AngelaInteriorz:


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

I'm not searching for anything. You can clearly see the wallpaper lining, yet telling lies because you are looking for business

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

That is a country that cherishes humanity and dignity. They place a premium human lives.
Once your service is good and you are upright , good moral rectitude. The Skye is the beginning for you

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

How does your down payment increase or alter the original price of the property if I may ask?

sonnie10:

How does your down payment increase or alter the original price of the property if I may ask?

down payment doesnt affect original price, what am arguing outrigtly is saying 10% of 400k usd would build two houses in nigeria as falsely claimed by the person i replied

or 40k to 50k usd 10% of average mortgage, 15 million naira can build two houses , with same rooms as a uk terrace or half duplex using blocks and cements

[s]

itsme01:



down payment doesnt affect original price, what am arguing outrigtly is saying 10% of 400k usd would build two houses in nigeria as falsely claimed by the person i replied

[/s]

Getting a mortgage house isn’t easy but then isn’t a big deal especially for an average healthcare professional in the UK. Most trained health professionals ranging from pharmacists, doctors, nurses, consultants etc earn at least £36k annually and they usually get a mortgage within 2-3years of practising. So nothing spectacular.

tot:


Yes true, but my point was that some people must have assumed he bought the property cash down.

I suppose in the UK when you buy a house everyone assumes that you have got a mortgage, he never really said outright purchase.

sLentlover7778:
2020 my year of Canada ..

Amen to you.

obailala:
A system that works profits many, but whether a system works or not, many people can still prosper with the right mindset, discipline and hardwork. As bad as the Nigerian system is, there're still many who prosper. Conversely, as good as the UK system is, there're still many who haven't prospered so once again, it's an individual thing!

Unfortunately, many people limit themselves with this defeatist mindset that they cannot make it because the system is bad. Some believe they can never prosper except they leave the country or resort to criminality (with the belief that only those involved in illegality make it in Nigeria). At the end, you are a product of your mindset! You are a product of what you believe!

Many is very vague.
You and I know the % of people struggling with even the basics in Nigeria is VERY HIGH compared to the UK. A country with 25% unemployment rate and you are talking about MANY.

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.

Congrats to him. But more Nigerians abroad should try to be more precise when flaunting material achievements online. Because it creates the wrong idea if not.

There is a 99% chance that he bough that house on mortgage that has to be paid off monthly over 20 to 30 years. Average is 25 years.

Of course it requires discipline, dedication, consistency and industry to do so over such a long period. This puts things in perspective for those not familiar with the system in the West.

Such a simple post from his excitement can affect millions of Nigerians abroad more negatively than it already is. With their family members and friends left behind thinking buying a UK house is a doddle and therefore begin having outrageous expectations. Making unrealistic demands. I know what i am talking about.

AreaFada2:


Congrats to him. But more Nigerians abroad should try to be more precise when flaunting material achievements online. Because it creates the wrong idea if not.

There is a 99% chance that he bough that house on mortgage that has to be paid off monthly over 20 to 30 years. Average is 25 years.

Of course it requires discipline, dedication, consistency and industry to do so over such a long period. This puts things in perspective for those not familiar with the system in the West.

Such a simple post from his excitement can affect millions of Nigerians abroad more negatively than it already is. With their family members and friends left behind thinking buying a UK house is a doddle and therefore begin having outrageous expectations. Making unrealistic demands. I know what i am talking about.

Thank you. Exactly my point. It's misleading.

Rubyventures:


I suppose in the UK when you buy a house everyone assumes that you have got a mortgage, he never really said outright purchase.

Neither did he state he only owns the house partly.

itsme01:



down payment doesnt affect original price, what am arguing outrigtly is saying 10% of 400k usd would build two houses in nigeria as falsely claimed by the person i replied

or 40k to 50k usd 10% of average mortgage, 15 million naira can build two houses , with same rooms as a uk terrace or half duplex using blocks and cements

We know what you are talking about, Banana Island, VI, Ikeja GRA, Omole phase I, Lekki phase 1 and 2, Magodo, Maryland and the likes of Ogudu GRA. But let’s not digress.
That your post had two paragraphs. You have only addressed one of them now.
The part where you connected interest rate with property price is still missing in this explanation.

sonnie10:

We know what you are talking about, Banana Island, VI, Ikeja GRA, Omole phase I, Lekki phase 1 and 2, Magodo, Maryland and the likes of Ogudu GRA. But let’s not digress.
That your post had two paragraphs. You have only addressed one of them now.
The part where you connected interest rate with property price is still missing in this explanation.

I am waiting for this as well... Gonna see some interesting theories today

Simple

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.

sonnie10:

We know what you are talking about, Banana Island, VI, Ikeja GRA, Omole phase I, Lekki phase 1 and 2, Magodo, Maryland and the likes of Ogudu GRA. But let’s not digress.
That your post had two paragraphs. You have only addressed one of them now.
The part where you connected interest rate with property price is still missing in this explanation.

kindly quote the second paragraph and mention me let me see

[s]

itsme01:



kindly quote the second paragraph and mention me let me see

[/s]

supereagle:

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.

I take as an exception on the highlighted remark as an atheist who doesn’t believe in a sky daddy and whatever above means. Neither am I a fatalist who believe that success and destiny are predetermined. Everyone (in a working system in Western world) have the capacity to decide and pilot their future and become whatever they want. One’s destiny is in their hands to put it simply.

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, please find highlighted, your exact words.

I built my own house too without traveling abroad.
Blessing is not from abroad but from above.

sonnie10:


Itsme01, please find highlighted, your exact words.

some agents would only list to people with mortgage account and wellsfargo would list what you would pay back as the cost you only get actual cost (buy out cost) if you ask the realestate agent

Ibime:


1 year is enough if you shine eye and drink garri sef

Well, 15 days if you ask for short escrow and if you carry your money come from Nigeria like Air Shyte CEO

Nice one doc.....beta days comin for mua....

itsme01:


some agents would only list to people with mortgage account and wellsfargo would list what you would pay back as the cost you only get actual cost (buy out cost) if you ask the realestate agent

Lets remain focused on the point raised.

Yes or no, did you type that part of your post I highlighted?
If yes, it needs to be addressed.

On the side, banks hardly own properties, they only finance.

[s]

itsme01:


some agents would only list to people with mortgage account and wellsfargo would list what you would pay back as the cost you only get actual cost (buy out cost) if you ask the realestate agent

[/s]

abnot:
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

They never complete the story. They show flashy pictures of malls, snow laden streets and buckets of KFC chicken.

They never show the 4 hour commute, the triple taxation, debts, daycare costs, utility bills, etc

We all deserve to live anywhere we want but I hate when they put the locals down. Yeah Nigeria is bad but I haven’t been able to enjoy my siesta due to constant ongoing construction in my hood.

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

Depends. it could also be a gateway to bankruptcy like it has happened in some parts of Canada. If you buy in an overinflated market, and the market corrects itself. Negative equity straight.

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.

Because 9ja banks won’t give him 100 year loan (mortgage)

bizzibodi:
If na Nigeria he will never agree to buy or build this type of house design,but why buy a house & not rent when u not a permanent resident.

Actually to qualify for a mortgage one of the major requirements aside finance is that one must have a settled status. A settled status is a person who has a permanent residence/indefinite stay, a British or EU citizens and in some cases refugees and to qualify for permanent residency one must have lived in the UK for at least 5years which he clearly hasn’t.

Another crack in his story is that for the 3years he claims to have been here he must have to spend a year to run a course to enable him practice as a foreign trained doctor. Is it 2years (or less) savings of about £1k that he used to get the mortgage or he came with savings from Nigeria? Anything for clout dey sha.

0monnak0da:

This is where I disagree . The ALWAYS part.

It is not true. It depends on so many factors including point of entry (cost) and locality.
Within a country there are sub-markets and we must not forget what led to the financial crisis of 2008.

The idea that owning a house is ALWAYS a good thing is just like the any other religious dogma It sounds good and persuasive but facts are different . Often Houses are LIABILITIES that take away money rather than generate money and the expectation that they will "appreciate" is speculation. Even if that happens it may not happen at a useful time in the lifetime of the "investor"

A little bit of analysis should suffice.

Generally speaking Houses prices are driven by demand and supply like most other markets but with housing the inflationary trend may surpass the baseline inflation because of over available and over cheap credit.
Often this is underpinned by government policy and resource allocation decisions e.g in the UK schemes like Help to Buy. favourable Stamp duty and tax regimes for first time buyers etc. Investing in property is good when supply is low and also credit is tight. When credit is available cheaply to everyone sooner or later there must be a correction
So you have House prices that may be artificially high and at risk at crashing as we saw after 2008. This may be a lower risk in the UK compared to the US because a lot more people in the US buy houses for speculation rather than to live in
If you look at the lifetime of a typical mortgage =25 years and compare the rent paid there may be no difference or very little difference.
There are pros and cons to each decision but property is not necessarily the best place to park your wealth. That is a myth
Property prices have crashed before or stagnated for long periods with owners trapped with debt in excess of the value of the property(negative equity) and this will happen again as long as cheap mortgages are available fuelling property price inflation. There will always be painful corrections from time to time.
If feels good to buy a house but if you are living in it then in my book that is not necessarily an "investment" but rather an expense.

The real test of property is whether rent covers the mortgage and running expenses. This is rarely the case unless there is a substantial deposit which is then money tied down not working
If you enter the market at the right point of the curve you will smile but property prices cannot appreciate for ever. With cheap credit it can become a BUBBLE and you do not want to be the last person holding a house that you cannot sell or can only sell for half of what you paid

You’re right.

And Frump has removed quite a bit of the tax benefits.

googi:


Envy, envy from who to who. Nobody envies someone if you have been there, done that and mentored others into the right ways.

Facts are stubborn fictions are easier to absorb. Those of us that have seen many misguided Nigerians wasting abroad must be wicked if we do not raise facts as many have done on this topic.

I feel sorry for your types because you will never learn until they post your picture wallowing on main streets abroad. Though I hate those doing that.

Truly, you have a serious inferiority complex masquerading as one who knows too much about people living abroad. If it helps you sleep at night, continue to decieve yourself. Now get this straight, no doctor in UK is living on handouts...infact they already have been recruited for jobs before leaving Nigeria after passing the PLAB exams. To burst your bubble, it is an exam Nigerian doctors pass with ease. You really have esteem issues. Congratulate him as it is glaring that you have not achieved anything...Jealousy.

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.

You can sell a house that you mortgaged.

Zillow.Com