If you have purchased or built a house, please, in the comment section, share the creative or unusual strategies you used to save to buy a home. Your innovative approach may help someone else reach their savings goal and fulfil their dream of owning a house. And for those still on the journey of saving for a house, what unconventional saving tips are you considering to make your home-buying dream a reality?
@@emmanuellaa.9203 The video has been uploaded, here is a link to it: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-X-WiPT6KCug.htmlsi=8okE4nLbVkxnT87q
Thank you for this video sis. You mentioned that your developer contributed towards your deposit, which you said is an incentive. Are their criteria to be met to be able to get this kind of incentive and is it something you have to pay back? Also, if you don’t mind could you please give an estimate of how much the hidden cost is?
Consider the incentives real estate developers offer as a gift. You don't need to pay for it back. Don't worry; I have a detailed video on the hidden cost of buying a house in the UK. So stay tuned for that video.
@@Ewaoluwa_Ojo Sis, I have uploaded the video on the hidden cost of buying a house in the UK. Here is the link to the video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eGiZnakHPbw.html
Thanks so much, this is very resourceful. My questions is about the savings bank account you and partner open: 1. What is the account called? 2. The £1000 the government added, hope it's not regarded as public funds?
Hey, thanks for watching! As mentioned in the video, the account is called "Lifetime Individual Savings Account (Lifetime ISA aka LISA)". And the £1000 or 25% bonus from the UK government is not considered public funds.
@@adebolataiwo9177 Yes, there is. You must be 18 or over but under 40 to open a Lifetime ISA. You can put in up to £4,000 each year until you're 50. You must make your first payment into your ISA before you're 40.
What do you mean when you said taking a credit card and staying on it. Another question, when this credit card is funded, how do i repay back the amount being funded in the card
When discussing "taking a credit card and staying on it," it typically refers to consistently using a credit card for purchases and maintaining it as an active account. Here are the details: Staying on a Credit Card 1. Regular Use: Regularly using the credit card for everyday purchases or specific expenses. 2. Paying on Time: Make at least the minimum payment by the due date each month to avoid late fees and interest rate hikes. 3. Managing Credit Utilization: Keeping your credit utilisation ratio (the amount of credit you use compared to your credit limit) low, ideally below 30%. 4. Monitoring Statements: Regularly check your credit card statements for accuracy and any unauthorised transactions. 5. Building Credit History: Using the card responsibly to build or maintain a good credit score over time. Repaying Credit Card Debt When a credit card is used (or "funded"), you owe the credit card issuer the amount spent plus any applicable interest if you carry a balance. Here's how you repay it: 1. Monthly Statements: Your credit card issuer will send you a monthly statement detailing your purchases, total balance, minimum payment due, and due date. 2. Minimum Payment: You must at least pay the minimum amount specified by the due date to avoid penalties and interest rate increases. 3. Full Payment: You can pay off the entire balance by the due date to avoid paying interest. 4. Online Payments: Most issuers offer online payment options where you can link your bank account to make payments directly. 5. Automatic Payments: Setting up automatic payments ensures you never miss a due date, paying the minimum or the full balance automatically. 6. Interest Charges: If you don’t pay the full balance, interest will be charged on the remaining balance. The interest rate (APR) varies by card and can be pretty high. Example of Repayment Process 1. Monthly Usage: Suppose you spend £500 on your credit card in a month. 2. Monthly Statement: At the end of the billing cycle, you receive a statement showing a balance of £500. 3. Minimum Payment: The statement specifies a minimum payment of £25 due by a certain date. 4. Payment Options: Pay in Full: Pay the entire £500 by the due date to avoid interest. Pay Minimum: Pay at least £25 by the due date. The remaining £475 will carry over to the next month with interest. Partial Payment: Pay any amount between £25 and £500. Interest will be charged on the unpaid balance. Example: Credit Card Statement: £500 spent. Minimum Payment Due: £25. Payment Made: £25 (minimum) or £500 (full). By managing these payments effectively, you can maintain a healthy credit history and avoid falling into debt.
Yes, you can. Kindly watch the video in this link if you want to understand how the Lifetime ISA works: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-nkVPLsFY3xE.htmlsi=izumkDW7TGOLou0V
Thanks alot for this tip,its really helpful. Can one save more than 4000 a year,like 8000 per annum if yes will the government pay 2000 sonce ots 8000 one save
@@Chinedu311Yes, you do. In the UK, when you buy a house, you may be required to pay Stamp Duty Land Tax (SDLT). The amount of SDLT you pay depends on the purchase price of the property, its location, and whether it's your first home or an additional property. Here's a breakdown: England and Northern Ireland: 1. Standard Rates (as of 2024): - Up to £250,000: 0% - £250,001 to £925,000: 5% - £925,001 to £1.5 million: 10% - Above £1.5 million: 12% 2. First-Time Buyers: - Up to £425,000: 0% (if the property price is under £625,000) - £425,001 to £625,000: 5% (on the portion above £425,000) - If the property is over £625,000, the standard rates apply to the entire price. 3. Additional Property Surcharge: - If you're buying an additional property (like a second home or buy-to-let), there's an extra 3% surcharge on top of the standard rates. Scotland: In Scotland, a similar tax called Land and Buildings Transaction Tax (LBTT) is applied. The rates differ slightly from SDLT. Wales: In Wales, you pay Land Transaction Tax (LTT), which has its own rates and thresholds. Example Calculation (England & Northern Ireland): - If you buy a house for £300,000: - 0% on the first £250,000 - 5% on the remaining £50,000 - Total SDLT = £2,500 The rates and thresholds may be updated periodically, so checking the current rates when purchasing property is essential. We did not pay stamp duty because we were First-Time Buyers and the cost of our house was not up to £425,000.
