₦airaland Forum

fatima04:
@mamatukwas. You can check out Royal London. We have been using them for 4yrs with very minimal changes. Remember to explore the option of putting it in a trust, and also not cancelled by your employer's cover if being provided.

Yes, we use Royal London Insurance too... Everything is in a Trust too..

Lexusgs430:
Absolutely........ If you put your child in a private primary school, they coach them as part of the fees you pay .......

But if you are from Ijebu like some of us, put your child in public primary school and get a teacher or do the coaching yourself........

We are couching our children (years 4,3 and 1)... We live close to you ... Na Grammer schools we de target

Lexusgs430:
Are you Investing using a SIPP vehicle........ This is probably another wonder (only drawback is you pay a yearly charge to provider + you can't withdraw till you reach retirement age).....

Plus of SIPP - HMRC pays your 25% towards each deposit......
Minus of SIPP - You pay about £120 per year......

No ooo

Using Freetradoe and Trading212 .....S&S ISA

I do individual stocks after due diligence

Lexusgs430:
Not all lenders accepts overpayments, so speak to your lender enquiring if you can make overpayments........

Let's assume they accept overpayments, call your lender give them your debit card, so overpayment can be charged .......

OR

Collect your lenders bank details, using your mortgage number as a reference, then simply transfer.........

what I did in the bolded....shortened the term by 7 years with £250 monthly overpayment

Lexusgs430:
You can still do all this, without releasing equity....... 🤣

This is simply to encourage people and not show how poor I truly am...... With hardwork and dedication, if I could make it happen, anyone can...... 🤣

This is from my ISA account, I have other exposures to the stock market.......

This is what I like to see.... Stocks and Shares ISA.....one of the wonders any UK Migrants should not miss........currently near £70K minus LISA account


......Slow and steady INVESTMENTS win always.....

Lexusgs430:
The importance of LTV....... When I purchased my family home 2005 vs loan to value in 2024........

Just close your eyes, remain consistent, be patient...... It's never a sprint, but a marathon.......🤣😂

Well done BABA....Following gradually

2024/2025 Tax Year Allowances

Lexusgs430:
I have heard people do it, but they did not have anything good to say about it ......

Remember, you would require consent from your mortgage provider, prior to mounting those panels......😁

https://www.moneysavingexpert.com/utilities/free-solar-panels/

Thank you Boss....

Let me use the funds to buy more NYSE stocks.....

Any one invested in Solar Energy and Batteries please?

I am thinking of going solar panels and batteries and go off the national grids. I may even sell the excess energy l will generate to the national grids and get paid by the energy companies

At Lexusgs430 et al.... Advice please

hustla:
Will be interesting to see in the next few months. I have searched and searched and this is the only country boxing immigrants into living a life on minimum wage. The effects in the next 7 - 10 years will be insane as most migrants will be stuck at the lower end of society and representation at the upper ends will be further limited (that is where I want to see fellow Nigerians)

The good thing though is that the £38K thing does not affect those who have just graduated but I see a sizable number of Nigerian students leaving the UK (a lot have left already or are planning to leave) as most of the policies are downright sinister and meant to restrict your upwards mobility.

That is exactly why I am always against the care thing or staying too long in it, as I see it as a carefully crafted way to push you into being lower class all your life, which will likely affect your kids too unless careful planning is put in place. Long hours away from family, low pay, and interactions with mostly low-class white people who are all out to drag you to their level, eventually it gets to you and your kids by extension.

I expect things to free up a bit within 1 yr and changes to be made, maybe a bit more stability

I like your thinking and mindset.... Well done

Lexusgs430:
https://www.telegraph.co.uk/money/property/mortgages/interest-only-mortgage-paid-36-years-still-lost-home/


Dangers of interest only mortgage.......

Na interest only na... You want claim house you paid interest only

Santa2:
I have come again with my plenty questions...After one gets an mortgage offer from a lending institution, Several people have said you can always re apply in the event the interest rate goes down before completion, If you got the offer through a mortgagee advisor, do you reapply through the advisor or you just go direct to the lender?

Through the advisor... What l did

seyejohn94:
🎉🏡 Testimony Time! 🎉🏡

Guess who just conquered the infamous property ladder? That's right — yours truly! 🙌 After an exhilarating journey filled with twists, turns, and a whole lot of learning, I finally got the keys to my very own slice of heaven, just two days after sealing the deal.

Let me drop some key pointers for those eager to embark on their own property adventure:

Lisa Isn't for Everyone: If you're eyeing a cozy abode in London or certain sought-after spots, Lisa might not be your knight in shining armor. I learned this the hard way, but hey, lessons are part of the journey, right?

Solicitors: The Unsung Heroes (or Villains): Oh boy, let me tell you — the role of solicitors in this process cannot be overstated. They can either be your best friends, smoothing out every bump in the road, or the stuff of nightmares, throwing obstacles in your path. Choose wisely!

Believe in the Power of Possibility: Through every hurdle, setback, and moment of doubt, one thing kept me going: the unwavering belief that anything is possible. And let me tell you, standing in my new home, that belief has never felt more real.

So, to all the dreamers out there eyeing their own spot on the property ladder, remember this: the journey may be challenging, but the view from the top? Absolutely worth it. 🌟🏠 #NewHomeJoy #PropertyAdventure

Congratulations 🎉 and welcome to your new home 🏠

Pearlyfaze:
February ended with Keys in our Hands.

As we sit amidst boxes in the warm embrace of our very first home, our hearts are overflowing with gratitude. This moment, so monumental in our lives, was made possible not just by our dreams and efforts, but significantly by the support, guidance, and encouragement we received along the way.
We wanted to take a moment to express our sincerest thanks to you. Your insightful advice, mortgage advice, financial guidance, etc was invaluable to us. Your wisdom and experience shed light on paths we hadn't considered and smoothed out the bumps on the road to homeownership.
This home is more than just a structure of bricks and mortar to us; it represents a milestone, a canvas for our future memories, and a testament to the enduring spirit of support and community we've been lucky enough to experience. Every corner of it already echoes with the promise of future laughter, love, and the making of fond memories. And in every one of those moments, we'll remember the role you played in bringing this dream to fruition.
So, from the bottom of our hearts, thank you.

2years UK Resident.
Skilled Worker Visa.
New Build Home 3Bedroom
Developer: Gleeson
5% Deposit contribution
Kitchen and Bathroom upgrades and Free carpets
Lender: Barclays
Mortgage Tenor: 25years.
Deposit two years LISA Max out.
LTV 80%.

Congratulations 🎉🎉 and welcome to the property ladder 🪜

RENT MONEY IS DEAD MONEY according to oga @Lexusg430

Next is to start buying quality Shares in NYSE via Trading212 stocks and shares ISA account... Oga Lexusg430 should start preaching Stocks Investment too

LagosismyHome:
Wow some old names still very much active here.... nice one

Long time... Been a long time

Lexusgs430:
The only insurance you really need are.....

- Building and content (should not exceed £22 pcm)....

- Life insurance ( depending on age and health status), possibly £18 each or near enough.....

Adding building and content insurance to your car insurance reduces the premium very well.

Lexusgs430:
Hold on, why are you maxing LISA ........ You no longer qualify for FTB status......... Abi nah hangover dey worry me .......😁🤣

You can continue LISA contributions after FTB.... King Charlie is happy for us to continue saving in LISA after FTB till age 55

LISA... Maxed out

Waiting for 6th April 2024 to continue £100 weekly contribution with money box.

Try join if you're less than 40 years...

LISA... Maxed out

Waiting for 6th April 2024 to continue £100 weekly contribution with money box.

Try join if you're less than 40 years...

Estroller:
For those that are yet to complete, follow up with your brokers and lenders to see if you can make some savings as rates continue to drop.

Good I did 2 years with Halifax....hopefully we shall get < 3% or 3.5% after 2 years....

bigtt76:
Thank you for what you do and congratulations on your new house.

My questions are as follows

1. Do you think an apartment in Leeds is worth going for? I work in the north together with my hubby
2. Do you think a house of £379k (semi-detached Leasehold) is worth going for on a combined income of £4.6k monthly?
3. The service charges is £988.00 per annum - is this ideal?
4. Property developer also noted that they are compelled to give up ownership to a third party in the future ....how does this affect me?

No gree for any LEASEHOLD ooo....Go for FREEHOLD a beg

jedisco:
Congrats. Kinda stuff we need to hear.

I Completed last month. Variable 5.61 (0.36 abover BEBR). The difference a month or two makes. Most of the 2yr fixes were abv 6% and couldn't justify fixing when rates were likely at their max. Now can't wait for rates to start falling.

Your rate seems quite good. Best I see on Barclays for 2yr fixed is 5.6%. Did your broker negotiate the rate

Congratulations 🎉 to your new home 🏠

More celebrations

zeke100:
TESTIMONY TIME 😁

COMPLETION DONE AND KEY IN HAND

Barclays 5.4% 10% deposit with 2 years in the UK.

It will be ungrateful not to appreciate all the knowledge, nudge shared on this platform. As a silent reader for 2 years, following keenly, I appreciate everyone contributing to the topic.

Special thanks to Lexusgs430, taking his time to reply messages when contacted and even enlightening me with scenarios over the phone.

To anyone hesitating, It is possible.

Congratulations 🎉 to your new home...

More celebrations

Ukliving:
Which platform do you use please

Trading212

deept:
aren't you suppo9sed to pay tax to HMRC on your dividend?

With ISA stocks and shares account... No HMRC tax on dividends earned and no capital gain tax too

I bought this Water2Buy water softener and installed it 4 weeks ago as I have hard water and from the Southern waters website, my hard water level is VERY HARD ....

Everything costs £500...minus installation, as DIY, i did it myself and everything is working very fine

I connected one tap for non-softened drinking and the rest of the house softened

It makes sense from the review I have seen so far...

Lexusgs430:
It was Indeed a good year ........ Bulls & Bears, are very nasty animals.......😁

My NSE dividend payments in 2024 will go into NYSE stocks.....

bigtt76:
Ha ...$349 you for render us value added service naa ...egbon jooooor

Why can't you use Trading212.... Free trading etc

Lexusgs430:
If in 2023, you still did not navigate your way into the stock market....... Don't let 2024 pass you bye bye .........🤣😁

My only regret, is not investing in the stock market many years ago ....... Don't be like me ...😜

https://www.trading212.com/invite/11S0uSxTBi

Use my referral code to receive a free fractional share (I also receive same)........

To guide your share purchase, you could use an app like Tipranks (it's a premium app)..... If you're on Android..........🤣😁

2023 was a good year for Equity Market investors like me....

I have 45% return in NYSE ISA stocks and shares minus quarterly dividend payments

In my NSE (NGX), l have 73% return minus annual dividend and some interim dividend payments

Solumtoya:
Nice!

I won't say New build costs are a lot as such. You have to remember the builders throw in a huge incentive so one gets as much as £20k, I just added mine to my deposit, that way I could buy carpets, washer-dryer by myself at a good bargain in the stores and then use the buidler for turf, etc.

Apart from the incentives, buying a house of like 2015 to 2020 would have been my preferable option.

Ok

It makes sense now.

Thank you.

Solumtoya:
Not hidden but little costs here and there that could add up. The only major one really is the Solicitor's fee which is like £1.5k to £3k. With a New build, you have to furnish, etc depending on what the Builders are willing to do or not do. With an Old build, you might have to fix a few things.

If you're like me, I would say "no think am, just put head". If I realised I would be spending so much, I would have waited for another 1 year to save up but it was better I didn't know cos I have spent so much but just one day at a time.

I have put down below some of the extra costs for me and I didn't include things like Sofa, Transport for the various times I had to go to the site; and numerous purchases to furnish the new house. Most of these may not apply if it's a house that's already furnished. The Upgrades are things like fridge, spotlights, extra taps and lights, turf in the garden, etc.

Quite a lot with new built...

Mine is 2017 built 4 bedrooms detached house with garage.

I was lucky the sellers left nearly-new dish washer, washing machine, big american fridge and Enforce anti-buglar security alarm system for us.

The only expenses we paid were
-Solicitor =£1,350

-Estate management= £250 per annum

-Land registration fee... I think £450... can't remember exact amount

-building and content insurance... £80 per year (used my admiral car insurance company as additional insurance to my car)

Mortgage level term life insurance cover with the Royal London insurance (wife and l) = £40 pcm

It gives me joy that most people are entering the property ladder....

May 2024 and beyond bring more property (home) owners and property investors.

Thanks to @Lexusg430, @Ticha @Estroller et al...