life Of An Immigrant (part 2) by BouharryArtikou: 8:33am On Oct 25, 2021 |
Lexusgs430: Thanks for your input. Which would you suggest please? PCP or HP please. I really, really need a car … for work & family. |
Re: Living In The Uk-life Of An Immigrant (part 2) by deept(m): 8:52am On Oct 25, 2021 |
@ Ticha, how do you deal with tax on income on these properties? or how did you deal with tax since you are currently not resident in the UK and liable to tax on income. |
Re: Living In The Uk-life Of An Immigrant (part 2) by searchng4love: 9:05am On Oct 25, 2021 |
Lexusgs430:
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Re: Living In The Uk-life Of An Immigrant (part 2) by Lexusgs430: 9:15am On Oct 25, 2021 |
BouharryArtikou: Both options are good, but do your calculations and see what works best........ With HP, you eventually own the vehicle, after full payment..... PCP, you hand vehicle over after term and replace to newer model (if you want to), continuing making payments or buy deal out....... PCP : Just add fuel only (that's all you do mainly). Unless you maliciously damage vehicle, tyres or incur excess mileage in breach etc etc..... Or just get a car loan with very low APR....... |
Re: Living In The Uk-life Of An Immigrant (part 2) by Lexusgs430: 9:17am On Oct 25, 2021 |
[quote author=searchng4love post=107041701][/quote] We go drag am like tiger gen........ 2 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by jtech17: 9:19am On Oct 25, 2021 |
[quote author=searchng4love post=107041701][/quote] this the life everyone is trying to run away from, air pollution, noise, Uzoamarr is trying to take everyone back there... we are here to learn not to comman impose our opinion and rate it the best..... because we only hear dem say dem say talks... Na only Ticha declare assets oo... if other gurus declare their own now... some of us wey dey here fit dey think awa lyf,.. 2 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by searchng4love: 9:51am On Oct 25, 2021 |
Ticha:Nice post. Really appreciate. Lexusgs430 from umidigi to crpto. What is the story? |
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