Just before my first pay arrived, on my very first job, my bank balance read:
That was all the money I had to my name.
I owned no assets but I desperately wanted to own a house, a small slice of real estate that I could call mine.
On the plus side, I didn’t have a credit card or a store card because no one would give me one.
My personal balance sheet had a big fat zero on both sides: no assets, no liabilities.
My wage after taxes was £2,128.
With the cost of living in London, it wasn’t extraordinary but it would have to be enough.
It took about 14 months of aggressive saving to get together enough of a deposit for my first property.
That was 2006.
Fast forward 10 years to 2016 and the value of the portfolio stands at £1,825,000.
This course summarizes all the fundamental things I learnt to get that first property.
Lack of this knowledge has led to many people losing their homes to a bank and seeing everything they’ve worked so hard for just crumble away.
Save yourself a few headaches … take step 1 to your life as a property mogul, join this course.
What is a mortgage?
What is the difference between a mortgage and regular loans?
What is security?
What is an estate agent?
How are online estate agents different to regular estate agents?
How can estate agents help you buy properties?
What drives estates agents? What are they motivated by?
What is a mortgage broker?
Do you have to use a mortgage broker to buy property?
Who should use a mortgage broker?
How can mortgage brokers help you build your property portfolio?
What is buildings insurance? (aka Homeowners Insurance in the US)
What is life insurance?
What is an insurance premium?
How can you insure your mortgage is paid of if you died?
Does adding critical illness cover to an insurance policy increase or decrease the premium?
What is a mortgage lender?
Are all mortgage lenders banks?
How can you increase your chances of being approved for a mortgage?
Do you have to take out a mortgage with the bank where you keep your money?
Do you now understand the property market players?
What is a deposit?
How can you get a deposit together?
Is a deposit necessary to buy a property?
What is the minimum deposit you need to buy a property?
What is the loan-to-value or LTV?
If you want to buy a house worth 100,000, what's the loan to value if you're getting a mortgage of 80,000?
If you want to buy a house worth 100,000, what's the loan to value you'll get if you've got a deposit of 25,000?
As the LTV falls (say, from 90% to 75%) what happens to he interest rate that mortgage lenders charge you?
Why did banks allow LTVs of over 100% before the 2008 credit crunch?
Why did banks stop allowing LTVs of over 100% after the 2008 credit crunch?
What is the term or maturity of a mortgage?
What mortgage terms is most common?
As you get older, what happens to the maturity banks are willing to give to you?
As people live longer, what may happen to the maturity banks are willing to give to them?
How are terms and maturities different in developing nations?
Why are terms and maturities different in developing nations?
If you make regular overpayments on your mortgage, what happens to the term?
When is it best to get a longer mortgage term?
What is a mortgage interest rate?
If your credit rating is low do you get a higher or lower mortgage interest rate?
What are people with low credit ratings called by banks?
What are the two key types of interest rate?
Are fixed rates always fixed for the full term of the mortgage?
What are the two most common fixed term periods in the UK?
What is the most common fixed term period in the US?
Why are mortgage rates a little lower in the UK?
What is a base rate?
What is the base rate called in the UK?
What is the base rate called in the US?
What is the central bank called in the UK?
What is the central bank called in the US?
What is an interest-only mortgage?
What is a repayment-style mortgage?
What is an offset mortgage?
Why would you get an interest-only mortgage?
What is a first time buyer?
Are first time buyers at an advantage or disadvantage in the property game?
Why is the government motivated to help first time buyers?
What is remortgaging? (aka refinancing in the US)
When would you normally remortgage a property?
Are there penalties for remortgaging a property?
What should you do before entering into a new mortgage contract with your existing lender?
What is a buy-to-let mortgage? (aka property investment loan in the US)
Are fees different when you want a mortgage for investment purposes? Why?
What is a commercial mortgage?
How is a commercial mortgage different to a buy-to-let mortgage?
How are fees on commercial mortgages different to fees on mortgages in your own name?
Why would you get a commercial mortgage when they are more expensive?
What is a freehold property?
What is a leasehold property?
What are the advantages of freehold properties?
What extra ongoing costs do leaseholders incur that freeholders do not?
This video elucidates what you should expect to find the "Fees, Costs & Taxes" section of this course.
This lecture explains how mortgage brokers charge for their services and when you should expect to pay them.
This lecture explains what arrangement fees are and when you should expect to pay them.
This lecture explains what booking fees are and when you should expect to pay them.
This lecture explains what valuation fees are and when you should expect to pay them.
This lecture explains what an early repayment charge is and when you might need to pay this charge.
This lecture explains smaller fees associated with taking out a mortgage and when you might expect to pay such fees. Compared to other costs involved in arranging a mortgage, these fees are relatively minor.
This lecture explains the difference between a valuation and a survey. It will clear up why you might prefer one to the other.
This lecture explains what real estate agents' fees are, who pays them and when they are normally paid.
This lecture explains what solicitor's fees are and when you should expect to pay them.
Taxes are a huge part of investing in property, failing to understand the tax situation can completely ruin a property investment.
Following 7 years in investment banking, first at Goldman Sachs and then at HSBC, Heather started the curly hair blog, NenoNatural, in late 2012. Neno being the tiny village in Malawi (Africa) where her dad was born.
In under 2 years the site grew to a Facebook following of 400,000 fans, an email list of 40,000 subscribers and Amazon revenues of $100k a year. She’s also grown a property portfolio worth £2m ($3m) since she started just under 10 years ago.
Heather graduated with First Class Honours in Economics from the University of Cambridge. In the past she has written columns for both Malawi News (on Personal Finance) and the Daily Graphic in Ghana (on Hair). She is the author of several books on banking, personal finance, business and hair. She lives in London with her Husband, Harry and their son Chester also known as #LittleZeusy on social media.