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Nairaland Forum / Nairaland / General / Travel / Living In The Uk-life Of An Immigrant (part 2) (1294931 Views)
Living In The Uk-life Of An Immigrant (part 3) / Living In Canada/Life As A Canadian Immigrant Part 2 / Living In The Uk/life As A UK Immigrant (2) (3) (4)
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Re: Living In The Uk-life Of An Immigrant (part 2) by dustydee: 9:08am On Oct 23, 2022 |
Lexusgs430:Abeg link me up. I dey give discount if the receptor "fetch" am direct by hersef. |
Re: Living In The Uk-life Of An Immigrant (part 2) by Lexusgs430: 9:11am On Oct 23, 2022 |
dustydee: Are you sure, only one attempt would score the goal ......... |
Re: Living In The Uk-life Of An Immigrant (part 2) by semmyk(m): 9:23am On Oct 23, 2022 |
[PROPERTY INVESTMENT] Be ready for research, research, research. Don't follow the pack. Research and follow through on your intent. It's a marathon, not a sprint. Be ready to put in the hardwork, gain insightful experience, sacrifice and live a non-BUGA life (that doesn't mean you don't treat yourself!). www.gov.uk/individual-savings-accounts/how-isas-work There are 4 types of Individual Savings Accounts (ISA): - cash ISA - stocks and shares ISA - innovative finance ISA - Lifetime ISA www.gov.uk/individual-savings-accounts/how-isas-work NS&I (National Savings and Investments), a state-owned savings bank in the UK, offers Premium Bonds and a range of other savings and investments, including Direct Saver. NS&I is a non-ministerial department. "... property is a long game, we have leveraged ..." ~ Ticha Mar 2022 "... Buy close to transport links ..." ~ Ticha Jul 2021 Gemma11: hustla: Ticha: Ticha: Ticha: Ticha:From old thread: Ticha:From old thread: Ticha: Ticha: An earlier attempt at collating semmyk: Pearlyfaze: 21 Likes 11 Shares |
Re: Living In The Uk-life Of An Immigrant (part 2) by hustla(m): 9:31am On Oct 23, 2022 |
Gemma11: Thank you for your reply. Got the CC off links here and phone contract is now about 4 months, payment has never been missed on the CCs as direct debit has been set Just have some questions from what you have written. If over 30, how many years mortage do you get then? LISA was discussed by , I think Ticha, some time ago but I have not put much thought into it as I do not even have a deposit yet, can it be started without being ready to buy a house? Also, for a first time buyer, is it advisable to buy cheap, maybe a 1 bd or 2bd and then build from there? Or just go all out for a 3bdr and then buy other cheap ones when you can re-mortgage in the future? For paying more than the monthly mortgage, I thought if you pay your mortgage off before time, it will lead to a penalty or your advice is to pay more than the set amount a couple of times in a year? 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by dustydee: 9:33am On Oct 23, 2022 |
Lexusgs430: Once I touch, it latches on, no joke. Fear dey catch me sometimes sef. |
Re: Living In The Uk-life Of An Immigrant (part 2) by hustla(m): 9:39am On Oct 23, 2022 |
Ticha: Thank you for your help! Considering my lovely green passport, movement to AU might need some extra planning and a couple of years due to PR requirements If I have questions again, Ill be sure to drop a mention on here so everyone can learn at the same time 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by hustla(m): 9:50am On Oct 23, 2022 |
semmyk: I went back and read it |
Re: Living In The Uk-life Of An Immigrant (part 2) by hustla(m): 9:51am On Oct 23, 2022 |
dustydee: Nigerian Haaland Maximum respect 2 Likes |
Re: Living In The Uk-life Of An Immigrant (part 2) by justwise(m): 10:21am On Oct 23, 2022 |
@Davidonkonsults Sorry i have to take down your posts on this issue, we have been on it for days. Please lets move on. Thank you. |
Re: Living In The Uk-life Of An Immigrant (part 2) by Gemma11: 10:31am On Oct 23, 2022 |
hustla: Always best to do your research but from my experience, once over 30, Lenders/brokers start looking at retirement age and ask when you will be able to pay off the balance. This is for residential properties. Most retire at 65..used to be enforced but not anymore so you could convince them that you will retire at 70 (doesn't have to be your intent and it not law breaking). Also if you have a work pension, you can tell lenders how much it is worth and convince them that you will use that to clear your balance when you retire..again doesn't have to be true. The goal is to just get your leg on the property ladder and hustle your way up from there. For Buy to Let Properties, Lenders require 25% and you could possibly take out the longest term mortgage which is 40 years regardless of your age if you can show proof that the rental income will more than cover your payments. Another tip, if looking to acquire more than 3 rental properties, try to buy them with a ltd company you can create, that way HMRC won't hit you so much where it hurts when it comes to tax assessment time. re: buying 1-2 bed. It is really to what you want to achieve. If I were single, I would buy a property with more than one room as I could want rent one out. LISA is for 18-39 years olds. If you & partner can save £4k per year(£83 per week) each for 3 years you could receive around £6k free from the Government over the course of that time. So in 3 years you both would have a combined £30k for a deposit. This is is a 25% increase on your money which you won't get if the money is just sitting in an ordinary bank account. This deposit can only be used for residential properties though but as I said you can still rent out a room. When I was small I remember some strange people living in our upstairs rooms. It was only when I got older that I realised that my Dad had rented out two rooms to help him cover the mortage payments. With most mortgages you can overpay up to 10% each year without penalty. So if your mortgage is around £200k and overpaying is not going to amount to be over £20k per year (£1666 extra per month) you'll be within your mortgage agreement. Also never pay for a broker as there are very free ones around like "L&C Mortgages" who are paid by the Lenders to find customers or you could just approach a bank directly. 23 Likes 10 Shares |
Re: Living In The Uk-life Of An Immigrant (part 2) by Gemma11: 10:36am On Oct 23, 2022 |
semmyk: Thanks for quoting me but there was some typos in my post which I have corrected. |
Re: Living In The Uk-life Of An Immigrant (part 2) by dustydee: 10:47am On Oct 23, 2022 |
hustla: I am humble, sir. The issue may not be me but my partner. Now na to double up to avoid stories that touch. 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by leef2022: 11:23am On Oct 23, 2022 |
Gemma11: E be like "thanks" plenty for your bank.. u no sabi sey @semmyk deh quote a whole- infinity ♾ Wikipedia pgs? 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by Amarathripple0: 11:35am On Oct 23, 2022 |
Gemma11:Speaking of LISA, can I put in the funds at once or do I have to make payments in instalments for it to be viable. Also, I hope this does not translate to public funds, since the government is contributing? Thanks |
Re: Living In The Uk-life Of An Immigrant (part 2) by Nobody: 12:09pm On Oct 23, 2022 |
Just to add a couple of points on this discussion about LISAs, because I think they offer the best option for first time buyers now that HTB has been shut. Although it works on an annual basis, it's not the traditional January - December year. It's the tax year, which runs April 6 - April 5. What this means is that hypothetically (though they advice you give a week's allowance to be sure the funds settle), on the 5th of April 2023, you can put in 4k and get the 1k bonus, put in another 4k on the 6th April 2023 and get 1k, and then on April 6 2024 put in 4k and get another 1k. That would mean you've put in 12k and gotten 3k free in the space of just over a year, because the bonus takes a month or so to come in after the final payment. Second thing is that your LISA has to be active for a year before you can withdraw from it to make a purchase without losing the 25%. So if you're looking to buy in less than a year, rethink opening a LISA. I should stress though- the APRIL 5 EXAMPLE WAS JUST FOR ILLUSTRATION PURPOSES - Please check with your provider to confirm how much lead time you need to give between making the payment and when it reflects in your account. Some say 1 week and others say 2 or more. If you make the payment in less time than required, even if it is before April 5, it may settle in the new tax year and you will have lost that allowance. 15 Likes 6 Shares |
Re: Living In The Uk-life Of An Immigrant (part 2) by Nobody: 12:11pm On Oct 23, 2022 |
Amarathripple0: You can put the payment in at once. And my research was that it doesn't constitute public funds. There was a lot of ambiguity but that was the conclusion I reached after many hours of research. Hopefully someone here can confirm. 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by Pearlyfaze: 1:15pm On Oct 23, 2022 |
dustydee: Thank you. |
Re: Living In The Uk-life Of An Immigrant (part 2) by Pearlyfaze: 1:18pm On Oct 23, 2022 |
AlphaUno: Thank you. Make we kuku persevere. |
Re: Living In The Uk-life Of An Immigrant (part 2) by Viruses: 1:24pm On Oct 23, 2022 |
Gemma11:Interesting. This is the first time I'm seeing this. 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by Pearlyfaze: 1:25pm On Oct 23, 2022 |
koonbey: Abeg does this mean that as a current LISA account holder, i can do extra two direct deposits on April 5 & 6 2023 and buy by say June or July. We currently have a running LISA that started in March this year each account will hit the 4k mark by Feb 2023. So If we pay 8k between April 5&6, it will become 10k by end of April 2023. Nor vex for my haphazard kwetion. |
Re: Living In The Uk-life Of An Immigrant (part 2) by Adapapaokoye: 1:29pm On Oct 23, 2022 |
Hello House. Please if you need a childminder or someone to do school run (South London). Please send me a DM. Thanks |
Re: Living In The Uk-life Of An Immigrant (part 2) by Nobody: 1:50pm On Oct 23, 2022 |
Pearlyfaze: Your limit for the lifetime ISA is 4,000 per year. If you reach the 4k in Feb next year, you can't pay in any additional money because February 2023 is still within the tax year of April 6 2022 - April 5 2023. You can only pay in another 4k from April 6 2023, after which the bonus should be paid in time for you to buy in June. 2 Likes 4 Shares |
Re: Living In The Uk-life Of An Immigrant (part 2) by bigtt76(f): 3:03pm On Oct 23, 2022 |
Pls what phone contract are you using? hustla: |
Re: Living In The Uk-life Of An Immigrant (part 2) by Gemma11: 3:03pm On Oct 23, 2022 |
Amarathripple0: You can pay in installments or lump sum if easier using the stragety which @koonbey posted above . You have to be a UK resident and tax payer to open an LISA. I can't see any rules where it says legal immigrants or international students are forbidden to open one but you could make enquiries among your peers or if on a student visa with your educational establishment just to be on the safe side. 1 Like |
Re: Living In The Uk-life Of An Immigrant (part 2) by hustla(m): 3:09pm On Oct 23, 2022 |
bigtt76: Vodafone |
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