₦airaland Forum

solacong:
Learn to appreciate good things, Bro, nobody gets a mortgage without a certain % down payment, those who gave him a mortgage are not idiots, they know he has the capacity because they are also into business, it is a win-win on the long run.

Wetin you know know pass you ohh, the fact you don't know, does not mean that there are no legit hussle that can pay such bill

mmsen:
He has debt. He did not pay cash for that car or the house. He will spend the next three decades paying for that house and the next four years paying for that car.

Abee79:
Story of my life. 16% is now 30% and counting 😔💔😭😭

CorrectionFLuid:
Could he do that in Nigeria? Yet you call him bastard. SMH

Love800:
Okay. The bank loan is accessed only by government wokers? Can a private worker get bank loan?

Is the loan specifically for only building of houses or you can use the money to do other things?

Pls i want you to answer that my last paragraph in my first mention that i tagged you.

And why are you using that sad emoji?

Childofgrace18:
You have only been to 20 countries and I are here making noise, do you know how many countries I have been to? Do you know that for one to get mortgage, you must pay 10% down payment? Do you know it takes one with determination and financial prudent to save that amount within a space of 3 years? So u don't need to talk him down, just say congratulations and move on because he can decide to sale it tomorrow even without completing the mortgage and go with his money.

bdon123:
U don see wetin tpain dey cause na.....he didnt calculate or plan ...d pain lord jst devalue naira,stopped subsidy on petrol all at same time.

Ashawoman82:
wetin bad there,that it how it works in a working system, wetin dey this life... U mustn't be rich to live a quality life, that's the difference between saner climes and Naija.. For Naija, no job can get u this kind of house currently.. U must either be a politician, a business guru or an entertainer, it's sad..

Blazetrailer:
This exposes your buffonery and clearly support those who state that travelling overseas or studying overseas is compeltely different from being intelligent. Heck, even semi retards travel all over the world too.

So long as he contributed a downpayment, he is a part owner of that house, by equity, no matter how small that is. Even if he did a mortgage, every repayment builds towards total ownership . To that extent, he is free to call himself a part landlord, according to the law(even if that is on mortgage terms). So what is wrong with what he stated?

Your myopia and poor esteem is what made you highlight your itinerary all over the world, we did not need all of that and clearly was not necessary if you had been a bit more intuitive in reasoning

Love800:
Loans and NHS are not available to Nigerians?

OriOko88:
He's still far better. Can Nigerian govt gives any worker house mortgage. Abeg go sit down

ogaemma:
It is easier to live a better life outside the present Tinubu Nigeria.
My Friend traveled to Seychelles early this year and one will not believe his recent picture he posted on Facebook.
Just in less than a year the man have been able to attain a high level of financial stability.
He is already boasting of not coming back to Nigeria.
If anyone tells you that the present Nigeria is the most dangerous place to survive, that person is not exaggerating.

Samade7:
Na u go dey sapa london........stop takn weed please.

Samade7:
Yes, it is possible......i am in osapa london.

LandMann:
Even if it's mortgage and loan it's not a problem cos interest is low at around 6-9% and he can easily repay it with a stable job

Compare that to Nigeria where interest rate is over 33% and you can't even get a reasonable loan cos you're most likely in a shitty job or "contract" job that a stupid yoruba president brought to Nigeria. What about mortgage in Nigeria? No go area for any working class unless you're stealing from your company, committing fraud or crime to augment your shitty salary.

If someone tells you Nigeria is a completely useless country because of its leaders, don't argue it, even if you're in a privileged position.

It's when majority of citizens in a country are living well and happy that's when you have a functioning society

bdon123:
Nothing wrong bt dont lie that u a house owner wit brand new car wen all is on loan n mortgage

Vision101:
The primary qualification in credit of this nature is the person's credit rating and regularity of income. The lender is not primarily focused on reposseion when in default. That's why credit can be taken to buy household items eg electronics which can easily spoil.

Vision101:
The house is used as a means of comfort so that if there's default in payment the mortgagor can repossess. Remember that the mortgagor paid for the full value directly or indirectly and allowed the mortgagee to pay iinstalmentally.

Blazetrailer:
Why do I sense envy or bitterness in this your post below?

Of course It is very possible, stop being myopic, what makes you think what you heard or read are not exaggerated? Besides, its illogical to generalise based on few tales you hear or read, there are different strokes for different folks. I know someone who came here and within a few months got a high paying job and i know someone that took more than 2 years to get an executive level position after huzzling for more than a year. I equally know a 62 year old man who came here for semi retirement, registered for the US CPA exam, passed and currently practicing into his late 60s. This was someone who had retired in Nigeria and given up. Different strokes! Learn to be open minded. That some found it difficult does not mean everyone must find difficult, even though it can be generally inferred that living in the saner climes is a huge upgrade compared to what obtains in Nigeria.

Where I am, you only need 5% downpaymet and a job confirmation for a 30 year mortgage( at 1.5%) and just an offer letter to lease a brand new car. Lots of prudent Nigerians tgat have been here for some time and have steady jobs are even on their second mortgages now, building their dreams. Dont be surpised that the money for that mortgage came from looted commonwealth that your leaders took from you and stashed overseas for safekeeping on your behalf while you languish in poverty, chaos and envy. I can tell you for free, if that guy had remained in Nigeria, he might never had dreamt of entering a brand new car in his whole life talkmore of owning it or even dreaming of owning a house in his village. Go to the ministries in Nigeria and see mid level civil servants that are still dreaming of buying land in Nigeria after nearly 15 years of toiling. They would give an arm and a leg to even have access to mortgage and here you are bantering someone that achieved that within 3 yesrs in a saner clime

To tell you how useless your leaders have made you, i read a report recently where it was stated that much of the funds in the Swiss banking system betweem 1980 amd 2000 came from Africa(most probably looted funds, a la Sani Abacha). Those money helped them to give their citizens and residents mortgages of 0.5% for them to flourish and live their dreams while you, the owner of these wealth stolen by your leaders are busy fighting yourselves on which of the looters is a better dancer and whose turn is it to steal you blind and impoverish you more.

Have you wondered why your political class travel 2 to 3 times annually for medical check up at the slightest feeling of headache while they tell you to patronise the teaching hospitals that have become "teaching mortuaries". I see them here every now and then, even one former Governor of Lagos state who recently advised youths to remain in Nigeria was here in August for a routine check up likely sponsored using Lagos state tax payers funds(picture those market women who pay stall toll as taxes daily, being the taxpayers, and the poor civil servants whose taxes are deducted at source as the manage in penury while one person/looter enjoys it freely). I know of two local government Chairmen in Lagos state alone that moved their families abroad permanently in 2024, with houses and cars bought for them ahead of their arrival. They are not stupid, they know what is good too.

Dont look for a way to get out to a saner clime and better your future generation, continue to blab about other countries that are creating conducive environment to attract your best brains.

Abee79:
I understand your confusion. Clearly, there is so much you need to learn about how bank loans work in Nigeria and the almost impossible criteria set up by government
which effectively bars ordinary Nigerians from easily accessing the National Housing Scheme. Unfortunately, I can't help you on both counts. The "system" is in a sludge, and I pray that for the good of Nigeria's future, things get better soon 🙏

bdon123:
Truly they are not....Nigeria is a shithole indeed

Blessedman98:
"He must be into Yahoo Yahoo"

Please don't batch me that's meant to be a funny comment

Love800:
Tanks so much.
I appreciate.

But wait oh.... That means the mortgagor is an individual and not a bank?

Vision101:
The mortgagor could be an individual, a company or a bank. Primarily the mortgagor is the owner of the property until the mortgage is fully paid. For example a bank can fully pay for the property from the original owner and allow the mortgagee to be paying instalmentally. In this case the bank is the mortgagor.

It's my pleasure and you are welcome.

bdon123:
20 countries n non in africa is alot to make noise.I hav seen d world therefore i hav d right to advice misguided fellows .Yes d guy is making gud money to be able to afford down payment for a house n car.Bt i never said he wasnt successful.All i said is he is deceiving Nigerians to believe he bought a house n a brand new car within 3 years of arriving uk.Also,i don't thing u are allowed to get access to mortgage if u do not hav indefinite leave to remain in uk....so he might be lieing too who knows

Childofgrace18:
Now I see where u are coming from, you aren't resident in the UK, so before commenting, get your facts right. Google is your friend. That law has been abolished in the UK, you don't need to have ILR to qualify for mortgage, all u need is 10% and other fees which is around £2000. Their is so much money to be made in the UK if you are hardworking. The one I don't like is car loan because u can easily buy a car u can afford but is individual differences.

Vision101:
Forget this. Nigerians are too loud. The house is on mortgage, the car is on credit. He will not tell you how many shifts he's working to make up. He might presently be bothered that his papers are about to expire. He might be thinking of the route to use. With his masters degree he might end up accepting sponsorship from a care home. This means that that's what he will do for the next five years.

This means bye bye to a career in engineering for example that he made 2.1 plus masters degree. If he decides to avoid using this route he might have to go for a PhD. This means that he has to face payment of tuition for another three years and back to 20 hours per week menial job for the duration of his studies. UK PhD is not beans particularly in stem. Many start but don't finish.

I'm not saying that there are no advantages after all the family invested life time savings. There should therefore be returns. But it not the way some of them come online to paint it.

RodgersAkpafu:
It's 100 times better than what Africa has to offer at this point.Let's be frank with ourselves.House is on mortgage, that's normal, so what?It's common sense Why tie huge sums of money when you can spread the payment.That's why Nigeria is littered with poor landlords. They have spent a huge sum of their disposable income on sub par houses. Car is on credit...Says who ? you can get a decent car for £2300 quid and it takes less than six months of work to save this to buy upfront theb you know it's you and insurance that will be dealing with each other

Again, it's much better than any life any country in Africa has to offer at the moment

Blessedman98:
"He must be into Yahoo Yahoo"

Please don't batch me that's meant to be a funny comment

Blazetrailer:
Why do I sense envy or bitterness in this your post below?

Of course It is very possible, stop being myopic, what makes you think what you heard or read are not exaggerated? Besides, its illogical to generalise based on few tales you hear or read, there are different strokes for different folks. I know someone who came here and within a few months got a high paying job and i know someone that took more than 2 years to get an executive level position after huzzling for more than a year. I equally know a 62 year old man who came here for semi retirement, registered for the US CPA exam, passed and currently practicing into his late 60s. This was someone who had retired in Nigeria and given up. Different strokes! Learn to be open minded. That some found it difficult does not mean everyone must find difficult, even though it can be generally inferred that living in the saner climes is a huge upgrade compared to what obtains in Nigeria.

Where I am, you only need 5% downpaymet and a job confirmation for a 30 year mortgage( at 1.5%) and just an offer letter to lease a brand new car. Lots of prudent Nigerians tgat have been here for some time and have steady jobs are even on their second mortgages now, building their dreams. Dont be surpised that the money for that mortgage came from looted commonwealth that your leaders took from you and stashed overseas for safekeeping on your behalf while you languish in poverty, chaos and envy. I can tell you for free, if that guy had remained in Nigeria, he might never had dreamt of entering a brand new car in his whole life talkmore of owning it or even dreaming of owning a house in his village. Go to the ministries in Nigeria and see mid level civil servants that are still dreaming of buying land in Nigeria after nearly 15 years of toiling. They would give an arm and a leg to even have access to mortgage and here you are bantering someone that achieved that within 3 yesrs in a saner clime

To tell you how useless your leaders have made you, i read a report recently where it was stated that much of the funds in the Swiss banking system betweem 1980 amd 2000 came from Africa(most probably looted funds, a la Sani Abacha). Those money helped them to give their citizens and residents mortgages of 0.5% for them to flourish and live their dreams while you, the owner of these wealth stolen by your leaders are busy fighting yourselves on which of the looters is a better dancer and whose turn is it to steal you blind and impoverish you more.

Have you wondered why your political class travel 2 to 3 times annually for medical check up at the slightest feeling of headache while they tell you to patronise the teaching hospitals that have become "teaching mortuaries". I see them here every now and then, even one former Governor of Lagos state who recently advised youths to remain in Nigeria was here in August for a routine check up likely sponsored using Lagos state tax payers funds(picture those market women who pay stall toll as taxes daily, being the taxpayers, and the poor civil servants whose taxes are deducted at source as the manage in penury while one person/looter enjoys it freely). I know of two local government Chairmen in Lagos state alone that moved their families abroad permanently in 2024, with houses and cars bought for them ahead of their arrival. They are not stupid, they know what is good too.

Dont look for a way to get out to a saner clime and better your future generation, continue to blab about other countries that are creating conducive environment to attract your best brains.

bdon123:
I lived in d uk for 5 years n till date m mostly in d uk for like 3 months every year.I had a friend who wanted to buy a house n she had lived in d uk for like 20years .safe to say shes a permanent resident n even hav kids frm a Brits.She wanted to buy a house so we were both scouting n thats wen i heard her lawyer ask for British passport before they could consider her. Am not too sure how tins went on though.Mind u she wanted to pay £150k for d house not even mortgage