Hezzyluv:


Enlighten us to learn.

"Buying a house in cash" is different from "Buying a house on mortgage" in a foreign country.

Mortgage is the beginning of slavery for many people in western nations because they usually end up paying way more than the worth of the house with the high interest rates involved for multiple years.

That's why a lot of diasporans envy those in Nigeria that managed to buy or build their houses with their own physical cash or investments not those that simply think "buying a house in cash" isn't different from "buying a house on mortgage".

Huge difference bro.

If they bought the house in cash, congrats to them, if it's on mortgage, then they just traded years of their lives to pay up the price of the house and the house still isn't owned by them, it's owned by the bank that financed them, not them.

Even if it's just a 30 year mortgage, pay mortgage for 29 years and 6 months and you can't afford the remaining 6 months, the bank has the right to evict you and resell the house to someone else and start the process all over again.

Many spend their entire lives abroad paying loans they can never pay off,Same with leased cars, jets, helicopters, yachts etc. All of them can be bought on credit in Western worlds and I believe everyone that has any experience around what I just said can attest to that.

So, buying a house or cars in a western country isn't something people usually brag about when it's on loan because it's like "borrowing" the house, car, helicopter , private jet etc from the real owners - the banks and finance companies.

I know of someone that "bought" 4 houses on mortgage in the US and after the 2008 real estate crisis in the US, all 4 houses went under foreclosure and the next step was to file for bankruptcy.

It's great news if they bought their house without any loans from banks, that's what I meant.

When people buy houses in Nigeria, they pay cash and it's theirs for life.

peterboro:


He said 2 and half years.
It's possible. him and his wife.
They only paid mortgage deposit and they will finish paying in 5 or 10years time. depending...

Average mortgage term in the UK is like 25 to 30 years bro. (Not too sure)

If they default serially they can loose the house.

The term (Own) they used is strong.
should only be used if they have completely paid for it.

From the pictures, a house that sizable judging from the parts I can see can’t be paid for with just their savings made working in the UK in only 2.5 years.

Either they got to money from somewhere else to clear the payment or it is just as you said. (Just a mortgage deposit to continue paying to own)

1Sharon:


You're not refuting my point. They prefer to buy outrightly because they don't have an option not to. Nigeria is still a cash economy they can't be trusted to pay back. When Nigerians travel, they mainly travel to hustle they hardly travel for holidays because they're still in survival mode. Only the rich travel for holidays, the average nigerian doesn't.

We're not on same page.

Nigerians buy outrightly because they mostly don't like to owe not that they're not trusted. Just like they do over there, every spllicant will be assessed and if they see you are credible, they sell the idea to you. That's what banks do here, same as auto and insurance firms. I got that option from first bank years back but I rejected it. How can I buy cars on loan and be paying additional fee called interest when I can afford it outrightly? I bought 2 Toyota corolla from metropolitan motors for our field work. Same applies to a lot of people here.

On travels, you can only find plenty of youths travelling to hustle cos they feel they can live better when they go there to hustle. Sadly, they are not seeing the opportunities foreigners are seeing which make them to keep coming in. A Chinese would come with a pair of shoes and a brief case. In a few years he's already a multi millionaire. Our logistics space has been taken over by Chinese while our youths are japaing, parting with millions in the hands of travel agents, same amount they could have started a logistics business with, for instance.

While schooling in America in those days I vowed never to stay back. I came back home to have my share of the market with Indians who once occupied the sector in which I'm quite relevant today. I can boldly say I own up to 45% of the market share, sending a lot of Chinese and Indians packing. The local content gave us a great advantage.

Those who do drop box for usa visa can't be said to be hustling. You've got to have travel experience by visiting usa at least once before you could qualify for that.

So, trust issue isn't the main reason people aren't getting loans to build house or buy cars. They don't just like indebtedness, that's our reasoning and if you ask me it pays off. No HBP, no depression or suicide, should things go awry with your income. That's one of the reasons suicide cases aren't common here, unlike what's obtainable over there. You build outrightly and pay for your car with nobody checking on you or threatening you'd lose your mortgaged house, which you've been servicing for years, cos you defaulted . That's peace of mind my dear. Nothing like it.

ukaface:
Mortgage

Am I the only person that doesn’t like the idea of mortgage? Paying for a house for the next 30 yrs, I want to own the house immediately. What if I don’t feel like working for the next 30 years, or I want to stop working after 10 years? Because of mortgage I will na stay hooked.

It’s a mortgage not a blood oath. You don’t want to be locked in? Pay it off or sell the house and go back to renting. A mortgage system allows middle class families to own homes and property, it by far beats a system where only the wealthy can own property and the rest remain landless serfs

chyzoo4u:
If you know your onions just like myself (yes, I'm bragging), you can own a house within a year in the UK unlike some discouraging stories some people like to tell.

if you know your beans nko?

chyzoo4u:
If you know your onions just like myself (yes, I'm bragging), you can own a house within a year in the UK unlike some discouraging stories some people like to tell.

Mortgage your earnings for the next 30 years. All you need is 10% of the cost of the house. The rest of the cost which can be more than £200k keeps you mortgaged to bank for rest of your life.

Mindlog:


Buy a house in the UK in one year, working as what?

He meant selling powder like majority of Nigerians do in the UK

EreluRoz:
Nigerian men only behave well abroad 😂😂😂 if Dem born am well make he hit his wife there make them bundle him back to his village.

Congratulations to them

Not every one raise there hand to beat there wife, only a foolish man would raise his hand over himself, im happily married with 2kids and the last thing that would never cross my mind is raising my hand over my wife..

chyzoo4u:
If you know your onions just like myself (yes, I'm bragging), you can own a house within a year in the UK unlike some discouraging stories some people like to tell.

In a year? With mortgage or personal savings?

chyzoo4u:


Source: https://www.facebook.com/share/p/tCf3FNt9Mh8Zod5Y/?mibextid=oFDknk

A semi-detached duplex... Definitely via mortgage.

chyzoo4u:


Source: https://www.facebook.com/share/p/tCf3FNt9Mh8Zod5Y/?mibextid=oFDknk

There is nothing new or special about this because owning or buying a house in the UK or any of these developed nations is way different from what we are experiencing down here.

Over there, there's what they call a mortgage loan. One will borrow from the lender, and then you can choose to pay it for 10, 15, 20, or 30 years. Payments are due every month.

The leader can foreclose or take over the house if you fail to pay your monthly mortgage payment.

It is easy to own a house if you have a job and your credit rating is good.

MemoriesAndMe:


"Buying a house in cash" is different from "Buying a house on mortgage" in a foreign country.

Mortgage is the beginning of slavery for many people in western nations because they usually end up paying way more than the worth of the house with the high interest rates involved for multiple years.

That's why a lot of diasporans envy those in Nigeria that managed to buy or build their houses with their own physical cash or investments not those that simply think "buying a house in cash" isn't different from "buying a house on mortgage".

Huge difference bro.

If they bought the house in cash, congrats to them, if it's on mortgage, then they just traded years of their lives to pay up the price of the house and the house still isn't owned by them, it's owned by the bank that financed them, not them.

Even if it's just a 30 year mortgage, pay mortgage for 29 years and 6 months and you can't afford the remaining 6 months, the bank has the right to evict you and resell the house to someone else and start the process all over again. Many spend their entire lives abroad paying loans they can never pay off.
Same with leased cars.

So, buying a house or cars in a western country isn't something people usually brag about when it's on loan because it's like "borrowing" the house or house from the real owner - the bank.

I know of someone that "bought" 4 houses on mortgage in the US and after the 2008 real estate crisis in the US, all 4 houses went under foreclosure and the next step was to file for bankruptcy.

It's great news if they bought their house without any loans from banks, that's what I meant.

When people buy houses in Nigeria, they pay cash and it's theirs for life.

Succinctly stated.

Don't they allow sale of land for subsequent development in the UK? Just curious tho

chatinent:


In a year? With mortgage or personal savings?

You know it is through mortgage loan

SIRTee15:


U don't know what U talking about and I doubt I own property anywhere not to talk of western country.
Where did U get the info U need to pay 80% of your loan b4 the house can be yours...who told U that?
If it's help to buy, once you pay off your equity loan, U can rent the property out and pocket the profit off the rent.

I know people whose mortgage is 600 pounds and they rent their house for 1,300 pounds. Sot down there and be doing bad belle. They are just 5 yrs into their mortgage payment

I know people who bought houses in London for 60k in early 2000s, today those property are over 300k. Which yeye inflation wants to devalue such appreciation.

Pls if U can enter the property market, do so fast. U are already in western country so do as they do.
Drop all those your naija mentality and learn the game here.

Johnny Just Come -- you'll understand when the time comes -- Just to clarify, I've been self-employed for most of my time in the West. Wishing you the best of luck.

MrBrownJay1:
if they both have a full time job, within 24months of good credit, they can easily get a mortgage and buy a house in the UK....nothing special here.
REMEMBER, the house will only truly be "yours" 20/30yrs down the line, after you finish repaying the mortgage (until then, the house belongs to the bank).

Absolutely well said.

chyzoo4u:


Source: https://www.facebook.com/share/p/tCf3FNt9Mh8Zod5Y/?mibextid=oFDknk

I'm no longer painting my room self contained, I'm saving now to japa too abeg.

Naija no worth investing in abeg

Jogs1900:

How?
If you are in the UK, I don't think you can get a mortgage if you haven't lived there for up to 2 years.

You can but will need more than a 10% deposit

idahme:


Mortgage matter....you can't work and buy a house outrightly in the UK only businesses can afford you that.

Even businesses and churches take on mortgages as well.

Digmygold:


Go and sit down. If you aren't a Multi-millionaire buying a house abroad just makes you miserable and you know this.

So if someone doesn’t have multi million dollars in their account, they can’t buy a house?
Do you even think at all?Here I was even thinking I was having a conversation with a sensible person.

ffo:


you have inferiority complex, there are people who buy their first home at 40 and take it to SM, people buy house at 18 and celebrate it in SM. Its a normal thing in the western world, but inferiority complex make it look like its "i better pass my neighbor"

Inferiority complex?
🤣

Ok o!

WhiteWood:



Boy, before you even thought of leaving Nigeria for the UK, I already owned a few properties in the West, all fully paid. While I appreciate the importance of having a place to call home -- the term (Own) you used is wrong -- I can tell, you lack understanding in this matter. My intention is simply to clarify that we should be honest when discussing such matters. The property you currently reside in is not yet truly yours, you are merely occupying it until you can repay at least 80% of the loan used to acquire it. Regarding equity, was the loan you received from the bank interest-free? -- In a few years, when the house is supposedly valued at 250 thousand pounds as you mentioned, will the price of coffee remain the same? Capital NO -- this is not equity as you may have been led to believe, but rather the result of factors such as inflation, your monthly mortgage payments, loan interest, property tax, and other associated costs. While I'm happy for you, I believe it's important for you to understand these realities. have a good day.

True. The idea of a mortgage is to pay it off as fast as possible. A $450k mortgage could have the owner eventually paying off a total of $800k (principal + Interest).

muyico:
mortgage loan!

Even as a mortgage, his current equity in the property will likely buy him a decent house in Nigeria outright. Still tells you that a good system rewards effort

cococandy:


So if someone doesn’t have multi million dollars in their account, they can’t buy a house?
Do you even think at all?Here I was even thinking I was having a conversation with a sensible person.

STFU. Try get Multi Million Naira first nah. Who dash you Multi Million Dollar. On top Cab wey you dey drive or care work.wey your wife dey do? Just be realistic. Stop fooling yourself. Nigerians are no longer that naive. Mortgage Advicer isonu.

Run along on your 25-30 year jail term and stop your yen,yen,yen bragging. Okay?!

chopnaira:

True. The idea of a mortgage is to pay it off as fast as possible. A $450k mortgage could have the owner eventually paying off a total of $800k (principal + Interest).

I'm glad you understand what I mean

ffo:


His choice.
he showed off to encourage others. social media is not only meant for bad news

His life.
His choices.

When he buys a million pound house, he will rent a billboard.

In America you don’t even have to pay it off to rent it out. Take it from someone who has rental properties. The tenants pay me and I pay the bank and pocket the difference.

People will pay more for rent because they can’t afford the initial down payment to own yet but you that’s owning will end up paying less and charging them more for the rent. It’s most definitely cheaper in the long run to be an owner versus a renter

I don’t know why anyone who really knows what they are talking about will want to discourage someone from buying a house because of mortgage. Unless they are enemies of progress. If they really know what’s up and they are still saying that, I’ll just take it that they don’t want anyone but themselves to succeed.

An older lady in my life just got rid of one of her properties that she got years and years ago when they first came here and the equity on it was more than enough for a sprawling magnificent compound with multiple properties in their hometown in Nigeria.

Imagine if she had decided to rent for all those years because Mr Digmygold thinks she needs to wait until she has millions of dollars in her account first. She would have been paying rent and trying to save on the side for her project. When she could just pay it into a house she owns and the money is still hers whenever she’s ready to let the house go. Something a renter can’t do.

People really just be saying anything on this forum

SIRTee15:


U don't know what U talking about and I doubt I own property anywhere not to talk of western country.
Where did U get the info U need to pay 80% of your loan b4 the house can be yours...who told U that?
If it's help to buy, once you pay off your equity loan, U can rent the property out and pocket the profit off the rent.

I know people whose mortgage is 600 pounds and they rent their house for 1,300 pounds. Sot down there and be doing bad belle. They are just 5 yrs into their mortgage payment

I know people who bought houses in London for 60k in early 2000s, today those property are over 300k. Which yeye inflation wants to devalue such appreciation.

Pls if U can enter the property market, do so fast. U are already in western country so do as they do.
Drop all those your naija mentality and learn the game here.

Digmygold:


STFU. Try get Multi Million Naira first nah. Who dash you Multi Million Dollar. On top Cab wey you dey drive or care work.wey your wife dey do? Just be realistic. Stop fooling yourself. Nigerians are no longer that naive. Mortgage Advicer isonu.

Run along on your 25-30 year jail term and stop your yen,yen,yen bragging. Okay?!

Okay clarified. You don’t know what you’re talking about

Pardon me for assuming otherwise

Benjamin4388:


you suppose know bad belle people when you encounter them.. I hope this cuts across all countries not only Nigerians because it so sad

Now I’m seeing what you mean. I really thought the dude was out to say something meaningful

Kalvan:


It’s a mortgage not a blood oath. You don’t want to be locked in? Pay it off or sell the house and go back to renting. A mortgage system allows middle class families to own homes and property, it by far beats a system where only the wealthy can own property and the rest remain landless serfs

Do they actually own the house?

In reality, the bank is their landlord because if they owe "rent", they're loosing a lot more than the house.

Depending on how cooperative and lucky this couple are, it might take fewer than 30 years to really own this home.

Mindlog:


Buy a house in the UK in one year, working as what?

As prine minister