₦airaland Forum

Zahra29:
It depends on your risk appetite. Many buyers are opting for a 2yr fix in the expectation/hope that rates will be lower from around 2025. Rates are forecast to fall in the medium term but it is also being cautioned that the era of ultra low rates is over and the new normal will be around 5%. So a 5yr fix at 5.5% may be close to where the market settles in the long run.
It comes down to what you're more comfortable with. The assurance of knowing what your fixed payments are for 5 years regardless of which way the market moves, or taking a gamble on rates being lower in 2 years, which might go either way.

I think the 5 years should be OK... stability and if rates get to 7%, one is still OK. Thank you.

Zahra29:
When the seller accepts a higher offer from someone else and decides to sell to them instead

Ooh..thanks

reavealhidden:
Barclays would lend to someone on any kind of visa, even a Tier 4 student visa @ 90% LTV i.e. you only need a 10% deposit. You must have lived in the UK for a minimum of 2 years. Minimum gross income of £25,000

Halifax is 90% LTV

deept:
Another point could be interest rates. When we switched mortgages two years ago the best we could get was around 3% so we decided to fix for two years. Interest rates rates that period was quite low with people getting 1.7% etc. We did two years thinkingg before you know it time would be up and we would be able to get lower rates but.....Russia invaded Ukraine, cost of energy went up, cost of living crises, BOE interest rate now 4.25% might go up this month again. Fixed term Is over I'm in sifia pains paying double the interest this month compared to last month on my mortgage.

Get all the education you can, get all the information you can. Lime they say best ttime to plant a tree was yesterday, next best time is today.if an opportunity come take it. The person with 5% deposit could potentially be paying less interest if he had taken is mortgage 2 years ago compared to someone with 30% equity with today's rate.

Should one go for 2years fixed rate at 6% or 5 years fixed rate at 5.5% now, please.

shaybebaby:
The poster above has detailed one scenario however that is more akin equity release/ additional borrowing.

So let's start from the beginning with this. Foxybingo had a deposit of £100,000 ( saved up because he is a prudent fella) .

Property asking price: £300,000. So foxy speaks to the bank and the bank agrees to lend foxy £200,000. Seller gets his money ( £300k made up 100k from fox's deposit and the bank's 200k). Foxy's Loan to Value of the property (LTV) is 66%( 200k/300k)

Foxy is now liable for £200k which he has agreed to pay back to the bank over, say 25 years.

However foxy does not want to be exposed to interest movements ( like we've been seeing since 2022) so fox's mortgage deal with the bank is at a fixed interest rate of 3% for the first 3 years. After that his interest rate will revert to the banks variable rate for the remaining 22 years. So if interest rates increase, foxy is safe because he has locked in a rate for 3 years. Downside is if they fall, foxy still has to pay that 3% for 3 years. Also he cannot switch lenders during the fixed period without paying hefty charges and blah blah blah.

3 years pass, foxy has been good, and has paid off 30k from the 200k loan. His outstanding loan is now 170k. Property is now valued at £350k. But his fixed interest period is coming to an end. Foxy wants to fix again ( doesn't ever want to pay variable which is usually more expensive).

Fox's loan to value is now 170k/350k ( based on the current market price of the house)=48%.

With a lower LTV, Foxy can get more attractive fixed rates from banks and one has offered him 2.5%. His current lenders variable rate is 4% ( since the fixed rate period is over). So foxy decides to remortgage but with the lender offering the more attractive rate, fixes for another 3 years period. His overall term for the mortgage is now 22 years.

In summary, a remortgage is where you change your existing mortgage agreement to a different one.

Changes can involve term of mortgage, interest rate payable, loan amount and/ or lender but usually in relation to the same property.

Thank you for this explanation

Lexusgs430:
The point you engage a conveyancing solicitor, it's all part of the process.......

NB : You have 2 types of survey

- Survey for mortgage (must).....
- Structural survey (optional, more expensive).......

Gazumping might still occur, after all this cost ......

What is Gazumping please?

tshoboy:
Oga lexus, can you add some numbers to this so some of us about to start this journey understand and take advantage of this.

Which numbers are you referring to?

lightnlife:
Driving test date: 25 August 2023.

Driving instructor is charging £30 per hour (using my car) or £40 per hour (using his car).

Are these rates not too high?

He's proposing a 10 hour lesson.

PS: My Naija licence don expire.

Go with the instructor's car

Tier4Dependant:
Can you expatiate? I don’t understand the “No”

It is not additional job if your working with the same company that sponsored your COS. Remember pay as you earn (PAYE )

Tier4Dependant:
NHS people… If you decide to register on the bank and pick bank shifts with your trust i.e the trust that sponsor you, does it count as overtime or additional job (second job)

No

Lexusgs430:
Madam you never talk this matter finish o.......... 🤣😜

After more lessons in Nigeria, arrive UK then enter M25......... 😭🤑

Not advised oo

He needs UK driving instructor to help him learn and get licence too

Lexusgs430:
Parent's teach/guide your children right .........


This boy had an incident with my son, some years ago (primary school).......... Caused injury to my son ......

Primary school refused to deal with it appropriately......... So I leave am for God ........



https://www.kentonline.co.uk/medway/news/unmasked-the-snapchat-sex-monster-who-groomed-nine-girls-289283/

It's good he has been sentenced to jail....foolish boy that doesn't want to be useful to himself.

Lexusgs430:
You can open and fund, all of the above.......... 😜🤣

One T212 account, grants you access to all 3........ 😂

CFD, Invest & ISA...... 👍

I am using Trading212 ISA account

Lexusgs430:
Invest.....(orange banner)....

Once you load with funds, you get your free share immediately........

Why not the Trading212 ISA account?

Just curious why it is for the Trading212 invest account?

justwise:
I think the confusion started when you mentioned 15-20% weekily.. i got the whole deal now though

I just think of putting my little thoughts on this discussion.....


If you're good in the capital market, invest the funds in equity market in Nigeria via you are stockbroker.

You will achieve both capital appreciation and dividend payments until some selected listed companies.

Some of us invested in Access Bank shares when it was trading at N6 to N8 with dividend payments of 50kobo to 80kobo per share few years ago.

An investor with 1m units of Access bank at N8 and 800k dividend payment 2 years ago is now getting N1.5m dividend in 2022 dividend payment and capital appreciation to N14 per share currently.

If you're not interested in the capital market, make effort to invest the fund in the FGN bonds (not FGN savings bond) through your stockbroker or through your bank ( l use stanbic ibtc bank).

Some investors with 10m invested in FGN bonds 2050 at 18% yield in 2018 are getting 1.8m bonds coupon payments (900k every 6months) till maturity (2050) and get your 10m back.

There's possibility of increase dividend payments and price appreciations in good profitable companies in stock market ( remember to monitor the quarterly performance of the company) while your capital fund and coupon payments in FGN bonds are static till maturity ( remember inflation and naira devaluations..but this may not affect you much since your giving the funds as your naira charity obligations)

You can decide to be paying your naira obligations with either the dividend payments or coupon payments in the above two scenarios.

For me, l go for the stock market since l know how the stock market works (17+ years in the market).

If you feel like investing in NYSE, some good dividend paying stocks with upto 6-10% dividend yield in the NYSE market exit. You can be using the quarterly dividend payments in dollars, convert it to naira and settle the naira charity obligations.

Many ways to play the card....

aremso:
Knowledge and information is power and I could afford this money 2005 I bought 2 plots of land which the later took from me. 445k then and how much was dollar I would have become billionaire is naira by now. Anyway I give glory to God am still alive and have hope some of my sec. School mates are late, and at least a university mate too is late. As am alive is the grace of God and I will still achieve and impact into the life of my generation by God grace.

Apple will continue to appreciate in price and also in stocksplits.

I participated in the last Aaple shares stocksplit...both the number of units and price have increased so far. I am still buying more Apple shares currently as a longterm investor in both NSE and NYSE markets.

You should do yout due diligence on it and have long-term view.

gamaliel9:
I was alternating, buying and selling between MARA and RIOT..Now i will go fully into PALANTIR..till December 2023

Why?

aremso:
Jesu! Can one get such stock again now?

Apple stocks are still available in the NYSE market

Buy good stock and have the PATIENCE to wait to reap the rewards

gamaliel9:
I use Chaka..very excellent services. However, their stocks are limited. So many are not listed. I need a platform that has ALL US stocks and that ACCEPTS Nigerians. Thanks. The next bull run is coming..it will be full blown when FED starts printing and lowering interest rates.

I use Trading212, though.

Have you tried Trading212 recently? It could have re-started accepting Nigerian residents.

Someone that bought Apple shares with $1,300 worth of 100 units then in 2005 is now valued at $10.2m in value

Stock splits from 2005 till date:
2:1
7:1
4:1

OmichaelO:
I just finished my driving theory test.

Thank you guys always for the informations and heads up.

I'm not very impressed with my theory. I was expecting 50/50

But at all at all. All pass na pass

congratulations....next is your practical driving test....then enjoy your driving

Lexusgs430:
If you listened to the press release, the man said a '' Ni'', then, west african man........ So it's a Nigerian man.......

lightnlife:
The run has been impressive since May 29. Sadly, I no longer hold any position in that market.

Meffy's exit abi na suspension propelled market ratings to a 15 year all-time high. It could get better if the speculation of a unified exchange rate (devaluation) holds true.

Hopefully, Tinubu can consolidate on these quick wins, improve security and economy as well.

I am a long-term investor in the market.

Haven't sold anything.

Good seeds sown over the years are yielding maximum profits and dividend payments

The NIGERIA STOCK MARKET is on STERIODS....................

TIME in the market is always better than TIMING the market.

Welcome home the BURUNDI 🇧🇮 BULL

More greens to all the long-termers like me and also the short-term investors........

profemebee:
you must be using a reminder

another question.. whats the ideal utilization for credit card usage? I see 25%, 30% and even 70% in my research

I use less than 20% monthly....

justwise:
That is what i do

Same..

https://www.youtube.com/watch?v=Wb1YAJv_LCM

Lindakam:
Sadly it was just the notice . I think he has a provisional but I think after one year he can't use it right. Might be wrong

He should prepare for court case or pay fine + points on his future UK driving licence

...he should remain truthful to the police to avoid getting into more troubles while giving false information to the police......

Lexusgs430:
With no licence or do you know how many miles over prescribed speed limit.......

This one nah candidate for His Majesties court.......... 🤣😂

He should prepare for court case or pay fine + points on his future UK driving licence

Lindakam:
Good evening everyone,

A colleague of mine who doesn't have a license and sadly drove above the speed was issued a notice of intended prosecution. Please how can he go about this as he doesn't have a driver's license

He's been here for about a year

Hmmm

Why not speed awareness course if this is his first offence?

Why drive without any DL, even a UK provisional license?

Any option of paying a fine alone?

Better he pays the fine