₦airaland Forum

searchng4love:
Nice post. Really appreciate. Lexusgs430 from umidigi to crpto. What is the story?

Shiba ó ó ó, Shiba, Shiba ó ó ó..... SHIBA.......

Shiba you don win ó, Shiba..... Kpatakpata you go win 4eva.... SHIBA......

jtech17:
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,..

Ticha declare assets, in anticipation of a political post in Nigeria.......

Lexusgs430:
Shiba ó ó ó, Shiba, Shiba ó ó ó..... SHIBA.......

Shiba you don win ó., Shiba..... Kpatakpata you go win 4eva.... SHIBA......

It's in red

deept:
@ 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.

Accountant sorts everything - his fees are also expenses so win/win. We have all the UK purchases in our personal names so get the necessary allowances before any tax. However, a big change is that mortgage interest is not deductible anymore so the whole rental income is classed as income but because it's fully managed and we keep on top of every repair, it means we still fall under the lowest tax bands and pay NI especially for me as I won't have 35 years (I think it's 35) worth of NI to entitle me to a full UK pension at retirement.

If youR current income is over 49k, it's worth considering how you structure the purchase (usually in a ltd co or SPV) so it doesn't tip you into a higher tax band

Lexusgs430:
Ticha declare assets, in anticipation of a political post in Nigeria.......

Haha no chance! I have no desire whatsoever for a political position. I say I wan FIRE at 50. Politics...nah not my portion

This is the very reason I remain on NL. Thanks so much for sharing.

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.

Lexusgs430:
Shiba ó ó ó, Shiba, Shiba ó ó ó..... SHIBA.......

Shiba you don win ó, Shiba..... Kpatakpata you go win 4eva.... SHIBA......

Rubbing my palms for my 100m Shiba.. I no want too much abeg.. Just reach 0.10 I'm game!

searchng4love:
It's in red

You missed the pump..... It got to 43.......

Wait till it dips further......

Bookmarked

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.

Lexusgs430:
Ticha declare assets, in anticipation of a political post in Nigeria.......

TICHA FOR PRESIDENT... living in the UK thread... vote Ticha for financial advice, vote Ticha for good Mortgage plans, vote Ticha for steady tichings.... of the greatest Nairaland people oo, of the greatest gbagba GBAGBA!!! of the greatest gbogbo GBOGBO!!!

Good morning my fellow nairalanders, I am an Engineer by profession with over 5 years in the Oil & Gas, Food/Chemical/ manufacturing industry, would like to apply for Jobs, please can anyone help me in reviewing my CV and help me tailor it to UK standard? make I no for carry last, Ejoor. Thanks, as I await your favourable responses.

esterella:
@ the bolded! How has nobody taken this man up on his racist behavior

Not like he has openly come to say u are a monkey o. But for some of us he has been angry with, he says some things in his language and then he starts to make the monkey sound.

Nigeria for what it is, we are used to absolving things and we are looking for what to eat, cater for the family etc. Some of us these things gets to cannot trust the Nigerian officials when we report. You never can tell what will happen and the Nigerian officials will be the one to push you under the bus because of money, especially when do not have video evidence of these things. So whenever he gets angry to that point each time, we seek solace in one another. I dont want to say things cos as I type, it brings pain to me.

Awesome!

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.

Good day everyone, please can anyone provide me with house agents contact in Newcastle or anywhere close? I’m a student of Northumbria university, and I’m here with my family. However, getting an apartment has been like looking for a needle in a haystack. Dear seniors, please I will appreciate any useful contacts or advices on how to secure an apartment. Please kindly help out, as staying in an Airbnb is costing us a lot. PLEASE!!!

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.

Nice!

Guys, please normalize editing a quoted post to reduce the word count if it's too long.

A quick question guys, I will be travelling to Nigeria sometime around December, but the issue is my Nigeria passport is missing and i don’t even have a copy of it to go get another. Will I be Allowed into the country(Nigeria) with just my Irish passport or I should apply for a visa..

Paywole:
A quick question guys, I will be travelling to Nigeria sometime around December, but the issue is my Nigeria passport is missing and i don’t even have a copy of it to go get another. Will I be Allowed into the country(Nigeria) with just my Irish passport or I should apply for a visa..

you will need a VISA except you can get ETC from the high commission.

Ticha:
As at last count - 7 properties in the UK and in New Zealand (4/3). In the process of buying a flat for my brother in Glasgow so he can get out of rented. We were both head hunted from the UK to NZ as well. In 16 months time, we also qualify for NZ citizenship then we'll return home (to the UK) so my children can attend secondary school. Their futures and ours is sorted financially and otherwise.

I am agree I am not wise. Thank Bleep for that if the wiseness means wasting money building in Nigeria when I don't live there and have zero plans of ever living there.

PS - 17th year out of Nigeria and I have to say I have done very very well for myself and my siblings. All sorted, educated at my expense (2 in the UK) and happily living our best lives.

Pictures or I don’t believe

Goodnight

7 house for uk…hmmmm
Linus

Please I’m trying to fill this National insurance number form but it’s asking me for share code, I try generate it from the link but it’s showing no records found, what the possible solution or should I go and post it like that??

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.

Abi

I await to see your own 10 house in New Zealand 6 in Austrialia. 8 in UK in the next three years

Na so to buy house fully for abroad don easy reach

I dey wait

Come and buy house my UK people

Uzomarrr123:
Pictures or I don’t believe

Goodnight

7 house for uk…hmmmm
Linus

Dont look at it that way.

Uzomarrr123 and Ticha are 2 different individuals.
You wey never enter international flight wan dey condemn them.
Be wise.
Pick the lesson from their experiences.
Home is anywhere you find peace.
If not for family some of us will throw away our passport once we leave the shore of this country.
Besides, Building a commercial house in 9ja is nothing compared to having a commercial house abroad..

Uzomarrr123:
Pictures or I don’t believe

Goodnight

7 house for uk…hmmmm
Linus

If you had really taken your time to read and understand what she wrote... You will know there's no need for pictures... it is well detailed laka picture..

Uzomarrr123:
You don’t live in Nigeria hence ,you don’t see the need for property there

But you claim you own house in
Scotland
New Zealand
7 in UK

Lol

Isso kay!

You need to read my posts properly.

It doesn't really matter if you believe me or not.

Ticha:
You need to read my posts properly.

It doesn't really matter if you believe me or not.

Please ignore him, he has taken too much local drugs he is selling.

wonlasewonimi:
Please ignore him, he taken too much local drugs he is selling.

ibasunate, atesunate, cumbasunate and urinate