₦airaland Forum

oluwaleokey:
Gurus
Abeg help advise
Which is more smarter? Put 4k and max out on Lisa or reduce a debt/loan of £380 monthly repayment plan for 5 years?
Trying to take a good decision

There’s no right or wrong answer — it depends on your circumstances. The key factors are the interest rate on the loan compared with the returns or bonus from the LISA, as well as your overall debt level and your plan for paying it off.

I would run the numbers and see which option is more profitable in the long term. If you end up paying more in interest than you gain from the LISA, that effectively answers the question. If it isn’t that straightforward, then it’s worth considering the risks and limitations of a LISA.

Ultimately, you already have the information you need to decide.

Uksup:
Hi guys,

Please If someone uses overdraft to contribute to LISA, would that be a problem.

Ps. The person pays off the overdraft monthly but takes from it to add to LISA as past of mortgage saving contributions

An overdraft is one of the most expensive types of credit, and using one can hurt your credit score. It’s better to get a zero-interest balance transfer card. Some even offer a cash transfer option.

NewT123:
Hi guys, I have got AIP from 2 different lenders with 2 different mortgage brokers. Lender A has an interest rate of 5.99% and the broker requires a broker fee of £800. Lender B has interest rate of 6.5% with no fee for the broker. Told broker B about lender A with a lower interest rate and broker B. Tried applying for AIP with lender A but said I won’t get a mortgage offer with A as my Visa has less than 2 years left. Broker B also saw another potential lender with 5.7% interest but with same requirements of 2 years left on visa.

My question is should I apply for a visa and do priority to get my visa above 2 years? ( dependent visa) my spouse has more than 2 years) just need to bring mine up to date with my spouse.

Can I apply alone without the kids and will that be an issue? Don’t have the funds for now to do for the kids as they have same 1 year and 11 months Visa with me. We have been in the Uk for 2 years and 10 months already.

Lastly my passport expires in November. If I am to proceed with applying for visa alone now, can I apply for visa with a passport less than 3 months validity?

NB. Couldn’t get an AIP directly from the bank due to my circumstances hence using a mortgage broker

The advice is to wait and increase your deposit. Those rates are not good. I think the current rate on a 10% deposit should be below 4.6%. I would advise you to wait until your situation aligns with the current rates.

NewT123:
Thank you for your response. I have already put all costs into consideration. I was thinking they will ask for my bank statement or proof of deposit before accepting the offer. Thanks for clarifying

Why your deposit may not be a major concern:
It depends on your personal situation. You can be approved with a 5%, 10%, or 15% deposit, and the interest rates will vary depending on the deposit size, so it’s up to you to decide what works best.

You can start with a 5% deposit and instruct a solicitor before applying through a mortgage advisor. Sometimes property sales take longer, and you can also buy yourself more time by delaying documents when your solicitor requests them.

NewT123:
Hi guys! Will my offer be accepted if I have like 3k left to complete my deposit. I have seen a property that meets all my criteria and thinking of going for it but I have 3k left to complete the deposit but very certain to complete the deposit before the contract exchange date. Will the estate agent request a proof of the full deposit amount before accepting my offer?

You don’t need to tell the estate agent that your deposit is not complete. Just provide a mortgage in principle along with the ID check. It’s your mortgage advisor who needs to know about the deposit, and that depends on how long you need to save the remaining balance, bearing in mind that there are other associated costs.

Meogom:
Hello guys. Please I need your input.
So we've agreed 25th July for completion, and solicitor say contracts would be exchanged this coming week, no chains.
We went ahead to buy some household stuff from curry's on finance (£1640 @0% interest for 12 months). Now estate agent asked that hope we've not gone buying stuff, told her we bought some stuff, she said she was going to get in touch with Barclays to ask if it's a problem, but that we should tell the solicitor to hold on the exchange till we get feedback.
Abeg what should we do in this instance, cos I don't want to tell the solicitor to hold on.
Whats the implications and the worst case scenario, Could Barclays withdraw the mortgage offer cos of this?
We have some funds available for setting up the house, do we just use this to pay the credit?

A hard search has already been recorded on your account, and the bank will see it regardless. At this point, what matters is how it may impact your mortgage application. The key factors to consider are the amount you’re borrowing and the size of your Mortgage in Principle (MIP).

If your MIP is £500,000 and you’re purchasing a property worth £300,000, then a home improvement loan is unlikely to be a major issue, though it’s important to note that taking out credit before a mortgage application is generally not recommended.

It would be a good idea to speak with a mortgage advisor (rather than the estate agent) to understand how this may affect your application. They can give tailored advice based on your full financial picture.

ehizario2012:
Hi friends. So what I'm currently having (from two paid mortgage advisors, £499 and £699 fees) is £6.4 for 2 years fixed term and 6% for 5 years fixed term. The lender is looking more like principality... Is this what's prevailing?? The rates look high. We discussing 5% deposit at this time. Cheers all.

.
Try to save 10%, and the rate will drop to 4.67%. Also, try Purplebricks Mortgages. they work with a lot of lenders. But that Principality rate is Principality.

PrettyPacy:
But then again my fear is experience like I said I work as a support worker. How do I go about the experience on my Cv?

Try to secure the Senior Support Worker role first, and then apply for a managerial position based on your experience. If your workplace offers NVQ training, request to take part through your supervision meetings and use the opportunity to demonstrate leadership.

In the UK, whenever you see a vacancy, apply — the worst that can happen is a rejection, but even that gives you insight into the interview questions and process. You already have the degree, so now it’s about gaining experience by showing leadership in your current role and clearly communicating that when the time comes.

Does anyone know if it’s possible to cancel a passport appointment in London? The option doesn’t seem to be available on their website, and there’s no option to reschedule either. My plan was to cancel and use the self-service option, but it’s been impossible to get in touch with them. Does anyone know how to contact them? I’ve tried both email and phone without success. Thanks in advance.

EJIOGBENIMI:
Pls how do I go about this??
A property I made an offer on Wednesday has been changed to “under offer”. I have seen another property that ticked even more boxes today and I am due to inspect it on Monday afternoon. I may honestly go for this based on the location and some other factors.

Do I need to send the first agent a message or wait till I’ve inspected the property on Monday evening? They tried to reach me today, I didn’t pick it as I’m not even sure of what to tell them. The seller was very pleasant when I went for inspection but then…

Did they confirm that it’s your offer that has been accepted? Buying a home is a huge decision, and you can back out at any stage. My advice would be to cancel your offer until you have a strong feeling that you truly want that property. Even then, make sure to research the neighborhood and everything else thoroughly before making a commitment.

bidemi1190:
Please, house, can you advise me on a beginner-friendly credit card?

Don’t apply for a credit card without first checking what’s available to you and whether you’re likely to be approved. Download apps like Experian, ClearScore, and CreditKarma to get started. Once you’ve downloaded them, take some time to read about credit cards and credit scores before applying.

1. For 9 + 5:
9x5-19-5)=45-4=16

2. For 6 + 3:
6x3-（6-3） = 18-3=9

3. For 13 + 7:
13 × 7- (13-7) = 91-6=36

The pattern holds, so we'll apply it to 18 + 16.
Calculation for 18 + 16:
18x16-（18-16） =288-2=286

Answer:
18 + 16 = 286

rock86:
So I was playing around with my bank app and got approved for credit card.
I don't need it but it's on it's way, any penalty for not using it?

The damage is already done; there is now a hard inquiry on your credit report. The best thing you can do is learn how to use a credit card responsibly, which could ultimately be beneficial for your credit report.

babajeje123:
Wait...are you saying rate fixed for 5 years is not a good option?

If he goes with the fixed five-year deal, he will have to pay an extra £18,000 due to the lack of deposit funds.

Option C: There’s nothing like not finding property in that particular location. The idea that you’re getting a good deal is probably clouding your judgment. Option A is the other choice. Option B is a definite no. Five years is a long time. It all depends on how long you’ve saved to have the required deposit. The idea is to try and save until the rate comes down or look for a two-year option. Don’t make a bad deal just because you want to get into the mortgage market.

UrFears:
Thanks boss, I’m on the electoral roll already, though it was when I was at my old address

First, change your address on the electoral register. Then, check for the best SIM price deal on MoneySupermarket and set up a direct debit for your SIM. Next, move your salary to a high street bank. Give it some time, and then check with a credit reference app to see if you’re eligible for a credit card. Once you’re preapproved, get a card and learn how to use it responsibly. After that, give it some more time.

RalphJean:
Sounds dodgy.
Why would you suggest OP use a different name? Is the ‘use of a different name’ not meant for criminally-minded people?

I just don’t want my name in any of their correspondence letters.

Autophys1:
Hello everyone, please can anyone help me with a copy of a letter to send to the TV licensing agency to inform them that I do not watch live TV and I am not interested in paying their fees.
Thank you.

Is best to call them on phone. Use a different name and tell them you just moved into the property and you don’t want them to keep sending you those mails

mauchiz:
We like cheap things,
You cant compare Nigeria with Europe and China.
Our leaders are the problem not the people.
How many people are working in this country?
How many schools will implement this minimum wage?
How will the government make sure employers, schools pay there workers this minimum wage monthly?
He should leave everything to be cheap for us, we like it like that, he should train people, prepare the adequate structures needed before all this things his.
How many people is working with the government?
This minimum wage of a thing is a scam, is Nigeria government able to impose minimum wage on small scale business owners?
Few people are working, minimum wage is a scam, because only 2 percent of Nigerians are working.
Minimum wage will not work, except everyone in Nigeria is working.
What of people that do menial jobs? What of people that hawk things?
Tinubu is a very wicked man, he did not consider others before take harsh decisions like this, how many Nigerians are educated?
How many are rich?
What are you saying?

Prices of goods and services should not be controlled by a government that cannot control its borders. This is the point. The average Nigerian does not understand that prices are supposed to be controlled by market forces. For a country to be productive, it must have transparent business policies that make it more conducive to do business. No investors want to invest in a country where the prices of their products are controlled by the government.

Other countries in the world have small and medium-scale businesses, and they all pay taxes and minimum wages. The average Nigerian has the mentality that the government is rich and should be able to do everything to make life easier for its citizens. The truth is, many past Nigerian leaders had the same ideology and ended up borrowing and mortgaging the future generations. Nigeria is not as rich as everyone thinks. The oil is not a blessing but a curse, and no amount of natural resources can compare to the value of people.

As you rightly pointed out, how will the people survive? We have people who depend on the government and do not think of contributing anything to the country. Every nation in the world relies on its people, and in Nigeria, people have the mentality that the government needs to do something for them. Prices should be determined by demand and supply. The private sector can pay whatever they agree on for minimum wage because it is just added to the cost of the product.

mauchiz:
Federal government should have a farm and not rely on the farmers they give grains and governors, they only buy jet and houses.
The farmers export the produce out of Nigeria and sell most of the grains out.

Is it that federal government can't have farms in all the states?
They should begin to think of solutions and stop complaining, people are not interested in all these things, they only need results, moreover no one sent you to contest for election.
The problems of being a president has started, deal with it before you destroy the country.

Nigerians are the problem in this country, not the leaders. Petrol is sold for an average of 3000 Naira per liter in the UK and other Western countries. The issue is that we have crude oil but are importing from them. You should ask yourselves why. It’s because the average Nigerian likes to chase shadows. You want things to be cheaper in Nigeria compared to our neighboring countries, while countries with sophisticated technology like the US and UK find it impossible to control their borders. We should be rioting for an increase in the minimum wage, not for the cost of things. China doesn’t care about the price of the dollar; they work hard to earn a living. As long as you keep complaining about prices, this country is not going to get better. Let me tell you a secret: virtually everything is cheaper in Nigeria, including its people.

Oshkosch:
Nawa for this useless government.
You claim we are spending $600m importing fuel monthly.
Are Nigerians not paying for the fuel? Is the government giving the fuel to Nigerians free??

Mr Finance minister, you and your colleagues are evil people and you don’t care about the pains of the ordinary Nigerians.
Let me ask you Mr Minister, how many houses did u have overseas??

Nigerians are the problem in this country, not the leaders. Petrol is sold for an average of 3000 Naira per liter in the UK and other Western countries. The issue is that we have crude oil but are importing from them. You should ask yourselves why. It’s because the average Nigerian likes to chase shadows. You want things to be cheaper in Nigeria compared to our neighboring countries, while countries with sophisticated technology like the US and UK find it impossible to control their borders. We should be rioting for an increase in the minimum wage, not for the cost of things. China doesn’t care about the price of the dollar; they work hard to earn a living. As long as you keep complaining about prices, this country is not going to get better. Let me tell you a secret: virtually everything is cheaper in Nigeria, including its people.

Lexusgs430:
I use vpnify.......

Thanks. I see it’s £30 annually. Is there a cheat code, or is there a fee for outright purchase? Thanks again.

@Lesusgs430. Are there any recommendations for VPNs or methods to bypass geo-restrictions on a smart TV?

Lexusgs430:
If you're under 40, put money into a LISA account (assuming you want to buy a new build)...... Start speaking to a broker/lender when your financial obligations are 90% ready).......

Does it mean we cannot buy old build with LISA fund?

Zonefree:
The idea of confessing your sins to your fellow man is what I don't understand about Catholic.




The Bible made it clear for us. Confess your sins to the Lord direct. Your pastor or Rev father cannot forgive your sins or even take you to Heaven.

James 5:16
16 Confess your faults one to another, and pray one for another, that ye may be healed. The effectual fervent prayer of a righteous man availeth much.

Lexusgs430:
Oya, take this..... £5K.....

https://www.ebay.co.uk/itm/186370438881?mkcid=16&mkevt=1&mkrid=711-127632-2357-0&ssspo=v1yvpjdwqqs&sssrc=4429486&ssuid=qocc3p2OTb2&var=&widget_ver=artemis&media=COPY

I used to think deals like this were scams, considering the price and the seller’s account. Have you had success buying from new users with prices way below market value?

Does anyone know if it’s possible to negotiate at Arnold Clark? I just spoke to a consultant who said their prices are lower price guaranteed, so as such, it’s fixed. Any tips? Thanks.

Globalshaper:
Good day, house

Please I need clarity on my credit journey.

In a quest to ramp up my credit history to position for early mortgage in the UK…

- I have tried to upgrade my contract only sim with Vodafone to phone + sim but got declined.

- I have tried to open (activate) my Experian account, also got declined because my details can’t be verified.

- My credit score with transunion seems to be crawling at 562 after 5 months of being in the UK.

- I didn’t qualify for CapitalOne Card.

- ClearScore (Equifax) didn’t also give me much product option

It’s looking to me like building my credit history will take minimum of 2 years to even begin the journey. Yet I keep seeing people here having fantastic credit score after 5 months of being in the Uk or getting a mortgage after 2 years.


My question:
What practical steps can I take to ramp up my credit history and position for early mortgage with my short UK residence history?


Thanks you 🙏

If you’re not registered to vote, that could be why you were declined. Please refrain from applying for any product without pre-approval, including a SIM contract. You can use Money Supermarket to find a SIM-only deal.

elengine:
So I just got a credit card with high interest rate. The rate doesn't bother me anyway because my intention is to use the card to buy things from Asda for instance and then pay back to boost my credit limit limit and score. My question us this, should I always wait for them to send me statement or I should just return the money used as soon as I used it. Please help so as to avoid paying interest. Thanks.

The best practice is to set up a direct debit and try to keep your payment under control prior to your statement date, ensuring your statement always has a reasonable balance.

Noworries11:
Brethren
In order to kill procrastination, I decided to select and book a date (17th of August) for my theory test...
Presently i do score 46/50 with the 4 in 1 app
So far 47 max however I do score 4/5 on the average on hazard perception but sometimes would score zero on the same hazard perception

Is there sth I have not understood or getting wrong
I get shocked and confused whenever this happens... I only use the 4 in 1 app (self study)

Elders and those who passed with the app
Abeg advise or recommend practice style/materials
Thank you

That’s quite enough time to prepare given your progress, and you have all the materials you need. But stop playing games with the hazard perception, try to understand how points are calculated. I’ll advise you start with the training videos again.

ukay2:
For CASH LISA account holders, do not forget to get the £4,000 into it to get the free 25% ((£1,000) by end of tax year in 5th April 2023. This could be used to deposit for your first mortgage house. Husband and wife less than 40 years could open this account and save upto £10,000 each tax year until both reach 50 years when you cannot save money in the LISA account.


For STOCK & SHARES ISA account holders, do not forget to max out the £20,000 allowance per tax year, 5th April, 2023. When you max out the £20k in stocks and shares ISA account, you can keep putting more funds in your General Investment Account.

There are so many stocks that are quite cheap in NYSE...you can cherry pick good dividend paying stocks with dividend yields upto 6-8%.

Remember that profits from stocks and share lSA account and dividend payments from your stocks and shares ISA account are not TAXABLE....tax man doesn't look into these earnings

Slow and steady win in the market....

HAPPY 2023.....

Hello, Which bank offers this LISA account option?
Or what is the process of opening a LISA account?
Thanks

bigtt76:
Nice one. Did you registered successfully for ER or you were rejected? I got my AMEX within weeks of entering the UK.

You might be right on the Clearscore using Experian. Most of them interconnect but Experian takes longer to update your scores compared to TransUnion (I use them through Totally Money - free).

Hello, how did you go about the address thing. I cannot find a way to impute Nigerian address. And I still can't register with clearscore because they required 3years UK address. Is there something I am doing wrong?