₦airaland Forum

jedisco:
Talking about things we could have done differently- another was keenly paying down my mortgage.
I did that to the tune of 20k before I stopped. My thinking was that since my interest rate then was above 5%, I'd be better off paying down my mortgage rather than paying the bank more interest at that rate. I stopped when interest rates dropped below 4.7% as something about it just didn't click. Also, I was getting better returns elsewhere. I thought I did my reasearch but I had only considered how much interest I wouldn't pay not the opportunity cost of the additional paydown. (i.e what advantage having that money free could bring)

It finally hit me when I was scrapping to get a BTL, I began to ask myself why I overpaid.

It wasn't after a while I stumbled on this video and wished I saw it earlier. It's another example how the general wisdom might not always be the best. Good channel by the way. Strongly recommend


https://www.youtube.com/watch?v=L4sy1f8Q4YA

James Shack. One of the Youtubers who God used to shape my financial knowledge in the UK.

On Over-paying mortgage, I don't now, it depends on risk appetite which is also dependent on one's age, etc.

This is a really good deal. Get a trusted mechanic to come inspect

This is a really good deal. Get a trusted mechanic to come inspect

Super Neat. No issues at all.

2009 Toyota Corolla for sale for N8m.

WhatsApp preferably 08067157644.

Location: Ilupeju, Lagos

First to see it will buy! Nationwide delivery

Relocation sale. Has to go soon. Very slightly negotiable.

Selling fast this morning in Abuja. Very good deal.

Super Neat. No issues at all.

2009 Toyota Corolla for sale in Abuja for N8m.

WhatsApp preferably 08067157644.

First to see it will buy! Nationwide delivery

ehizario2012:
Thank you. Our limit is currently 1500 each, we're thinking of drawing like 300 each for this month. That drop in credit score was annoying.

Credit score, especially minor fluctuations, is not aa important as you think. Ignore it, as long as you are doing things right.

Time to remortgage as my 2-year fix is coming to an end. Barclays has a product with rate less than 4%, ie. 3.8% or so for 75% LTV. I just need the property to valued right so I can fit into 75% LTV with minimal one-off overpayment. If I can get sub-4%, then 5yr fix is a "sure banker".

Zahra29:
Benefits/ public funds such as

- 30 hrs free childcare from 9 months (open to permanent residents earning < £100k)

- child care benefits of nearly £80 a week for 4 children (income threshold £60 - 80k)

- universal credit, housing support and other welfare payments ( in- work allowances to help supplement household incomes where wages are too low or housing costs too high)

Not all benefits are the maligned "giro" payment aka unemployment benefit or free council house lol

There are several in-work benefits/public funds which I don't think most people, including immigrants, earning less than £80k- 100k would turn down.

I saw a thread following the white paper where a group of immigrants were advocating starting a petition to call for the government to decouple all benefits from permanent residence, until another group jumped on and accused them of selling themselves short and signing away their entitlements. So it's not that black and white.

Nice benefits! But like I said, most immigrants I know are not looking forward to these, dear. I don't know of anyone who got ILR and his/her first instincts was rush to claim benefits.

Zahra29:
Lol, given the way you've passionately criticised Brits for being lazy and dependent on benefits, I would have thought that the argument would be for the government to keep all their benefits and just grant permanent residence, as immigrants are hardworking and resilient and don't need/want any benefits.

To be fair, most immigrants would jump at this offer. I, for example, would prefer a quick permanent residency and the benefits can be left out really. Not sure what benefit anyone is really even looking forward to. The Permanent Residency crave is to help with some stability, ability to switch employers, plan long term, avoid these huge visa fees, etc. Most folks are really not after the benefits

Lexusgs430:
Rent money is still dead money, because you're still paying your landlord's mortgage...... ZERO EQUITY APPRECIATION....

Buy your property, build equity and sell whenever you want to JAPADA....... 😊😂😁

Prooceds from the property sale, would build a massive fish farm(among other investments)......😂🐠🐟😁

Very simple concept. I don't know why folks keep making a big deal out of it.

Lexusgs430:
I have never remortgaged, stuck with the same lender all through and riding the interest rate falls and rises.......😊

Back to your question, 40 years is a bit too much (I would personally just paydown and overpay), in it's current form......

So you've been on tracker mortgage? Not the 2-year and 5-year fix deals?

Lexusgs430:
View this a means of encouragement....

Those that say you would never finish paying this mortgage, mortgaged property is not yours, I would rather build a mansion in Nigeria, I would prefer to invest in Nigeria, I would use this mortgage deposit to build 2 hotels in Nigeria etc etc etc.......

You would not get to the finish line, if you never started the race.......

RENT MONEY REMAINS DEAD MONEY......

Bought my family home in 2005, with 0% deposit....... 😂🏡😁

So cool. What are your thoughts around extending the Mortgage term to 40 years when remortgaging to make repayments low and free up cash to diversify more over the next years. Hopefully, in some years, one can start overpaying.

So this page is still full of American Political Arguments??!!

I wonder when it will return to conversations around "Life in the UK". Or another thread should be created for UK Immigrants?

I keep saying that this thread helped me when I came but it will be a difficult read for new Immigrants now since it's littered with Political arguments and hardly any useful talk a new Immigrant.

kwakudtraveller:
Your post made me realize I completely overlooked the pcm, I assumed it was an annual spend. £75 is quite a significant amount to spend monthly on a “maybe” situation. And you’re absolutely right, putting that money into a HYSA would be far more impactful. It could eventually go toward something we actually need, like a new refrigerator or TV if the situation calls for it. These little expenses really do add up, and before you know it, you’re house poor because so much of somebody’s income is tied up in the house, from the mortgage to bills and minor fixes.

£75 shook me sha. I pay about £6 each for my washer/dryer and 65-inch TV. Even the £13 makes me wonder if it's not much. But my TV broke and they replaced it so it turned out okay. My other white goods are all still on the Builder's 2-year warranty. Even after the warranty, I might throw in the fridge and boiler to make it like £25. No other appliance is worth insuring for me as such.

Goodenoch:
Another banger from Badenoch - https://www.dailymail.co.uk/news/article-14133089/Our-country-sustain-numbers-seen-Kemi-Badenoch-vows-annual-cap-immigration-admits-Tories-failed-curb-inflows-predicts-new-figures-tomorrow-lower.html

Lots of 'fresh' ideas and tough talk. You'd almost think that she's an activist campaigner who has never held a political office before.

Wrong thread

lightnlife:
Interesting explanation.

Undoubtedly, the incentive particularly the 5% deposit contribution is a great boost.

In the long run, things will even out.

If you don't mind me asking, which area do you reside? Houses prices seem really decent there. Thanks

.

Goodenoch:
Most new builds are massively overpriced in the first instance so the 19k incentive is not quite as big a deal as it kght seem. House value will likely drop right after purchase and take some time to recover. https://www.thisismoney.co.uk/money/mortgageshome/article-13271345/New-build-house-prices-boomed-17-year-older-homes-stayed-flat-map-shows-price-gap-area.html

Warranty is good but that's what a survey and multiple viewings are for. Plus the warranties also come with a lot of hassle many times.

Fair point but I'd explain further.

These statistics are quite skewed because of outliers like London. Currently, in my area, New builds are more expensive but definitely not by the margins often protrayed like in the article.

For instance, a new build 3 bed in my area is about 300k while a decent similar old build is about 280k or more. Now the New Build buyer needs to raise £15k while the old build buyer needs to raise £28k. That extra £13k can make most people never achieve home ownership. (To be really honest, new builds are cheaper where I live, but I think that might be due to smaller plots or cheaper build quality)

Now for the poster's case, even if he gets a cheaper £320k ish old build, the £380k new build still has alower deposit of £19k as opposed to the £32k he would have had to raise for an older house and topically the margin might be higher than this my £13k assumption.

My point is the £19k incentive is actually a big deal.

Now, in the long term, both houses should normalise at about similar prices so if he's not selling in the near future, he should be fine.

The downside on pricing is the Monthly payment. The New build will still pay a little higher.

As for Warranty, no amount of survey would shield you from potential surprises in 2 years. Developers would literally paint your house when you stain it while packing. They would unblock your drain, change faulty fridges, etc. That Warranty means a lot. And I don't get any hassles on my Warranty, they actually call me every few months to ask if there are any Complaints and if I state any, they show up immediately and get it sorted

Where can one get a good bleach product for white laundry. Something as effective as Jik or Hypo. Tired of watching my white inner shirts die off.

ukay2:
I will not go for the deal.

This is why l went for a 5 year old built property as everything has been settled by previous first buyer already. I don't have time for unnecessary stress.

All the best.

Forfeit a £19,000 incentive and go for a 5-year old house just because the builder doesn't want to do a £3k flooring? I understand the hassle of a few weeks of setting up a brand new house but people seem to undermine the financial relief the incentives can give a buyer, not to mention the peace of mind that comes with the builder's 2-year warranty

lightnlife:
We recently viewed a few new builds and we're happy with one; 3-bed mid-terrace for 380K.

Developer has offered a 5% contribution to our 5% deposit. Initial conversation with the referred Mortgage Advisor shows we can get a mortgage for 4.5%.

However, the developer has told us they won't include flooring. We've asked multiple times but they've been insistent on not adding it. They even told us they can't give more than 5% incentive across board as per the lender Ts & Cs. I'm not really sure that's correct. Please share your thoughts on this.

Based on our calculation, it'll cost about 10k to do up the flooring via the builder. Of cos, we're now exploring getting quotes from independent contractors. What are the pros and cons of not doing the flooring with the builder?

We're keen on jumping on the property ladder and affordability won't be an issue in terms of monthly payment but our major concern now is raising extra money for things like flooring and some additional costs. Are there viable loan facilities for such with little or no interest?

Really interested in getting a house before end of March 2025 to escape the stamp duty increase and build equity.

Please share any other advice for first time buyers with little or no extra funds after paying the deposit 😕

Do the flooring yourself. Go to a Major Flooring company like Tapi or Carpetright and you could get a quote as low as £3k for your entire house, they will also give you a payment plan where you can spread for up to 4 years without interest so you end up paying like £80 monthly.

As for the deposit contribution, 5% seems like the best you will typically get.

opeoyek:
We got the keys to our new home on Friday. The process took over five months. Thanks to @lexus, jedisco, solumtoya and every other person who contributes to this thread. My wife and I got almost £7000 from LISA (bonus and interest).

I'm super proud of you. Congratulations!

What a mess!

DadR:
Hi Chief,

Please do you know if Persimmon gives 5% deposit contribution as incentive for the their developments in NW, Lvpl precisely?

Thanks

Yes, they do, but it may be based on tight negotiations but YES, they do. Initially, my folks said they couldn't give me but the Mortgage Advisor they recommended helped me push for it when he saw I was serious but needed that 5% to make it work ASAP

Lexusgs430:
One education I did not receive, was gradual overpayments, pushes down the term and interest payable (it was not massively talked about)......

I hope future landlords, subject to extra cash + mortgage terms, would cultivate the habit of overpayments .......😲😞

If anyone with a Mortgage has the Monzo app, they have a really sleek feature where you can pull in your Mortgage and see details like "what happens if I overpay by £100", "what's my LTV", etc.

babajeje123:
Did anyone buy their house from Persimmon here? Can you share your expereince since you move in in terms of quality, after care, responsiveness to issues, etc.

My personal experience from Persimmon has been fantastic.

As an aside, you can refer and earn £500. The person referred also gets £500. So if anyone wants to reserve with Persimmon, try and get someone's Referral Voucher first.

justwise:
When you overpay does it automatically adjust the repayment year?

Depends on the Lender actually. Some will shorten it, others will reduce your subsequent monthly repayments, many others will do nothing till your contract expires. Again, some lenders give you the option.

CheesyTee:
Thank you. Going back to London from Scottish Island is expensive and time comsuming. I have tried to contact them via emaol and pjone no luck. This is tiring really.

I did log into the NIMC app and everything appears fine.

Don't use the app, instead reach out to one of those NIN Agents in the UK and they should be able to help. Some will charge about £20 and they will sort it out.

CheesyTee:
Hello everyone

I recently visited the London passport office with my children to renew our passports. While my passport and my son's passport were delivered within three days of our biometrics, my daughter's passport is still being processed.

The tracking system indicates that her NIN is pending verification. I obtained her NIN, along with my son's, from Nigeria, and I am perplexed as to why hers is the only one that is pending.

I have contacted my mother's back in Nigeria, and the NIMC contact informed me that my daughter's NIN requires revalidation.

My concern is that I have been unable to reach the Nigerian High Commission in London via email or phone. Given that they have not contacted me about the delay, I am uncertain whether her application will be processed once her NIN is revalidated or if I will need to travel to London again.

Anyone with similar experience, pleasenhow did you go about yours? Thank you

You'd hardly find someone with this experience, I try to ensure the NIN is validated and all done before proceeding for biometrics just to avoid going to London twice.

Do the Validation first, it takes 24hrs or so, then wait a little bit and you might have to go back to London to prompt them.

profemebee:
Been quiet for months and just reading....

I don't understand why anyone will ask Zahra to not type here or go to another platform just because he or they don't support her views..

She didn't break any rules.... She didn't attack anyone etc

What is the point of this forum if we all have same opinion?

Can you speak on this issue without a deep-dive into the whole immigration issue? What has she done wrong?

I don't see a single place where she supported the violence etc

Trying to bully someone or push them away from the forum just because they're not typing what you want to see is a No No.. especially as no rules were broken

Some of y'all need to chill and stop acting out......

At this point, we need to consider opening a "UK - Politics" thread so we can leave this thread for "Life in the UK"...

I pity new folks who would want to read through the thread to gain knowledge like some of us did when we landed here. Nowadays, no one asks questions anymore because the thread is so heated with far-this and that arguments. When people ask questions, there's barely answers. Even US Politics goes on for days and I wonder.

It was almost tolerable before the Elections since it was assumed to be campaign but now it's just name-calling and ideology-dragging talk that barely benefits anyone.

Again, maybe the group has matured so much that people don't need those childish yarns about jobs, housing, driving, visa, credit, travel, etc and are now more focused on the big British talk

crypticTrey:
Good morning house
Please I kind of need an advice from y’all in the Uk
I’m a software developer (mobile app developer) in Nigeria with two years of experience and I currently earn about 500k.
I started making plans on coming to the Uk via study route and I’m currently in the stage of applying for my visa. I have been very optimistic about this but last night I spent a long time thinking about it as I’m really worried about the situation I read about the Uk and where they stand with immigration.

I have been following this thread for months to understand what it’s like over there and I really hope I get a response. Thanks in advance 🙏🏾

Contrary to other people's advice, I would say that coming as a student is a brilliant way to get a foot in the door. More expensive, yes, but you get a degree and stand a much better chance of landing a good job when you are located here and have a right to work. You can then get Sponsored by a Company.

Applying for Tech jobs from Nigeria is always easier said than done. Even if you land the job, many Companies will rather contract you from Nigeria working remotely