salford1:

That's when you bite more than you can chew which is rampant among Nigerians especially in North America in a bid to impress their friends, family, church members etc. Most Oyinbo will save for years to buy a house with 20% and above - This gives a better interest rate, lesser amount borrowed, and helps to avoid the 4% bank insurance on the amount borrowed. (In Canada). Oyinbo would also often go for a house they can easily afford to pay without breaking a sweat, but our Nigerian people will buy the biggest house at 5% down payment and begin to work like a slave to keep up. Any little wahala, the house is gone.

Nothing wrong with mortgage aslong as you cut your coat to size.

Tina26:
so one should continue paying rent till retirement does that make any sense to u

EgunMogaji2:


After 33 continuous years in the USA, I know a thing or two about oversea mortgages. Oh and I managed real estate banking for Bank of America for a while

But I get your points.

obailala:
Loads of people also prosper in Nigeria where the system doesn't work, and there're also people in those places where things work who haven't prospered like this after decades. SO in summary, it's an individual thing.

bizzibodi:

That is untrue.

itsme01:


look, 10% of asset in Uk or US especially the lowly priced areas Nigerians buy asset cant buy two houses in the part of nigeria i come from, (southwest).. the reason houses go for as far as 400-500k is because intrest rates are factored into cost since you are on mortgage goto upscale areas in Nigeria and see what real estate go out for

naijadrivablog:


Nice, but why not first build in Nigeria (like in Lagos or another city), especially a rentable house, before buying a house in the UK?

Just a little case now, those Tax hungry people would seize it or something.

bilulu:

Nice one bro but I don’t really know if you can sell off a house you got on mortgage. If you live close to those on mortgage you will realize it is easier to pay rent than get a mortgage.

sonnie10:

The interest rate part is not true. If you include the 4-5% interest rate over 30 year for a conventional mortgage for that amount, it runs in millions

naijadrivablog:


Nice, but why not first build in Nigeria (like in Lagos or another city), especially a rentable house, before buying a house in the UK?

Just a little case now, those Tax hungry people would seize it or something.

tot:


That's because they are assuming he paid for the house fully.

In reality, he likely only owns about 10-20% of the house and the bank owns the rest untill he pays it off.

sonnie10:

The interest rate part is not true. If you include the 4-5% interest rate over 30 year for a conventional mortgage for that amount, it runs in millions

itsme01:



the 10% i quoted isnt the intrest, its just the money you pay down.. the intrest monthly after moratorium yearly would still run into huge amount

bilulu:

Truth bro..... who no go no no. Not until you get to Canada you will know it’s more difficult to work and earn there compare to Nigeria

salford1:

This still looks tiny. Atleast to those of us that live in North America .
This is what we call a townhouse.

maxiuc:
people prospering in Nigeria are usually people of questionable characters

Corrupts people

Nigeria system only Favours corrupt people

Rubyventures:


At least instead of paying rent he will be paying off the mortgage to the bank and increasing his ownership percentage.

maxiuc:
people prospering in Nigeria are usually people of questionable characters

Corrupts people

Nigeria system only Favours corrupt people

Fhemmmy:
I like the story and may God continue to bless the dude, but he needs to spell it out to people that
1. Not for everyone and not everyone will be able to buy a house within those period
2. He needs to let people know he has NOT paid for the house cash but bought on mortgage because if we go based on his savings history . . .
He has been in the UK for lets assume 2.5 years and that means 30 months and if he has been saving between 500 to 1000 Pounds monthly . . Lets pick an average of 800 Pounds monthly

That means 30 Months * 800 pounds = 24,000 Pounds and i am NOT sure if that will buy a house cash.

So while i love his zeal, people needs to always paint the proper picture because these are few of the reasons why parents and people back home think that people pick money on the street and thinking after three years he bought a house and they will start to value the poor dude on what isn't paid for yet.

Hwy95:
WHy people no get sennse
When you have a verifiable job with verifiable income and some money for a deposit, anyone can easily secure a mortgage to buy property in Oyinbo land. [/size][size=8pt][/size][size=8pt][size=8pt][/size]
The mortgage loan is a collaterized loan.
Miss a few monthly payments and you lose the collaterized proprty ( house, car, boat, furniture, etc ).
However owning a home in a developed country is a gateway to wealth

Prettychichi21:


sas u do math ontop anoda person money
hustle o

OGHENAOGIE:
a system that works well profit majority... stop twisting d matter...

femi4:
If you do statistics in school, you ll know that the percentage of people achieving success in a sane clime is higher when compares to those living in Nigeria

lakesider:
UK doc that have worked for 10years can't even afford a home..

cococandy:


None of this is true.

If you’re paying mortgage on a house, it’s yours. You can sell it and get bank the money you’ve already put into it. And the bank resells the house to someone else.

The hard part about getting a house is saving up the down payment. Which for a decent house with a minimum of four bedrooms and 2-3 bathrooms in good location is anywhere from 30-80 thousand dollars.

Once you have your down payment saved up and a good credit history, it’s easier than renting.

If I live close to those on mortgage?
That was funny

sonnie10:

The question of rent and mortgage which is better is one that I had diligently considered in past.
Mortgage wins especially when you have long term plans.
Say for you rent a decent 3 bedroom for $1800. All that money will go to a landlord who obviously has the house by mortgage. You are only helping someone else to build equality.
But when you have a mortgage on the same 3 bedroom house of say $250k, you might be paying the same or just a little more depending on your initial down payment.

Here are some of the benefits;

Part of the monthly payment goes to Principal which builds your equity on the property.
You can rent out a spare room for almost $500 a month
You get tax credit at the end of the year
Property value would increase over time even after a recession if you are able to keep
Most importantly, home ownership creates stability to family life and ensures a decent, personalized lifestyle.

sLentlover7778:
2020 my year of Canada .. May it come through by God"s grace.Check here:https://healthgood.com.ng/ricb Thank me later

grandstar:


He bought it through a mortgage. The money he was making monthly was towards a downpayment. My younger brother too wants to buy a house and he's saving up.

I doubt this house is in London. House prices there are crazy. He will only be able to buy a flat there and it won't be anything bigger than a 2bed if he's even fortunate.