#46 How can I borrow more and house hack my way to a buy-to-let property portfolio?
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
4M ago
Hi Heather, Here’s my questions. I'm a single first time buyer, I have just under £10k deposit and i can borrow up to £200K based on some mortgage brokers.. is there any way I can borrow more money to buy a bigger house? What are your thoughts on the "helping hand mortgage" by Nationwide. Are there any other schemes for first time buyers? Second question, my plan is to use the house hacking method to save up faster in order to invest in more BTL properties. What’s your advice on house hacking and is it legal, do i need to inform the lender and would that make them more inclined to raise my int ..read more
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#45 I'm renting and own a BTL property. Will I pay the extra 3% stamp duty?
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
5M ago
Amrita owns a buy to let property and is a renter herself. She has been renting for over a year and wants to buy a home to live in. She wonders if she will have to be pay the extra 3 per cent stamp duty tax on the purchase of her new home. In addition, if she is subject to the extra 3% tax, she asks if she can she avoid it by buying her home through a limited company? That’s what we answer in this short podcast. If you need advice for your own situation, please contact a mortgage broker or personal financial advisor. RESOURCES Call me: https://clarity.fm/heather B School for Kids and other boo ..read more
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#44 Pension SoS for women and the self-employed
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
7M ago
I always say that if you get nothing else right in your financial life, at least own where you live outright by the time you hit retirement and ideally much earlier. Well that’s not quite right, the other thing you need to make sure of, is that you qualify for the full UK state pension. Currently, when I am 68, for so long as I have 35 qualifying years, I will get £185/week in state pension until my dying day. That’s about £800/month or £9,620/year. This is not an insignificant amount and if you live with someone, i.e. your partner, a sibling or friend, it’s double that as you would each quali ..read more
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#43 How we upsized from a £385k home to a £1.1m home
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
7M ago
When you’re at one point in your life it’s often nearly impossible to imagine having much more than what you’ve got – or maybe that’s just my lack of imagination – anyhow, in this podcast I recount the steps we went through to move from our £385,000 beautiful terraced home to a £1.1m detached bungalow in the same neighbourhood. We did all this in 2020 but, even as recently as in 2017, when I walked past the homes on the street where we now live, I thought actually living in one of them was pure fantasy for us and at that point, it was. It took getting a proper second income, a stamp-duty holid ..read more
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#42 How you and your partner can split bills without arguing
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
8M ago
If you’re looking for ideas on how you and your partner can split the household bills without arguing about it, I have a few ideas for you. Obviously what you ultimately go for depends on your own specific circumstances, e.g. whether you’re married or in a civil partnership or not in either, employment status, differences in income and personal beliefs, however, you can either: 1. Split bills fairly – this can mean equally, i.e. 50-50; or in proportion to your incomes. 2. Approach finances with unity – i.e. all money earned belongs to the household regardless of who earned it and is managed in ..read more
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#41 Equity release will rob your kids of their inheritance & you of peace of mind!
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
8M ago
If you’re over 55 and own your home outright or have significant equity, banks target you for equity release schemes. There are two types: lifetime mortgages and home reversion schemes. With a lifetime mortgage you generally get a loan based on the value of your house and your age – the higher your home’s value and the older you are the bigger the loan you can get. Then, rather than pay interest monthly, compound interest is charged and accumulates without payment until your death at which point your house is sold to pay off the borrowed money and accumulated interest. Most lifetime mortgages ..read more
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#40 A student loan is a form of debt, period! Why I disagree with Martin Lewis...
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
9M ago
Now, I disagree with Martin Lewis (the founder of moneysavingexpert.com) on many issues related to debt but on no issue are we more at logger heads than on student loans! Martin Lewis is of the view that UK student loans are not really loans but a form of tax, a graduate tax, in his view…his reasons for thinking this way are based on the way student loans are currently structured. I disagree because viewing UK student loans as a just another tax ignores the following critical issues which are explained in the podcast: 1. UK student loans are not interest free; 2. The repayment threshold can ch ..read more
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#39 Don't Go Henry, Go Cash, First - rushing kids onto bank cards could ruin their financial future
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
9M ago
There are a lot of apps out there right now purporting they’re the divine intervention you’ve been waiting for to turn your kids into personal finance ninjas…news flash: you can’t delegate teaching your kids about money to an app. The app may be able to relay some basic knowledge but ultimately the best builders of wealth need to only master one thing: their emotions. And, like as not, all the behaviours around money in your house – and yes, not talking about money at all counts as ‘a behaviour’ are all adding up towards what your children will ultimately believe about money and how it ought t ..read more
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Focus, Improve and Prosper - setting goals for 2021
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
2y ago
#38 What is the one financial goal you would like to achieve in 2021? - Reduced debt? - Increase pension contributions? - Increase pension contributions? - Save more for children? Extract from the "2021 Life and Career Planners", link below" Most people want to handle their money better but they don’t take any steps to improve their financial knowledge. Simple commitment you can make to handle your money better include: • Instead of taking taxis/cabs, I will take the bus whenever possible; • I’ll spend less on makeup by… • I’ll spend less on magazines by… • I’ll spend less on clothes by… • Whe ..read more
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The Real Heather Katsonga-Woodward (the usual host)
The Money Spot™ - UK Personal Finance
by Heather Katsonga-Woodward
2y ago
#37 In this final episode for 2020, find out a little more about me, Heather, the Host of The Money Spot Podcast through an interview that I had with Alex Sapala. For more on Alex Sapala click the link just below. Related resource: https://www.katsonga.com/wealthblog/the-real-heather-katsonga-woodward-interviewed-by-alex-sapala Ask me a question: https://www.katsonga.com/coach.html Choose a book: https://www.katsonga.com/my-books.html Support the podcast: In $: https://www.buymeacoffee.com/TheMoneySpot In £: https://www.patreon.com/TheMoneySpot Your way: https://www.paypal.me/katsonga ..read more
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