bilulu:

Bro’s if you know wetin mortgage entails overseas you won’t just dive into it.... I’ll advice people to always take their time because it’s not how far but how well. I know a lot of persons who re into mortgage it’s as if you re imprisoned to a large extent

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.

Ibime:


All you need is 10% deposit to get a mortgage.

There is no Doctor that will work 3 years and not raise that unless they spend too much

In the UK I guess?

In Jesus name Amen

Congratulations

Lexusgs430:


Their notion of tiny council flats, means a flat you cannot swing a cat in...........

Hahaha

Factfinder1:


You are a stupid fool for asking me why

easy bro

Thane:
Doctors re making it good in d UK, my friend just got married ystday in just under one yr of moving

Since Buhari and our other leaders have refused to fix the health sector and pay health workers properly, we will see more exodus of our brains, money and the privileged leaders running to London for medical care.
Why do we curse ourselves

Amen I claim it in Jesus name.

ayomide8990:
Op by special grace of God will shall celebrate with you.

Fadomero:
Very simple with fraudulent act very soon now dem go holdam naija abroad no be all of dem I trust

Dont blame your laziness or misfortune on others. Not everyone who has acquired something in this life has done so through fraud.
Save £1000 per month in the UK (yes it can be done).
That is £36,000 in 3 years.
Approach a bank who will see your savings + see your steady income + decent credit rating and you can get a fairly cheap mortgage.
Go to the hinterlands in the UK and buy a house. It is cheap. They are looking for people to populate those areas. As a service-provide, i.e., a doctor, you would be chased and pursued like you have honey stored in you.
It is as easy as ABC.

5 years in this obodo. Bought my second home.
Never rented. God is good.

(Read our)

Congratulations brother only few know what it take to have a property in a foreign country this is hard work and discipline ok

The down payment for a good house in a good first world country
Can buy two of those houses there. Stop comparing and celebrate everyone.

itsme01:




Mortgage things

Always respect Nigerian professionals and hustlers who paid for their phones and gadget in full no contracts, paid for their cars in full no car loan and paid / built their house without mortgage... it takes a lot of hardwork

.

Mirage mirage mirage.........buy a house as if na ehm money. That is 5 to 10 percent payment.
Let him transport himself,wife and two kids for a visit in the next 5 years then you will know he is reach. Mind you, I live in USA.

Congrats but please complete the story. In two years you were able to apply for a mortgage loan to secure a building which you don’t own yet till you complete payment (10-30 years time). If you miss a couple of payments house can be repossessed . Let’s endeavour to tell share our stories in an educative manner so that prospective migrants won’t move to U.K. expecting to be paid enough to have up to £250,000 in there savings in two years

Which lender in America let’s you buy a house for 5% down?

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.

uuzba:

Stop making a storm out of a tea cup.
What is hate speech there now?
Did he curse anybody?
You, where is even your own house?

I don't contend with ppl of low thinking faculty like you. Thank God for what He has done for me so far.

cococandy:
Which lender in America let’s you buy a house for 5% down?

In Canada. It is 5%.

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.

So people including lots of Asians who own 3 and 4 bedroom homes in London have four heads?

Yes owning in London is more expensive but one would get it if he/she works towards it.

cococandy:
The down payment for a good house in a good first world country
Can buy two of those houses there. Stop comparing and celebrate everyone.

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

Appropriate word....

alphaNomega:
People prosper when you have a system that works

chidekings:

That's a blatant lie,Nigeria is not good...we all know that.but they are many naira millionaires in Nigeria,who made their money through legitimate means.

We're talking about a society that gives reasonable opportunities to reward hardwork meritoriously. Trust me the gap is marked

Ibime:


That is wallpaper my friend

Okay. Carry on with your search for it my friend.

Stop paying rent in Canada. You will waste so much money that way.

If you can afford the down payment , buy a house. Sell it when you don’t feel like owning it anymore. Get your down payment back. if the house has appreciated since you bought it, you get the profit too. Some people put $50,000 down payment on a house when they buy and sell it in about 4 years, walking away with $80,000 to $120,000 after selling. Houses appreciated so much last year from the Seattle areas to the subs and even to Vancouver (dunno which part of Canada you’re in) people were cashing out bigly.

And your monthly mortgage would have been lower than the rent equivalent of that home. Renting a four bedroom will you at least $500 more every month compared to if you’re paying mortgage.

We Nigerians often think that if you don’t own something 100% then there’s not point.
Very not true.

I don’t want to go in personal details before some dubious imps on NL will start claiming to know me but seriously ditch the mindset and save/make money.

bilulu:

Na so them dey deceive people for Nigeria.... He should tell us how much mortgage he went into to get the house. There re a lot of Nigerians here in Canada who own houses but we know e Dey play. It’s possible he might not even be practicing yet if their system there works like here. Don’t be deceived

Why are you comparing the low priced areas of US/UK to the high priced areas of naija?

Does that comparison gel in your opinion?
use equivalents.

And no, interest rates are not factored into the value of a house actually. If a house is going for 350k, then that’s it’s face value.
Interest rates will simply be added into your monthly mortgage. Which does make it seem really high of you calculate the amount of interest you will pay at the end of completing your mortgage but there’s a trick.
Nuff said

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

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

The difference is that the average working population in the UK can reasonably work towards achieving such ownership while still enjoying other aspects of life while in Nigeria, most average working people takes decades to build substandard stuff in areas far from town and the highbrow areas are mainly fueled by corruption and some legitimate business people

See why I like Canada

salford1:

In Canada. It is 5%.

cococandy:
. Some people put $50,000 down payment on a house when they buy and sell it in about 4 years, walking away with $80,000 to $120,000 after selling. Houses appreciated so much last year from the Seattle areas to the subs and even to Vancouver (dunno which part of Canada you’re in) people were cashing out bigly.

That's in Vancouver and Toronto. 1 bed Condos were even selling for 500k in Vancouver. I don't know what the housing market in Toronto is like nowadays. However, the Chinese have ruined the house business in Vancouver with speculative buying. People are losing money now if you sell in less than 5 to 7 years.

See wetin yahoo don do us, if u make money too fast you're engaged in fraud. Lol.

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.

Yes, You can be in the US and be useless.
You can be in the UK and be unuseful
You can remain in Nigeria and be blessed
All blessings come from above.

salford1:

That's in Vancouver and Toronto. The Chinese have ruined it with speculative buying. People are losing money now if you sell in less than 5 to 7 years.

I sold in 2018. After four years of owning my first.

Substantial profit. We were amazed.
I’m 2 hours from Vancouver so the market is mostly similar. I do understand that zip code makes a difference.

But it can’t be that different though can it?
That’s my thought though. I’m definitely far from a real estate guru. But owning (if one can afford it) always beats renting in the long run.

superior1:
That only surprises Nigerians. In more saner climes, with a two year work and credit history, you can get a mortgage for a house.

GBAM!
Even less than two years in some cases, a mortgage is a sure banker with a good credit history, employment for more than 12 months and some money for a down payment!

cococandy:


I sold in 2018. After four years of owning my first.

Substantial profit. We were amazed.
I’m 2 hours from Vancouver so the market is mostly similar. I do understand that zip code makes a difference.

But it can’t be that different though can it?

The government stepped in to stop the madness in Vancouver. Houses should ideally increase in value with rate of inflation.
The Area I live in Saskatchewan used to be like that too, till the oil price collapse. Same as Calgary and other oil cities in Canada.

https://dailyhive.com/vancouver/metro-vancouver-home-equity-losses-may-2019