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!

Thats the lie we tell ourselves until we travel out of the Country and achieved what took others 6yrs to achieve in 3yrs.

Just don't fight it........A driver with a direction map will find his bearing quicker than one without a map.

We are quick to justify few success in the midst of poverty as actual success

Praizenewstv:
Popular online medical doctor, Dr. Harvey Olufunmilayo who migrated to the United Kingdom, UK 3 years ago, has just bought a house, praizenews report.

Sharing the photos of the exterior and the interior of the house, he wrote ;

https://twitter.com/DrOlufunmilayo/status/1198515306823667713?s=19

However revealing how it was made possible, Dr. Harvey mentioned that he cultivated a saving culture, and was able to save as much as 500-1000£ every month from his monthly income.

Source ; http://www.praizenews.com/nigerian-single-medical-doctor-buys-house-3-years-after-migrating-to-uk-see-how-he-did-it/

Na mortgage, now! There is no way he could have saved up enough money to buy a house outright in the UK, in 3 years. Wasn't he paying taxes, utilities and transport? Haba!!

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

Exactly! This doctor bought his house via mortgage, by putting down a 10% or 20 - 25% deposit. With a good credit history, he will get his mortgage approved in a short time. Why didn't he include this info in his report?

Naija people ehn......

mployer:
Most Uk trained Doctors can't even buy a house in 3yrs let alone a Nigerian trained Doctor.

He is a coded Yahoo boy

He doesn't have to be a Yahoo boy. Doctors are well paid in the UK, compared to Naija. It all depends in his specialty. And he bought it via mortgage. He could NEVER have paid for it outright, after working for 3 years!

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

Thank you!!

sLentlover7778:
2020 my year of Canada ..

I tap into this blessing. 2020 my year of Canada/Norway/new Zealand in Jesus name. amen!!!

texazzpete:
Nice!

Sad to see how badly damaged the Nigerian psyche is that people are questioning how a medical doctor with a valid, legit source of income was able to buy a house.

Mortgages are not widely known or used in Nigeria. So forgive people who do not understand such things.

They think it is like Nigeria where you pay outright, for everything even property.

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.

And God forbid, if he loses his job or cannot make up the monthly payments for some reason or the other, the bank can go back and repossess the property.

Not saying is not possible, but saving £500-1000 won't buy that house. Let us assume he saves £1000 monthly for 36 months which is not realistic by the way because some months savings will be lower than £1000. Now £1000 X 36 months = £36,000. I do not think you can get the house in question at that amount, but I stand to be corrected. £36,000 is about N16,000,0000 +/-.

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

Corrupts people

Nigeria system only Favours corrupt people

LIES!! Lies!

sonnie10:

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

It does in two ways.

1) it reduces the amount financed. So say the house is N40M and you put down N5M, then you’re only financing N35M.

2) if I need cash as a seller and I have three potential buyers then I might reduce the sale price for the buyer with say N10M. A bit complicated but it’s there.

jabbo:
Not saying is not possible, but saving £500-1000 won't buy that house. Let us assume he saves £1000 monthly for 36 months which is not realistic by the way because some months savings will be lower than £1000. Now £1000 X 36 months = £36,000. I do not think you can get the house in question at that amount, but I stand to be corrected. £36,000 is about N16,000,0000 +/-.

see calculation. Like you know how much he earns .
Just joking since you said assuming.
He only needs downpayment nah. He is not buying the house outright.

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.

The Nigerian government will soon disvalue the Naira, so a house that you buy or build for N40 million will be worth half that value in a couple of years time. Unless you can afford to invest in Ikoyi or Banana island I will advise against investing in Nigeria.

itsme01:

I guess you have never heard of Federal Mortgage bank

Very few people can get a mortgage from Federal Mortgage Bank. The waiting list is long, until infinity. And you must run the account for 6 months to 1 year, before you can apply for one. And the maximum they give is 5 million. That amount will only fetch a bungalow, on the outskirts of the town.

clive2u:
I tap into this blessing. 2020 my year of Canada/Norway/new Zealand in Jesus name. amen!!!

Please Norway if possible. Cold but closer to home so you can come and thaw out frequently.

Those long flights are a beoytch.

Obidr, this is the last time I will respond to an ignoramus. You have a different issue you need to deal with.

There is nothing I wrote here that has not been confirmed. Carry your wahala go treat your personal problem and let others learn. Abroad is no longer a mystery.

Truth is bitter.

EgunMogaji2:


Please Norway if possible. Cold but closer to home so you can come and thaw out frequently.

Those long flights are a beoytch.

Both Norway and Canada are freezers except Canada would be much colder. New Zealand is like the end of the world. while Norway is indeed the closest to home.

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

.

Thank God i met a sensible Nigerian online today, praise the lord ooo
In the u.s if a house is $200,000, you can just pay $50,000 as down payment and then the house becomes yours, then you pay up 1000 or 1280/ month till you finish your payment of 200,000, that's mortgage, three years salary will not give you that house, its mortgage, simple, except he has a side hustle.

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.

Hmmn...this is so deep. Thanks for sharing another perspective, that people often fail to see. Or a perspective that they often choose to ignore.

I know someone who has not been able to visit his family in Naija, in the past 10 years because he believes he is now a failure in the UK, who has been doing menial jobs for over a decade....

EgunMogaji2:


It does in two ways.

1) it reduces the amount financed. So say the house is N40M and you put down N5M, then you’re only financing N35M.

2) if I need cash as a seller and I have three potential buyers then I might reduce the sale price for the buyer with say N10M. A bit complicated but it’s there.

Lets clarify the terms,
Original price of property is constant. It means the price the buyer and the seller have agreed upon after all negotiations.
A seller and a buyer do not discuss interest rate.

For the first part of your answer, the $40M is the original price. Your $5M down payment DOES NOT change that original price amount. It only reduces reduces the financed amount.
To the second part
As a seller, your only concern is on who has bank approval. It DOES NOT matter to you whether the buyer is contributing 0% or 20% of the to Original property price. A seller is paid in full either ways by the bank. All a buyer needs to do is to secure the property with Earnest money to lock everyone else out. Usually, the Earnest money is factored into the total cost of mortgage.

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.

Exactly what I am doing in Nigeria but it's turning out to be a bad decision because of greedy contractors and even family members.

Almost everybody out there think that I am an ATM

The problem with 'buying' or 'owning' a home in US or UK is that they are technically not yours.
Miss two or three mortgage payments and lose the house. Building in Nigeria is good only if you have trusted friends or family members.

Oh

Esseite:
Dont be depressed reading this.... be patient with your hustle.

A country that works

[quote author=sLentlover7778 post=84347656]2020 my year of Canada ..
Yes ooooo....by Fire By Force Ooooooooo

sonnie10:


Lets clarify the terms,
Original price of property is constant. It means the price the buyer and the seller have agreed upon after all negotiations.
A seller and a buyer do not discuss interest rate.

For the first part of your answer, the $40M is the original price. Your $5M down payment DOES NOT change that original price amount. It only reduces reduces the financed amount.
To the second part
As a seller, your only concern is on who has bank approval. It DOES NOT matter to you whether the buyer is contributing 0% or 20% of the to Original property price. A seller is paid in full either ways by the bank. All a buyer needs to do is to secure the property with Earnest money to lock everyone else out. Usually, the Earnest money is factored into the total cost of mortgage.

When I post on Nairaland I usually do from personal experience.

I posted what I’ve done and worked for me. Your mileage may vary.

EgunMogaji2:


When I post on Nairaland I usually do from personal experience.

I posted what I’ve done and worked for me. Your mileage may vary.

Nairaland is more like an open source learning. A topic is posted and everybody contribute. Some wrong, some right and some debatable.
To be honest with you, I am interested to learn what exactly worked for you when as a seller, you preferred to sell to someone with 20% down payment instead of another with 0% down payment, when both buyers had bank approval and the 0% buyer approached you first?

Bad belly.

mployer:
Most Uk trained Doctors can't even buy a house in 3yrs let alone a Nigerian trained Doctor.

He is a coded Yahoo boy

Why not.Ojuju money.

Nvc078:
As a native doctor, can I make it this big in Europe?

AnanseK:

Good for him, but remember this is mortgage from a building society.

He will be paying exorbitant some of money with interest for this house until his retirement. If he defaults in payment the building society takes back the house. When he reaches old age he sells the house and uses the money to move into a private old people’s home.

Because he will be counted as having some money he is not qualified for government subsidy and the old people’s home may actually take all the money he has.

Stop this lowly thinking-- I know a doctor, a Nigerian Doctor that has 40 houses in the UK.

What is bad in getting a Mortgage?

Our fathers that saved every dime, were they better off?

A smart man doesn't use his money for an investment, if he gets a good loan he takes it!

While Nigerians are priding their selves for paying 'in full,' Asians are buying up whole streets.

E Pele sir, Mr pay-in-cash.

0monnak0da:
Simple logic if you buy a house on Mortgage, put a tenant in it and he pays rent which pays the mortgage you are investing

Anything else you are speculating

Bros, sense will not kill you-- that is how the house will be paying mortgage by itself.

How can someone see good credit and not take it?

Only poor people believe savings makes them better off.

EgunMogaji2:


It does in two ways.

1) it reduces the amount financed. So say the house is N40M and you put down N5M, then you’re only financing N35M.

2) if I need cash as a seller and I have three potential buyers then I might reduce the sale price for the buyer with say N10M. A bit complicated but it’s there.

I assume scenario 2 is for a situation where the N10m is the full price of the property... Otherwise how does it help?

sonnie10:

Nairaland is more like an open source learning. A topic is posted and everybody contribute. Some wrong, some right and some debatable.
To be honest with you, I am interested to learn what exactly worked for you when as a seller, you preferred to sell to someone with 20% down payment instead of another with 0% down payment, when both buyers had bank approval and the 0% buyer approached you first?

I can lower may sale price for quick escrow. Quick escrow in 10 to 15 days versus the typical 30 to 45 days or more where market might change.

I can lower my price for an all cash sale which translates to quick funds in my hands to pursue other interest.

I've paid more than asking price to beat out other buyers when I must have the property.

tot:


I assume scenario 2 is for a situation where the N10m is the full price of the property... Otherwise how does it help?

Sale price is still the N40M.

Quick escrow to a cash buyer is preferable to me to a buyer who has a loan.

I've been on both sides.

salford:

Both Norway and Canada are freezers except Canada would be much colder. New Zealand is like the end of the world. while Norway is indeed the closest to home.

Does it matter once we're past freezing temps?