Lexusgs430:
New JAPA destination, for African men only .........

Abeg link me up. I dey give discount if the receptor "fetch" am direct by hersef.

dustydee:

Abeg link me up. I dey give discount if the receptor "fetch" am direct by hersef.

Are you sure, only one attempt would score the goal .........

[PROPERTY INVESTMENT]
Be ready for research, research, research. Don't follow the pack. Research and follow through on your intent. It's a marathon, not a sprint. Be ready to put in the hardwork, gain insightful experience, sacrifice and live a non-BUGA life (that doesn't mean you don't treat yourself!).

www.gov.uk/individual-savings-accounts/how-isas-work
There are 4 types of Individual Savings Accounts (ISA):
- cash ISA
- stocks and shares ISA
- innovative finance ISA
- Lifetime ISA
www.gov.uk/individual-savings-accounts/how-isas-work
NS&I (National Savings and Investments), a state-owned savings bank in the UK, offers Premium Bonds and a range of other savings and investments, including Direct Saver.
NS&I is a non-ministerial department.

"... property is a long game, we have leveraged ..." ~ Ticha Mar 2022
"... Buy close to transport links ..." ~ Ticha Jul 2021

Gemma11:
My advice is to get yourself in the system and build up a credit profile asap as soon as you arrive in the country. It is ok to do cash in hand but having a job which is subject to tax and NI is important as well. Once you get a job, get a credit card to use and pay off regularly in (don't miss any payments) to build up your credit score so when it comes to applying for a mortgage you will be in good stead. A contract phone is also another way...just make sure you pay on time each month. Good idea to set up standing orders or direct debits so you don't miss anything. In this fast UK lifestyle it is very easy to forget to pay something so it is best to automate key payments.

If you are under 30 and intend to buy then do so asap as you are more likely to get a 35 year mortgage. Don't be put of by the number of yeats because anyhouse bought today is not going to increase in value. The UK is an Island and only around 10% of the land is built on and so there is always going to be high demand for properties.

Look into schemes that the UK Govt has to help first time buyers like LISA where you get £1k free each year for every £4 saved to help you build up a deposit. You and your partner can both open LISA accounts and get up to £1k free each every year which can be combined to make your deposit

Many may not be too comfortable about the advice below but here is what I did..
... ...
Buy properties in high rent locations like near key stations, universities, amenities ect.
....
Oh yeah and once a house increases in equity, remortage if you can take out the money and use it as a deposit on another house..that's if your intent is to build a property portfolio.

Another tip, always overpay your monthly mortgage if you can as it reduces the interest.

hustla:
So, after all the gbas gbos, how did you go about getting properties in seemingly expensive areas? Hurdles of BTL, tenants, etc
Let us learn

Ticha:
Help to buy as a whole closes in Oct 2022. It's altogether possible that it has closed in some areas. The help to buy ISA is closed. The help to buy equity loan scheme is still open till Oct.

https://www.gov.uk/help-to-buy-equity-loan

Ticha:
I am buying as long as the deal stacks up! No one is creating more land. My tenant vetting processes have always been robust and we aim for tenants that any black mark on their credit would be abhorrent to them. The one 'bad' tenant we had paid rent throughout even with her skoin skoin.

Scotland has a rent increase and eviction ban in place till March 2023 at least. England is currently in consultations over a rental cap. Wales has stringent regulations in place. If you are aware of all the regulations and potential pitfalls, it's easier to manage. Property is like running any other business. Enter with a solid strategy and arm yourself with knowledge.

Ticha:
Pension and wealth planning for the future - very long read.
... ...
... ...
This is not financial advice. Just sharing what we have done.

Ticha:
The earlier you start the better. Usually the biggest obstacle is the deposit so once you have that, Bob's (We need a 9ja name) is your uncle.
...

From old thread:

Ticha:
... ...
Flats are a good first step onto the property ladder. Plus it's easy to resell especially in Bristol to other FTB when you trade up. PS - Ex council flats are also very good in the right location. They have heaps and heaps of space and hold their prices very well
... ...

From old thread:

Ticha:
... ...
Recycling cash out of property is the way to go however it pays to know exactly what you're letting yourself in for. Buy right and hold. Property is a long term game. You buy and sit on it and you make the gains. We haven't had to front up a cash deposit in a long time.

You want to go into property? Ignore all those property gurus on YouTube.
Do not pay for any training courses!
- Join a PIN (Property Investor Network) group in your area - they usually meet monthly and network.
- Join Property Tribes.
There are some useful UK property groups on FB.
- Get clued up on financing property.
- Find a very good broker and lastly, have a source of income no matter how little.

Property goes through lean and good times ...
... ...

Ticha:

It's called property Log. Link below
Google chrome... ...

An earlier attempt at collating

semmyk:
Towing the line of -screenshoting' as admonished by @Lexusgs430
Discourse on freehold and leasehold around page 359
...
For completeness, from the closed old thread
Page 84 by Lexusgs430: www.nairaland.com/4158866/living-uk-life-uk-immigrant/83#73329511

Page 708 by Ticha:

Pearlyfaze:
Our Ticha and other Ancestors, Please how long do one need to be in the YouKay before he/she can start looking for/start Engaging Mortgage Advisors in order to enter property ladder.
...

Gemma11:


If London is completely out of the question then look at university cities/towns like coventry, birmingham, huddersfield, Manchester, colchester ect for solid cheap houses which can be changed into HMOs to house students. Students pay on average around £450-£500 a room and most pay in full for a year.

Oh yeah and once a house increases in equity, remortage if you can take out the money and use it as a deposit on another house..that's if your intent is to build a property portfolio.

Another tip, always overpay your monthly mortgage if you can as it reduces the interest.

Thank you for your reply.

Got the CC off links here and phone contract is now about 4 months, payment has never been missed on the CCs as direct debit has been set

Just have some questions from what you have written. If over 30, how many years mortage do you get then?

LISA was discussed by , I think Ticha, some time ago but I have not put much thought into it as I do not even have a deposit yet, can it be started without being ready to buy a house?

Also, for a first time buyer, is it advisable to buy cheap, maybe a 1 bd or 2bd and then build from there? Or just go all out for a 3bdr and then buy other cheap ones when you can re-mortgage in the future?

For paying more than the monthly mortgage, I thought if you pay your mortgage off before time, it will lead to a penalty or your advice is to pay more than the set amount a couple of times in a year?

Lexusgs430:



Are you sure, only one attempt would score the goal .........

Once I touch, it latches on, no joke. Fear dey catch me sometimes sef.

Ticha:



Madam who's gearing towards Mental Health Nursing.

I have a friend who came to NZ as a student. She studied Mental Health Nursing and was on around $90k after 3 years of work. Once she got PR, she did a 1 year midwifery course and moved to Aus as a travelling midwife aka bush midwife immediately she got citizenship. They bought a house within a year. She was on almost $180k paye and she covered a 100km radius for work. She had accommodation, car, feeding, petrol, uniform etc paid for. She did that for about 3 years (almost paid off their mortgage and saved for private school fees for the kids) and went back to mental health nursing!

Thank you for your help!

Considering my lovely green passport, movement to AU might need some extra planning and a couple of years due to PR requirements

If I have questions again, Ill be sure to drop a mention on here so everyone can learn at the same time

semmyk:
Be ready for research, research, research. Don't follow the pack. Research and follow through on your intent. It's a marathon, not a sprint. Be ready to put in the yardwork, gain insightful experience, sacrifice and live a non-BUGA life (that doesn't mean you don't treat yourself!).

I went back and read it

dustydee:


Once I touch, it latches on, no joke. Fear dey catch me sometimes sef.

Nigerian Haaland

Maximum respect

@Davidonkonsults

Sorry i have to take down your posts on this issue, we have been on it for days.

Please lets move on.

Thank you.

hustla:



Thank you for your reply.

Got the CC off links here and phone contract is now about 4 months, payment has never been missed on the CCs as direct debit has been set

Just have some questions from what you have written. If over 30, how many years mortage do you get then?

LISA was discussed by , I think Ticha, some time ago but I have not put much thought into it as I do not even have a deposit yet, can it be started without being ready to buy a house?

Also, for a first time buyer, is it advisable to buy cheap, maybe a 1 bd or 2bd and then build from there? Or just go all out for a 3bdr and then buy other cheap ones when you can re-mortgage in the future?

For paying more than the monthly mortgage, I thought if you pay your mortgage off before time, it will lead to a penalty or your advice is to pay more than the set amount a couple of times in a year?

Always best to do your research but from my experience, once over 30, Lenders/brokers start looking at retirement age and ask when you will be able to pay off the balance. This is for residential properties. Most retire at 65..used to be enforced but not anymore so you could convince them that you will retire at 70 (doesn't have to be your intent and it not law breaking). Also if you have a work pension, you can tell lenders how much it is worth and convince them that you will use that to clear your balance when you retire..again doesn't have to be true. The goal is to just get your leg on the property ladder and hustle your way up from there.

For Buy to Let Properties, Lenders require 25% and you could possibly take out the longest term mortgage which is 40 years regardless of your age if you can show proof that the rental income will more than cover your payments.

Another tip, if looking to acquire more than 3 rental properties, try to buy them with a ltd company you can create, that way HMRC won't hit you so much where it hurts when it comes to tax assessment time.

re: buying 1-2 bed. It is really to what you want to achieve. If I were single, I would buy a property with more than one room as I could want rent one out.

LISA is for 18-39 years olds.
If you & partner can save £4k per year(£83 per week) each for 3 years you could receive around £6k free from the Government over the course of that time. So in 3 years you both would have a combined £30k for a deposit. This is is a 25% increase on your money which you won't get if the money is just sitting in an ordinary bank account. This deposit can only be used for residential properties though but as I said you can still rent out a room.


When I was small I remember some strange people living in our upstairs rooms. It was only when I got older that I realised that my Dad had rented out two rooms to help him cover the mortage payments.

With most mortgages you can overpay up to 10% each year without penalty. So if your mortgage is around £200k and overpaying is not going to amount to be over £20k per year (£1666 extra per month) you'll be within your mortgage agreement.

Also never pay for a broker as there are very free ones around like "L&C Mortgages" who are paid by the Lenders to find customers or you could just approach a bank directly.

semmyk:
[PROPERTY INVESTMENT]
Be ready for research, research, research. Don't follow the pack. Research and follow through on your intent. It's a marathon, not a sprint. Be ready to put in the hardwork, gain insightful experience, sacrifice and live a non-BUGA life (that doesn't mean you don't treat yourself!).

www.gov.uk/individual-savings-accounts/how-isas-work
There are 4 types of Individual Savings Accounts (ISA):
- cash ISA
- stocks and shares ISA
- innovative finance ISA
- Lifetime ISA
www.gov.uk/individual-savings-accounts/how-isas-work
NS&I (National Savings and Investments), a state-owned savings bank in the UK, offers Premium Bonds and a range of other savings and investments, including Direct Saver.
NS&I is a non-ministerial department.

"... property is a long game, we have leveraged ..." ~ Ticha Mar 2022
"... Buy close to transport links ..." ~ Ticha Jul 2021






From old thread:
From old thread:


An earlier attempt at collating

Thanks for quoting me but there was some typos in my post which I have corrected.

hustla:



Nigerian Haaland

Maximum respect

I am humble, sir.
The issue may not be me but my partner. Now na to double up to avoid stories that touch.

Gemma11:


Thanks[b][/b] for quoting me but there was some typos in my post which I have corrected.

E be like "thanks" plenty for your bank.. u no sabi sey
@semmyk deh quote a whole- infinity ♾ Wikipedia pgs?

Gemma11:


LISA is for 18-39 years olds.
If you & partner can save £4k per year(£83 per week) each for 3 years you could receive around £6k free from the Government over the course of that time. So in 3 years you both would have a combined £30k for a deposit. This is is a 25% increase on your money which you won't get if the money is just sitting in an ordinary bank account. This deposit can only be used for residential properties though but as I said you can still rent out a room.

Speaking of LISA, can I put in the funds at once or do I have to make payments in instalments for it to be viable. Also, I hope this does not translate to public funds, since the government is contributing? Thanks

Just to add a couple of points on this discussion about LISAs, because I think they offer the best option for first time buyers now that HTB has been shut.

Although it works on an annual basis, it's not the traditional January - December year. It's the tax year, which runs April 6 - April 5.

What this means is that hypothetically (though they advice you give a week's allowance to be sure the funds settle), on the 5th of April 2023, you can put in 4k and get the 1k bonus, put in another 4k on the 6th April 2023 and get 1k, and then on April 6 2024 put in 4k and get another 1k. That would mean you've put in 12k and gotten 3k free in the space of just over a year, because the bonus takes a month or so to come in after the final payment.

Second thing is that your LISA has to be active for a year before you can withdraw from it to make a purchase without losing the 25%. So if you're looking to buy in less than a year, rethink opening a LISA.


I should stress though- the APRIL 5 EXAMPLE WAS JUST FOR ILLUSTRATION PURPOSES - Please check with your provider to confirm how much lead time you need to give between making the payment and when it reflects in your account. Some say 1 week and others say 2 or more. If you make the payment in less time than required, even if it is before April 5, it may settle in the new tax year and you will have lost that allowance.

Amarathripple0:

Speaking of LISA, can I put in the funds at once or do I have to make payments in instalments for it to be viable. Also, I hope this does not translate to public funds, since the government is contributing? Thanks

You can put the payment in at once.

And my research was that it doesn't constitute public funds. There was a lot of ambiguity but that was the conclusion I reached after many hours of research.

Hopefully someone here can confirm.

dustydee:

Yes it resets.

Thank you.

AlphaUno:



I want to believe the timing will reset to zero in the scenario you painted but if it’s still the main applicant that had a change of job with COS, it will continue counting.

Thank you.
Make we kuku persevere.

Gemma11:

Also never pay for a broker as there are very free ones around like "L&C Mortgages" who are paid by the Lenders to find customers or you could just approach a bank directly.

Interesting.
This is the first time I'm seeing this.

koonbey:
Just to add a couple of points on this discussion about LISAs, because I think they offer the best option for first time buyers now that HTB has been shut.

Although it works on an annual basis, it's not the traditional January - December year. It's the tax year, which runs April 6 - April 5.

What this means is that hypothetically (though they advice you give a week's allowance to be sure the funds settle), on the 5th of April 2023, you can put in 4k and get the 1k bonus, put in another 4k on the 6th April 2023 and get 1k, and then on April 6 2024 put in 4k and get another 1k. That would mean you've put in 12k and gotten 3k free in the space of just over a year, because the bonus takes a month or so to come in after the final payment.

Second thing is that your LISA has to be active for a year before you can withdraw from it to make a purchase without losing the 25%. So if you're looking to buy in less than a year, rethink opening a LISA.

Abeg does this mean that as a current LISA account holder, i can do extra two direct deposits on April 5 & 6 2023 and buy by say June or July.

We currently have a running LISA that started in March this year each account will hit the 4k mark by Feb 2023. So If we pay 8k between April 5&6, it will become 10k by end of April 2023.

Nor vex for my haphazard kwetion.

Hello House.
Please if you need a childminder or someone to do school run (South London).
Please send me a DM.
Thanks

Pearlyfaze:


Abeg does this mean that as a current LISA account holder, i can do extra two direct deposits on April 5 & 6 2023 and buy by say June or July.

We currently have a running LISA that started in March this year each account will hit the 4k mark by Feb 2023. So If we pay 8k between April 5&6, it will become 10k by end of April 2023.

Nor vex for my haphazard kwetion.

Your limit for the lifetime ISA is 4,000 per year. If you reach the 4k in Feb next year, you can't pay in any additional money because February 2023 is still within the tax year of April 6 2022 - April 5 2023. You can only pay in another 4k from April 6 2023, after which the bonus should be paid in time for you to buy in June.

Pls what phone contract are you using?

hustla:



Thank you for your reply.

Got the CC off links here and phone contract is now about 4 months, payment has never been missed on the CCs as direct debit has been set

Just have some questions from what you have written. If over 30, how many years mortage do you get then?

LISA was discussed by , I think Ticha, some time ago but I have not put much thought into it as I do not even have a deposit yet, can it be started without being ready to buy a house?

Also, for a first time buyer, is it advisable to buy cheap, maybe a 1 bd or 2bd and then build from there? Or just go all out for a 3bdr and then buy other cheap ones when you can re-mortgage in the future?

For paying more than the monthly mortgage, I thought if you pay your mortgage off before time, it will lead to a penalty or your advice is to pay more than the set amount a couple of times in a year?

Amarathripple0:

Speaking of LISA, can I put in the funds at once or do I have to make payments in instalments for it to be viable. Also, I hope this does not translate to public funds, since the government is contributing? Thanks

You can pay in installments or lump sum if easier using the stragety which @koonbey posted above . You have to be a UK resident and tax payer to open an LISA. I can't see any rules where it says legal immigrants or international students are forbidden to open one but you could make enquiries among your peers or if on a student visa with your educational establishment just to be on the safe side.

bigtt76:
Pls what phone contract are you using?

Vodafone