HBB1:


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.

Guy this is the internet. True it is a faceless forum but It is very unlikely that in real life you would have the opportunity to tell me this rubbish.

If you do not comprehend or understand ask questions and do that POLITELY

Did you comprehend what you read before you were overwhelmed by the impulse to quote me? Did I talk about saving AT ALL

You clearly lack understanding and exposure. Must you talk
Please go and play with your coevals and naff off

cococandy:
See why I like Canada

You can also buy in the US for 3.5%.
And for cheaper too.

0monnak0da:


Guy this is the internet. True it is a faceless forum but It is very unlikely that in real life you would have the opportunity to tell me this rubbish.

If you do not comprehend or understand ask questions and do that POLITELY

Did you comprehend what you read before you were overwhelmed by the impulse to quote me? Did I talk about saving AT ALL

You clearly lack understanding and exposure. Must you talk
Please go and play with your coevals and naff off

Hahaha.

You realize I was not insulting you but supporting your comment?

Sorry sir o!

Guess you don't understand Street lingo-- pepper body.

Jossyroyal1:
Nigerian doctors will cease any opportunity to zoom out of this country...

seize
Correct it and I will modify

FUnny answers and post going ON

HBB1:



Hahaha.

You realize I was not insulting you but supporting your comment?

Sorry sir o!

Guess you don't understand Street lingo-- pepper body.

Guy I am not going for elecction and so I am not looking for support.

Sometimes I wonder what I am doing here

2buffagain:


You can also buy in the US for 3.5%.
And for cheaper too.

Once upon a time in the Uk we had 0% mortgage! until the credit crunch.

tot:


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

Same question I asked. In fact only bank is privy to the information regarding buyer’s % contribution to the mortgage
The seller has nowhere of knowing who contributed what during the transaction.
It might even interest you to know that the seller is more likely to get his money faster in a bank finance option and from an individual who pay 100%. That is how effective the system is.
There is a reason the banks would run the transaction through an underwriter.

0monnak0da:

Guy I am not going for elecction and so I am not looking for support.

Sometimes I wonder what I am doing here

Ok bye, since you are bigger than everybody here...

TechCapon:
Please anyone that knows where to buy this type of wallpapers should mention me abeg.

You can get it from Building Materials International Market, Obidi, if you're in, or close to Anambra.

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.

But you are also 4getting that a bigger hoyse means bigger equity plus a good retirement!

sonnie10:

Same question I asked. In fact only bank is privy to the information regarding buyer’s % contribution to the mortgage
The seller has nowhere of knowing who contributed what during the transaction.
It might even interest you to know that the seller is more likely to get his money faster in a bank finance option and from an individual who pay 100%. That is how effective the system is.
There is a reason the banks would run the transaction through an underwriter.

Credit and financial regulations, if not you are billed as comiting a crime!

sonnie10:

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

it does not

opray:

Wow...Let come and migrate to UK�.

I will prefer Canada instead

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.

Oga the chances of any human being paying you $1M in cash in like finding a needle in a haystack.
Moreover, transfer of title is usually through a title company. You don’t get any money from anybody until the title company is satisfied. Their job is to make sure all parties are ready and in agreement under oath to fulfill obligations including payment before sales are finished. This applies to cash and bank finance options.

EgunMogaji2:


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.

At what point will this escrow be done? What if the deal falls through?

Isn't it at the point the bank releases the balance that the buyer's deposit too is removed, so still not clear how this your scenario works.

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

Doctors in the Uk are termed key workers so benefit from the help to buy scheme, so you are allowed to mortgage 30% OF THE TOTAL VALUE OF TEH HOUSE ,You can even have a deposit as low as £5k

sonnie10:

Same question I asked. In fact only bank is privy to the information regarding buyer’s % contribution to the mortgage
The seller has nowhere of knowing who contributed what during the transaction.
It might even interest you to know that the seller is more likely to get his money faster in a bank finance option and from an individual who pay 100%. That is how effective the system is.
There is a reason the banks would run the transaction through an underwriter.

That is my understanding as well which was why I was curious about the scenario.

sonnie10:

Oga the chances of any human being paying you $1M in cash in like finding a needle in a haystack.
Moreover, transfer of title is usually through a title company. You don’t get any money from anybody until the title company is satisfied. Their job is to make sure all parties are ready and in agreement under oath to fulfill obligations including payment before sales are finished. This applies to cash and bank finance options.

I thought you wanted to learn.

Apologies.

tot:


At what point will this escrow be done? What if the deal falls through?

Isn't it at the point the bank releases the balance that the buyer's deposit too is removed, so still not clear how this your scenario works.

It’s okay.

Have a nice evening.

To others who might be learning, another way to reduce the price is if the buyer is not represented by an agent.

EgunMogaji2:


It’s okay.

Have a nice evening.

Seriously, I just want to learn. At what point would this be done and how about the risk?

EgunMogaji2:


I thought you wanted to learn.

Apologies.

I am still a learner but a curious one. Like I said earlier, I prefer open source learning.
When I make a post, I honestly expect and appreciates it when it is added upon, trashed, edited, reviewed, corrected.
I am totally fine with criticism.

EgunMogaji2:
To others who might be learning, another way to reduce the price is if the buyer is not represented by an agent.

Penny wise pound foolish. If you are a novice in real eastate, you would be at the mercies of the seller. A stranger you don’t know from Adam. How would you allow someone be a judge in their own case?
Your agent is in the transaction to represent you. His license and reputation is at stake. There are also issues of liability which you can raise if your agent does not guide you with certain information for you to make an informed decision. For instance, in states were flood disclosure is not mandated, you may not know if a house was flooded except your agent tells you.
Moreover, even if the seller agrees to reduce the price based on the fees he would have paid to your agent ( yes, seller pays both agents commission), he is not doing you a favor because he knows if you had an agent, your agent would point to things in the house that would cost him (seller) more money to rectify.
This issue would still come back to hunt you or Cost you more money down the line when you take ownership of the property.

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

Mumu spotted. Did you miss the part where he stated that he saved £500-£1000 every month? Now let's say he saved £500 every month for 3 years that is 18k. From what I see that house is not in London. So let's say the house cost 180k and paid 10% deposit and they multiply his annual income by 3 (as a doctor he is guaranteed 60k per annum) to be the equivalent of the mortgage. Tell me its not possible? A doctor in England can never be a yahoo boy

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

Canada na English colony

erico2k2:
FUnny answers and post going ON

Spacious 4 bedroom bungalow for SALE in ONITSHA, asking price is 16 million naira, the price is negotiable but if you get buyer for 16 million naira, the house owner will give you a commission of Five hundred thousand naira, call/chat the owner on whatsapp via 09032290584 to get more details and pictures of the house.

The house is a very big 4 bedroom bungalow, it has 2 sitting rooms, all the bedrooms has toilet/bath, it has a big kitchen with store, the bigger sitting room has a toilet, the compound has 3 block dog cages and a parking store and generator house with an overhead tank.

bolayei:

Mumu spotted. Did you miss the part where he stated that he saved £500-£1000 every month? Now let's say he saved £500 every month for 3 years that is 18k. From what I see that house is not in London. So let's say the house cost 180k and paid 10% deposit and they multiply his annual income by 3 (as a doctor he is guaranteed 60k per annum) to be the equivalent of the mortgage. Tell me its not possible? A doctor in England can never be a yahoo boy

You are close, but your analysis is wrong. He, probably, did help to buy. The price of that house is between £350k and £400k. Help to buy is 5% for the buyer and government support with 20% which is refundable. That house is about £400,000 depending on the location. The Bank provides the remaining 75%, which he will be paying back gradually, as a mortgage, over a period of 25yrs. Any other info is a counterfeit. #100%#fact#

geosegun:


You are close, but your analysis is wrong. He, probably, did help to buy. The price of that house is between £350k and £400k. Help to buy is 5% for the buyer and government support with 20% which is refundable. That house is about £400,000 depending on the location. The Bank provides the remaining 75%, which he will be paying back gradually, as a mortgage, over a period of 25yrs. Any other info is a counterfeit. #100%#fact#

Where did you get this help to buy analysis of yours from? Please have a read of what help to buy means, its part mortgage part rent.Ur mortgage is reduced to 30% of the value of the house this is what ur deposit is based on the other balance % you pay as rent,

0monnak0da:
Why argue foolishly
Are you in the UK or you just want to do I too know
Houses are built with cement blocks and the exterior covered with bricks .
Educate yourself and stop being a nuisance

Whaaat!U are an insolent & uncultured kid!!

bolayei:

Mumu spotted. Did you miss the part where he stated that he saved £500-£1000 every month? Now let's say he saved £500 every month for 3 years that is 18k. From what I see that house is not in London. So let's say the house cost 180k and paid 10% deposit and they multiply his annual income by 3 (as a doctor he is guaranteed 60k per annum) to be the equivalent of the mortgage. Tell me its not possible? A doctor in England can never be a yahoo boy

He couldn't have saved money for 3 yrs.

He came from Nigeria, he won't start practicing immediately. He will need some form of accreditation and licensing before practicing which will take close to a year.

He won't start saving the moment he starts practicing. He need to sort out accommodation, maybe get a car and pay up some outstanding debts.

Let's say he saved €500 per month in the third year, that will amount to paltry €6k.

The house is valued at 250k. Do the maths.


And what makes you think a Doctor in England cannot be a Yahoo boy? I mean, do they make more money that Yahoo boys?