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.

justwise:


This shouldn't be a big deal, explain that in a letter then most importantly attach your outward and inward boarding pass or ticket/ stamp in your passport etc.

During my application i had to do that even as i did not spend more than 100days in total.

I printed out my exit and entry stamps and attach them in my application package while i made reference to it in my letter

Aphrodite007:
m

Kai Engineer this one will even keep me awake now! It’s rain that I like

Aphrodite007:
Went on a hiatus guys- sorry for my absence- was dealing with a divorce (we just grew apart chasing money hehe)

I’m trying to get a global talent visa (tech nation route). The hope is to get it and then create a thread that would teach others how to do it but I got rejected on my first application. The plan now is to try again (while addressing the mistake I made in my last application) or pay a lawyer (waste of money as I still have to explain everything to them anyway lol)

Doing the talent visa alone made me realise how invaluable just wise (however annoying he is), Lexus and lagosIMH are for their invaluable contributions to Nairaland (sorry you can’t use this for an endorsement but I appreciate you guys loads for all you’ve done and are still doing on Nairaland.. ok let me add ralphjean before he slaps me lol)

I’m back now sha.
Party time- the devil is back

zeezaa:
Good evening my people

Is it possible for a child to be offered admission in reception by council, only for the school to say that they are full at the start of the school when the admission has been offered and accepted?
Because I don't understand again.

Gracegal:
Hello, please I am coming into Bradford in a few days with my 6 year old daughter. She has finished pry 1 here in Nigeria and is currently moving to pry 2. Is there anything I need to get from her current school in Nigeria? Also, will she be able to get admission into a primary school in Bradford for this term? Any tips on how to apply for her?

kode12:
Does anyone use creditkarma? Are their scores accurate? I used up about 70% of one of my cards, just a few days before my cc company produced a statement, so it reflected on the statement, and on Creditkarma as well. Few days later, my credit score, tanked by about 23 points.

fatima04:
[/b]

Thats still some form of informal practical lessons, although I believe it's a risk and not advisable to do that without driving lessons especially when the rules and side if the roads for driving are different. We have seen how a US diplomat wife from America killed Harry Dunn and escaped punishment because of "diplomatic" status.

canadaishome:
Good day all

Please which internet service provider would you recommend? Greatprice and service and perks if any

I will be heading to Aberdeen

dustydee:

It is good advice for him/her to take driving lessons but to conclude that it is impossible to pass without taking practical lessons here is what I have an issue with. Your only evidence is based on the people you know (which is most likely less than 0.01% of Nigerians who used to drive in Nigeria and have passed their tests. There are excellent driving schools in Nigeria and some companies send their employees there for training. I also know someone who used their 1 year they are allowed to drive before converting to a UK license to get familiar with the roads and passed at first attempt without taking any practical driving lessons.

umarwy:


I don't need to know him personally.


In naija we all drive like mad men.

Without practice with an instructor he shall not pass.

I know people that attempted and had to do 3-4 test before passing.

I know someone that failed in less than 10min.


Another way to pass on the cheap side is by watching mock tests and driving faults on YouTube.


DGN driving school
Ashley Neal.

Etc.

Paid version of Theory test pro (the yellow one) for theory test study and practice.

The above will increase the chances for success

Bluetherapy:

Just curious, did you do some brush-up classes to do away with the naija style of driving or you just registered for a practical test straightaway?

Lexusgs430:



Now go and face the wall .. ......

oluayebenz:


Nice conclusion

Since she kicked him out now, I guess the wife will be stress free?

Wetin person no go read for nairaland.com sef

lightest:


Well u don't know me and if u must be told I work 66hrs with 6hrs unpaid break in a week and I pay what she ask me to pay as bill and apart from that I spent extra £s every month.

Anyway, thanks for the advise and the polite insult.

It's well appreciated

Sohot:
What part of England can one live In that you can make your money go farthest i.e very reasonable accommodation and not London and Peri London prices .The kind of pay they pay in this U.K to doctors is ridiculous for such a skilled and risk taking job and I need to make my money go as far as possible.I'm talking of like an area where you can get three bedrooms or 2 bedrooms for 600 to 700 pounds and live reasonably well..

lightest:


working on that bro. And for the record I am not the cause of the issue. I think she has being planning this since.

she has refuse to put my name on the rent and refuse me to be paying any bills on our names.

all I do is to send money to her acc despite me telling her that I have read it here that if we need to renew our visa we need to let the 2 names reflect on the bills

I believe she might have friends that are teaching her.

But which ever way, I am prepare to use immigration lawyer to help me look into my odds and favours.

wonlasewonimi:


Bros, that tax matter na another thing o.. If I tell you how much I dey pay on tax since the abolition of ir35.. You go go pity me

Lexusgs430:



At certain times, to pay mortgage no go sweet me....... Once I see money for my account, nah stock market, my eye's dey shine put.........

Nothing like spare change now ó, any accidental pseudo spare change, go don enter stockmarket, before my brain engage.....

Lexusgs430:



Forex trading, is another diversification route...... I don't understand forex trading, but on my etoro account, I just started copying a professional forex trader......

He trades 93% forex & 7% shares..........

So when he buys a forex position, I intend to stretch neck and buy position with my revolut account.....

Etoro's forex trades are CFD's... Hot fire I cannot touch.....