₦airaland Forum

Owlette:
I would definitely do what your wife did if I had a financially irresponsible spouse that would come and mess things up for me by not meeting up with bill payments or messing up my credit score if we were to have a joint account. Some people are very bad with money management.
Disclaimer: I am not saying you’re financially irresponsible.


So what are you saying then?

Ticha:
Using our latest family home purchase as an example - we bought a 5 bedroom, 1 bathroom, 1 garage semi-detached in 2017 for £225k. We put down a 15% (£35k)deposit as we were buying as a family home. Interest was 2.18% so monthly payments just under £700pcm.

We then spent £55k (cash reserves) on the renovations. It included taking it back to brick internally, putting new windows (was single glazed), central heating, kitchen, re-wiring, created a 2nd bathroom by splitting the garage, carpeted it throughout. It took 5 weeks because we know people in the industry and also had somewhere else to stay so weren't living in a building site. Remember we have 3 children (they were 3, 1.5 and 1.5 then) so we're a family of 5.

All completed - we had spent £90k cash to include the deposit upfront luckily the money came from the sale of our previous family home. Let's imagine that we did it on a budget we would have needed at least a 10% deposit (£22.5k) and another £15k min for a cosmetic renovation (central heating, double glazing, new bathroom, and kitchen) and if we were living in it then it'd be a room by room reno - taking longer and most likely costing more. That's by the by. Our total expectation was that the value would be at least £300k. As it's now a 5 bedroom, 2 bathroom house. If we had taken a bridging loan for the £55k for 6 weeks, interest wold be around 8%, application fees about £1,500, broker fees around £500.

We then left the UK, asked for consent to let and put it in Airbnb for 1 year and did make quite a substantial amount of money from that because it can sleep upto 12 people. CTL was granted for the duration of the rest of our fixed period so 5 years and we were expressly told at the end of that, we would have to revert to a BTL mortgage. CTL cost £199 and we have to re-apply annually.

In 2019, we broke the fix and refixed it for 2 years at 1.8%. The bank did a valuation and the value came back at £265k. Remember adding all our costs means we need it to be £315k to break even. Anyway refixed and rented it out properly. Tenant was paying £980pcm. Mortgage was now just over £600 a month but a repayment mortgage. Meant we could square away £280 ish a month (agent fees and commission is 10%) Luckily, we're not working in the UK now so no tax but if we were working in the UK then £980 - expenses = whatever is left is liable for tax.
That tenant left Dec 2020 and we spent about £5k tarting it up for the new tenant. New tenant is now paying £1250pcm. The mortgage is still just over £600 pcm and it's repayment.

Now 2021 - we have overpaid that we now owe about £150k on the house. So have equity of about £100k. We are remortaging to refix again and take some money out to buy a house in Glasgow. First and foremost, we have to come off the CTL cos we want to leverage the existing equity. It means higher interest rates however it also means lower payments because we will move to an interest only mortgage.

The house is now valued at £290k 4 years later. We must leave a 25% equity in it and have a 25% deposit for the Glasgow house (Looking at max £80k (£20k deposit). It means we need £75k as deposit for the existing house and £20k for Glasgow. The equity just about covers it. Mainly because it's a cheaper house. Much more cheaper. Then we need solicitors fees, stamp duty (2nd home so 3% of purchase price), survey fees, application fees (all BTLs charge it) and the house must be in walk in condition otherwise we need reno costs so maybe another £5k/6k ish. Our new re-fix is for 5 years at 1.3% and interest only so our payments will around £360 ish a month. Remember the rent is £1250pcm. Then iya Charlie takes her cut re tax.

Now compare that to the very first house we bought in the UK in 2010. 2 bedroom leasehold flat - paid £105k in Bristol. It's now worth almost £300k. When we rented it out in 2012, the tenant was paying £280pcm. The current tenant is paying £650pcm and we've almost paid off that mortgage. 11 years. property is a long game.

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. In 2015, 2 of ours were empty at the same time, one with extensive pet damage. It's also incredibly hard to remove a tenant. You have to go through the courts and in the meantime, they can stop paying rent. It currently takes at least 14 months to remove a tenant through the court system.

But it is by far the best investments we have done. So my advice? Do it but with eyes wide open.


So much to learn from one post, thank you

STENON:
Thank you, but she is not paying anything, we are sponsoring her trip. What is the best thing to say she is coming for?

DeeOneBangin:
Not sure about a younger person, but the latest case I am aware of is that of my aunt (62yrs old). Fully sponsored by her nephew in the uk and she didn’t show her SOA. Her visit visa was granted

rabola1:
Abeg my people, getting accommodation in Portsmouth has not being easy, please is there any serious landlord or letting agency here that can be of help. Its really frustrating. We need two bedroom flat for a family of 4. Please kindly contact. Thanks ooo

ardamz:
He can easily get a virtual "phone number" and use his/her F&Fs Uk address that he/she wants to use (am assuming he/she has no intention to rent a place while job hunting), "continue" working in Nigeria till he/she gets the offer....

BouharryArtikou:
Let me use my own lived-experience to attempt answering you.

The phone number or address doesn’t matter. In my experience, applying to join the NHS will have a place for applicant to select their kind of visa. A visitor visa would be a huge NO NO!
On the hand, an applicant who is experienced, with the required qualifications and who ticks that no sponsorship is required is likely going to get invited for interview.
Bottom line, UK phone number and uK address will not help (in my opinion and experience).

By the way, what line of ‘Healthcare Professional’ is your someone?

Hkana:
Thank you. Please, which of the authorities issued yours? NSCIA? MSSN? FOMWAN? ETC

I'm looking forward to an answer, ma

Hkana:
Mention me when you get an answer

Bisunique25:
Is nikkahi marriage certificate accepted for uk student visa application?

jaysay:
Life in the northern part of UK is slow and calm. Fewer Nigerians around here, but most of the jobs are care jobs, nursing and cleaning jobs.

If you’re looking for a place to come for soft landing where there’s security and affordable rent, consider Cumbria.

Bmuhd4smile:
Good Morning house!
What are the pros and cons if a dependent of tier 4 is pregnant and willing to give birth in the UK

Thoscine:
Good morning everyone, please is it possible for a spouse of the primary applicant of tier 2 visa to travel with the primary applicant same day? Without applying separately or having to wait for months before joining him/her?

AirBay:
Is it possible to get a semi version of our own corn.. this sweet corn too soft

Regex:
How you take do am? Cut soap for me.

Regex:
Another problem na roadside roasted corn and pear... Choi...

mrcodebreaker:
He just told me the wales job is 4 days a week in the office. 17/20 mins from his home. And he has no kids btw but plans to.

fatima04:
so many factors truly but that gap of 15k/23k sha

fatima04:
would be inclined to advise the wales job. Asides transportation cost, housing and cost of living in london alone will take a lot of the 68k.
But if he wants London living then Option 2

Lexusgs430:
We have trashed some points here numerous times.......

I have emphasized topics about insurance vs licence validity........

The insurance company simply made his insurance policy, null & void.......

I personally think the horse already bolted....... If he is meant to pay the bill, he should request the invoices of repair..........

I feel would be a difficult battle, but worth a fight...... They would state ignorance is not an excuse ......

Was his neighbour in the car, during the accident? If the neighbour was, a possible whiplash claim might still be added/already added......


NB : A couple of years ago, after a shift at Kent & Sussex hospital, got to my car hopped in, drove down the road, I could hear a flap at the back of my car.......

Unbeknown to me, the lady that parked behind me, rammed my rear mercilessly....... Luckily for me, I saw them walking away from their car (about 4 of them)...... I accosted them, the lady admitted hitting me, we exchanged details (took pictures etc etc).........

Lady got home, explained to her father...... Story changed..... She denied responsibilities.......

My insurance company already gave me a courtesy vehicle, so I no send (that's why I pay insurance) (it's their battle)......

I drove this courtesy vehicle for 11 month's, YES 11 month's........

Bill was over £22,000..... War started, it eventually ended in court.... My vehicle was written off and judgement was got against the other insurance company (they had to pay that bill).......

Mamatukwas:
Today is the last day of School in Scotland. A lot of crying mothers and teachers everywhere this morning, especially those moving to P1. I looked at my dry eyes and wondered if Nigeria dried the wells inside.

Na wa oh. Me Sef for like cry

Mamatukwas:
And see some of us praying to see more Nigerians, sigh. I guess the grass is truly not greener on any side.

Mamatukwas:
I was today old when I realized that it’s possible to repeat classes here as well Don’t know why I assumed everyone makes it to the next class.

Some Mums who just found out their kids will be in in between classes have been wailing on our private group. Hmmm.

umarwy:
Yes