Lexusgs430:


Before I transfer, i weigh and compare all charges..... If it's beneficial for/to me, I transact.... If not, my moni go dey chill inside my manchine........

dustydee:

I do the same too and that was what led me to her. Imagine my shock when I realised it wasn't cheaper after all.

LagosismyHome:



hehehehe i talk am . There must be kleg in the story
Thanks for sharing

RalphJean:


1. I am not you
2. If I were you.
3. I would get the loan from a Nigerian Bank in (NGN).
3. The £££££ I would be making in the UK, I will be transferring it, to NGN and use it to offset the loan.
4. I would agree that it is ridiculous and absolutely unwise to get a £ Loan, and send to Nigeria, then be paying in ££ (even at 3% interest) - which is NOT possible.

fatima04:


You dont need to take it personal, no one was mocking you or making unwarranted accusations. They have simply giving you their advise based on personal opinion and the onus of making the decision lies on you.

That said, they have just giving their advise based on experience so far in the UK and while you may think you have the full grasp of it, trust me the financial system is design in such a way that some key information may still eludes you and thus the purpose of the thread to gain first hand experience from all who has passed through the "JJC" phase.

I can see you are a business man who is not a novice when it comes to taking financial risks with the purpose of high yield returns, but you have to be careful in taking loans and CC facilities. They all do look attractive and easy, but by the time you settle in and start paying a lot of necessary Bill's, direct debits quickly adds up.

You may think 3 or 4 years loan with little monthly repayment is small but the higher your income the higher your expenses. You will soon be thinking of getting a mortgage, car(s) etc on finance and boom your outstanding credit greatly outweighs your income both home and abroad.

My advise is wait for at least 1year to get a solid credit rating and then determine if that Nigeria business can sustain paying back the loan itself over the required number of years.

Lastly, I dont believe you need to make mistakes to learn a lesson when you can learn from others. A wise man takes all the notes and experiences he can absorb to make better informed decision.

All the best and do update us on your life in the UK as it goes.

DaveChapelle:


After my mortgage, i was down to ground zero, like i was when i first moved to UK and just decided to trial getting the bank loan as i had heard it was better APR than credit cards.I got it without a fuss and really wasn't sure if i really need it, so i added a little more and changed my car. so its up to you at end of day if you want to drink garri or eat frankie and bennys at will

jedisco:


Different strokes... But what doesn't make sense to me is getting a loan to buy a car.

How many years had u been in the UK before applying?

DaveChapelle:
2yrs +... It doesn't make sense... But its a matter of taste, security and value

jedisco:


Yeah. Something must chop a mand money.

One more question... About your house, did you use the help to buy/lifetime ISA? - not so sure about the name. But it's a government program than gives 25% bonus on what you save that can only be channelled to buying your first house or retirement savings

jedisco:


Yeah. Something must chop a mand money.

One more question... About your house, did you use the help to buy/lifetime ISA? - not so sure about the name. But it's a government program than gives 25% bonus on what you save that can only be channelled to buying your first house or retirement savings

jedisco:


Different strokes... But what doesn't make sense to me is getting a loan to buy a car.

How many years had u been in the UK before applying?

Lexusgs430:


Just remember LISA LISA.........

fatima04:


Lol that's easier to pronounce.
Been meaning to ask, does the 5% contribution from the government qualify as public funds.

DaveChapelle:
2yrs +... It doesn't make sense... But its a matter of taste, security and value

LagosismyHome:


Surprise you were able to get a mortage after just 2+ in this country especially with a 5% . I thought most banks only do mortage after ILR?

That was a very good one then

Bourne007:
Got mortgage on Tier 4. I guess they are just checking how 'high risk' the customer will be.

LagosismyHome:


I had to go check what called Tier 4 visa, its had to keep up ......lol. Wow mortage with a student visa , that was brillant . I wonder what the value of the property was . I would have though mortagage with a Student visa would be a big NO. My Russian friend is trying to get a 450k mortage and banks have said no, she has to wait for her husband ILR

You learn something new everyday

Lexusgs430:


Just remember LISA LISA.........

fatima04:


Bank Loans have better APR offers and lower interest charges compare to dealership finance

jedisco:


Any experience with LISA? I heard they keep shifting the annual caps.

fatima04:


Lol that's easier to pronounce.
Been meaning to ask, does the 5% contribution from the government qualify as public funds.

LagosismyHome:


Surprise you were able to get a mortage after just 2+ in this country especially with a 5% . I thought most banks only do mortage after ILR?

That was a very good one then

DaveChapelle:


A common misconception. Many of my colleagues have gotten even after 1 Yr!

DaveChapelle:


A common misconception. Many of my colleagues have gotten even after 1 Yr!

LagosismyHome:


Not a misconception... many have been declined

Lexusgs430:


Are you referring to the ' no recourse clause '?....

Government never owns money, whatever money they offer is from taxation/public funds.........

jedisco:


Correct me if I'm wrong but I think its 25%. Possibly why it's capped

fatima04:


Yes exactly that.

Being on any Visa aside ILR is really limiting and unfair.

An example is the Childcare voucher from ones employer, this was stopped last year october and replaced by Tax free child care I suppose.

Thought of applying for the Tax free childcare and as at November last year there was no clause for "no recourse to public funds".

I was just still researching on the whole thing and decided to pend the application until after our visa renewal, only for me to go back to the website and see it in bold now that as long as your Visa states "no recourse...." you cant have access to it.

So basically we pay so much tax and still pay for healthcare and then we cant even get subsidy on childcare. And village people wants more kids

MamaEEE:
Hello house I am new here, please show me love