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Living In The Uk-life Of An Immigrant (part 2) - Travel (63) - Nairaland

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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:


I'm not vexing with his choices - they're wholly his. And mine is mine. After all, if we knew everything, none of us will be on this thread. I do however think saying anyone who hasn't built a house in Nigeria is not wise is a fallacy. Anyway, it's Sunday night - lemme go prepare for Monday.

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:


Been a while, so from my experience so far. Having previous tech experience puts you in a commanding position for interviews and co and also an opportunity to show what you can do. Recently I have had a good number of friends come in from Naija from the company I work, they have seen that Nigerian devs are really good and our tech eco system is doing really well but you have to know your stuff. I see Nigeria becoming the new India in terms of tech in no distant time so if you have good experience you will get in easily here or if you get in here with a dependant visa you can actually get that sponsorship job really fast. Blending in might take a while depending on how fast you can but the base work is the same, same coding and all but a bit more organised here and they take their time here a lot. For those that have no experience, I would advise you do lots of practise, if you have friends that are developers in Naija, link up with them, get side Gigs even if it’s for free, do it get the experience package it very well on your Cv, even if after school you do not get a sponsored job after school start with any dev job you see, get the experience and then chase the sponsorship jobs, recruiters here are very keen about having Uk experience as well because they have that feeling you have had some form of validation to an extent.
I have found out that not so many firms sponsor yeah, the ones that do not sponsor do very interesting stuffs and also use some amazing tech stack. Does not matter which language you do, there are lots of openings for different stack just know one very well and you would be fine. I’m my opinion in tech they need you more that you need them always bear that in mind and have that mind set in your interview, it worked for me �!
Lastly getting the job is kinda the easy part, keeping the job is kinda more difficult cos you have to be on top of your game and also have to go the extra mile!


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:
This is helpful. For me, am looking at completely switching to tech. But the challenge is that I have no experience or even have knowledge in it. Though studied Engineering but not IT related. I have been in the banking industry for years, marketing precisely. Now am willing to learn and hope to switch my career to tech. Is it possible for me to learn and be grounded in the tech field.

7 Likes 1 Share

Re: Living In The Uk-life Of An Immigrant (part 2) by DisGuy: 8:02pm On Oct 24, 2021
wallg123:

Yes my test in Nigeria is coming up on 27th of this month

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:


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
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:


Hiya,

I sent you a PM. There are some openings in a Big4 and it will suit you.

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:


Thanks for this update.
Is it in all cases the require one to send the BRP? The idea alone puts me off...quite surprising they don't have a more efficient process for validating applicants identity.
I was hoping to apply for one early November and hopefully get the prov license before month end but now I will have to really reassess my options...

2 Likes

Re: Living In The Uk-life Of An Immigrant (part 2) by NomzyJust(m): 9:27pm On Oct 24, 2021
IamE:
I have seen so many people declaring interest in tech.
I wish we had a small hub where

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:


Been a while, so from my experience so far.

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 believe that Tech pays higher than the average earnings so when you are climbing you be able to afford a comfortable life

However however.... I feel Tech is not easy to enter because it very heavily "relevant work experience driven ". So I am cautious about advising people into tech if they don't have relevant work experience

But.... if you want to start from the bottom / lowest level in tech and then climb up...ok as it then becomes easier if you want to go down this route and don't have experience

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:
Please I need a 2bedroom flat to rent at Edinburgh. Moving from Nigeria.

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:
This is helpful. For me, am looking at completely switching to tech. But the challenge is that I have no experience or even have knowledge in it. Though studied Engineering but not IT related. I have been in the banking industry for years, marketing precisely. Now am willing to learn and hope to switch my career to tech. Is it possible for me to learn and be grounded in the tech field.
you can do MSC in financial technology

Re: Living In The Uk-life Of An Immigrant (part 2) by Santa2: 11:03pm On Oct 24, 2021
Ticha:
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.

@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:
Thought I'd answer the questions in a general post


Hope that helps.

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:


I just decided to read through this thread, I am not in the UK. But even in some work places in Nigeria, this same thing is going on but perpetuate by the foreigners. To be honest that is one reason I want to leave since it is taking me too long to get another job. The md's character with the characters of other foreigners is the reason I want to leave. I cant be in my country and someone calls me a monkey. When the man gets angry he starts to make monkey sounds and it has gone from there to openly telling us that we dont reason. Bonus ever enjoyed before has been cut down. No one cares of how u get to do job.

shocked shocked shocked shocked@ 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:


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.

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:
No disrespect to mowe and ibeju lekki residents o

But it's this places Uzomarrr123, wants abroadians to build houses...... smiley

Location does not matter, just build to show your people, you have arrived............. wink

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:
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.

Hope that helps.
Re: Living In The Uk-life Of An Immigrant (part 2) by Olalekank(m): 7:12am On Oct 25, 2021
Ticha:
Thought I'd answer the questions in a general post



Hope that helps.
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:
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.








Bookmarked..
Re: Living In The Uk-life Of An Immigrant (part 2) by BouharryArtikou: 8:31am On Oct 25, 2021
DaveChapelle:


Cheap banger, i will go for a lexus 1s200 or 250. Fuel is expensive though, or a nissan juke. Do u have family?

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:



One of my gas guzzlers is costing me £630.00 annually....... Lucky you..... smiley

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:


But it's this places Uzomarrr123, wants abroadians to build houses...... smiley

Location does not matter, just build to show your people, you have arrived............. wink

Re: Living In The Uk-life Of An Immigrant (part 2) by Lexusgs430: 9:15am On Oct 25, 2021
BouharryArtikou:


Thanks for your input.

Which would you suggest please?
PCP or HP please.
I really, really need a car … for work & family.

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........ wink

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] grin grin grin grin 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:
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 (wwey.e 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.
Nice post. Really appreciate. Lexusgs430 from umidigi to crpto. What is the story?

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