₦airaland Forum

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

You can't buy any house for that amount now, things have gone up, she may not be telling the truth because people lie a lot here. If u want mortgage now in the UK, u only need to have right to leave in the UK, that is right to live and work in the UK not a visitor, then 10% of the total amount of the house. Anyone who can afford that amount in the present UK is really working so hard, give the young man credit for this.

bdon123:
No u cant get a reasonable mortgage in Nigeria truly.Bt my own is dont deceive d people that u bought a house n a brand new car wen its all on loan not truly yours yet

Even if it's a loan, you have to qualify for that loan or that mortgage.

Houses are far cheaper in this country, but could he qualify for the loan? Cars here are second hand, could he qualify for the loan? Yet you call him bastard.

And no he didn't deceive anybody. He merely posted his reality... What happened to him. Many people can go to countries Nigeria is better than and make it there. If they post about it, is it deceit?

Yet you call him bastard.

Tellmeastory:
THE UK ANNUAL BUDGET IS 2 TRILLION DOLLARS.

NIGERIA’S ANNUAL BUDGET IS 30 BILLION DOLLARS.

STOP COMPARING APPLES AND ORANGES.

It is obvious most people dont realise how shitty our budget size is compared to most other countries putting on to context also our 200 million population.

Nigerians are carried away by the grand stealing of the very little we have by political leaders and civil servants.

[quote author=flokii post=132892045]While I agree with some of your points, I still feel the truth should be revealed.

He took a mortgage that will take a large fraction of his monthly/annual income spread over 20 - 30 years depending on how quick he is able to fully repay his debt.
It's not as if you'll just wake up one morning, pack all your savings to buy car and build h[color=#000099][/color]ouse, where will you even get such money from in 3 years?.
He should enjoy his "success" and hope not to lose his job for whatsoever reason.[/quotaie]
Nigerians and negative thinking.. Chai!!!
Nig

You sound more stupid. I even thought you had some form of intelligence albeit, very little.

To start with, why are you prophesying negativity into thr young man of missing payments? For me, I am excited that he is making progress in another land, something he might never have had if he did not make that choice of moving from the dream killing society. Millions of Nigerian youths are praying for such opportunities everyday. Be happy for him and wish him well.

Secondly, he has more chances of not missing payments in that place so long as he is employed. In fact, the more he progresses the ore he has the chances of paying off the mortgage earlier if he is prudent. He has made the right choice. Do you know how many Nigerians will want that opportunity to even have a mortgage they would not mind paying for life at 3/4%? Mortgage rates in Nigeria was 28% as of the last time i enquired.

Finally,if he even misses payment and the house is foreclosed, it will be sold and his equity share that he has contributed will be given to him. Which is still an investment. They don't foreclose houses and take all away unless the house and land it was built on had so depreciated in value and we all know land dont depreciate.

What you have written makes me doubt whether you even stepped out of your village because you have displayed a poor understanding of how a mortgage system works. You couldn't have been in the UK for those years and still presume that once he misses payment he will lose all. I smell envy and bitterness.

bdon123:
If he repeatedly misses payment deadline d house will be repossessed.Wit all ur intelligence wetin u don achieve n where dem know u for this life my friend?

Mindlog:
What is the percentage of Nigerians in Nigeria, that are qualified for car loan and a mortgage in Nigeria?

If it took you 35 yrs to own a house debt-free whilst still paying to the King, 5 yrs to own a car via monthly lay-aways only for the car to depreciate in value by 80% after one yr and become unsellable, then you'd understand that the slave is a borrower to the lender.

Need I mention the tax you'd pay as well as a home-owner? So you are forever paying the royals.

These are not things Nigerians see clearly whilst living in Nigeria. You'd only understand when you've lived or been there. Go to Tayo Aina's channel and view his recent visit to London where he interviews ppl with homes living in the UK. Should give you clarity into how deep it goes.

Lol...coming from someone that is regarded as Nairaland's Mr FOOL, I am not surpised. The whole forum is sprawling with bits and pieces of your foolishness and buffoonery on so many topics.

I was informed via a PM that you are an elder in your late 50s, yet you still post like a dunce.

Oya, tell us what 2nd ans 3rd mortgages are.

.

DaddyCoool:
'Cause I don't think you even know what would be an appropriate credit score.
I honestly don't think you know much. Just trying to front. Unfortunately you're dealing with someone who knows these things inside out.
😅Second and third mortgage! Doesn't even know what he's saying!

360who:
If it took you 35 yrs to own a house debt-free whilst still paying to the King, 5 yrs to own a car via monthly lay-aways only for the car to depreciate in value by 80% after one yr and become unsellable, then you'd understand that the slave is a borrower to the lender.

These are not things Nigerians see clearly whilst living in Nigeria. You'd only understand when you've lived or been there. Go to Tayo Aina's channel and view his recent visit to London where he interviews ppl with homes living in the UK. Should give you clarity into how deep it goes.

I live and work in London.

It is better to pay mortgage monthly with eventual full ownership in mind than paying rent. There is the option of paying off your mortgage early, for example in 10 years if you have the funds.

I grew up in Lagos with neighbours who lived in the same building for almost 20 years, paying rents to the owner all through those years until the owner sold it and they all had to move out....once your income is good and steady, mortgage is the best way, why put yourself under the pressure to make bulk one off payment?

Wrong!!!
So long as he has made a down payment snd paid some contributionss towards his loan, it is jointly owned. Read the Mortgage and Finance act. If house is foreclosed and sold beyond the outstanding mortgage loan, he will be given his share. Read up before misleading people.

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.

studyless123:
You're trying so hard to explain what's irrelevant.
bdon123 stated a fact and you went off-topic.
The individual doesn't own the house, the house can be foreclosed or repossessed if he doesn't meet the terms of the mortgage.
Such credit facilities are not available to most Nigerians so many of us would think it was bought outright.
It's true that he's a home owner but incorrect to state that he's a landlord.
We should be transparent with our achievements.

You are funny bro

Lemme summarize what I said.

1. Credit facilities should be available for Nigerians and don't trivialize it cos someone gets a brand new car and mortgage house from it.

2. An average Nigerian working class would never get access to buy a brand new car or own a befitting house in his/her lifetime cos of meagre wages and salaries.

3. Credit facilities actually empower you to enjoy some luxuries of life at the age it's most useful

4. Reality is, an average employed Nigeria whether in private or public would only own a house when they are old (about to retire) and might never enjoy a new car (Something an effective credit facilities will provide in early stage of life)

My brother or sister, I hope it's clear

DaddyCoool:
😆 This calls for a "shall we tell him?". If only you knew how easy it is to get trapped in debt and how stressful it is. They'll be offering you credit on everything, plus credit cards. Like 90% of people with this mentality you'll quickly get trapped and find that most of your income goes to servicing debt!

Lol

Tell me, just let's compare

You wey you no get credit or trapped with debts in Nigeria or Africa, how your life be.

You might never buy a new car nor get to love in your own house until you are 50 or 60 (Quarter to Grave)

Make una dey think jare

Lemme add this-

Austerity never built any economy, production does, and there is a very strong correlation between production and credit facilities.

To buttress what I stated up, imagine credits are unavailable to peeps in the advanced word, how many of them would be able to buy those things and also since there won't be any incentives for work/production, their working pattern will decline, i.e they will become less productive.

Our local industries would experience leaps in their effectiveness when people can afford their products

If Mr A has a credit line that makes him own a house and a car, for instance, he won't be lazy around when he knows his effective production relies on those things he owns.

We had been decieved for so long in this country. Effective Credit facilities is a one of the panacea for our collective growth

Gerrard59:
To be fair, South Africa and a few Southern African countries have such facilities for qualified persons. I am surprised I am the one defending Africa here.

Na lie.

The vast majority of South Africans are suffering, struggling and cannot access these goodies
Nigeria has qualified facilities for people as well...

I processed a few when I was in the bank in naija
Financial products boku for Nigeria
But if e sure for you as regular Nigerian
access am nau lol

studyless123:
You're trying so hard to explain what's irrelevant.
bdon123 stated a fact and you went off-topic.
The individual doesn't own the house, the house can be foreclosed or repossessed if he doesn't meet the terms of the mortgage.
Such credit facilities are not available to most Nigerians so many of us would think it was bought outright.
It's true that he's a home owner but incorrect to state that he's a landlord.
We should be transparent with our achievements.

What is the difference?

Tellmeastory:
THE UK ANNUAL BUDGET IS 2 TRILLION DOLLARS.

NIGERIA’S ANNUAL BUDGET IS 30 BILLION DOLLARS.

STOP COMPARING APPLES AND ORANGES.

that money didnt fall from heaven they worked for it. Why can't you work for your own. Nigeria has over 230 million people yet GDP is very low compared to the uk of 50 million. Kia

Blazetrailer:
Lol...coming from someone that is regarded as Nairaland's Mr FOOL, I am not surpised. The whole forum is sprawling with bits and pieces of your foolishness and buffoonery on so many topics.

I was informed via a PM that you are an elder in your late 50s, yet you still post like a dunce.

Oya, tell us what 2nd ans 3rd mortgages are.

.

😅🤣Why all these vitriolic, personal, and ad hominem attacks on someone you know nothing about??
But just so you know, I'm an a-list political celebrity right here in Nigeria.😎

It is not your fault you know nothing about how credit works in the West. How can you when you're stuck here in Nigeria. Meanwhile you're discussing with someone who owns houses in those places. If you knew anything about credit you'd have mentioned a number as soon as you were asked. But of course you couldn't because you didn't know what numbers constitute credit score!

Since you have finally humbly asked, a second mortgage is not what you think. It does not mean acquiring a second property😅! It is NOT a sign of prgress or wealth, in fact quite the opposite. See below

Mindlog:
I live and work in London.

It is better to pay mortgage monthly with eventual full ownership in mind than paying rent. There is the option of paying off your mortgage early, for example in 10 years if you have the funds.

I grew up in Lagos with neighbours who lived in the same building for almost 20 years, paying rents to the owner all through those years until the owner sold it and they all had to move out....once your income is good and steady, mortgage is the best way, why put yourself under the pressure to make bulk one off payment?

Lemme add to this, if you oblige sir

An average employed Nigeria will never be able to use a car made 10 years ago in his/her lifetime, and might just built a 2 BD apartment in his village (Not in Lagos or Abuja) after 35 years of meritorious service

If you are doubting, this is 2024, how many Fed/state/private employee can boast of using 2014 corolla or Camry ?

Value of life goes hand in hand with time.


WE HAD BEEN SCAMMED BIG TIME

bdon123:
This is why u should read properly....ano say an average Nigerian hate reading bt my bro its important.All i said is he is deceiving gullible Nigerians to belive he made a full payment on a house in uk n brand new car within 3 years of relocating.Average Cost of 2 bedroom is £140k then brand new car ...lets say £40k.U will need to be helping UK government wit their nuclear bomb programming to be paid dat kind of money to outrightly purchase those.

you're the one being decived to think a car and a house is a big deal inna country where average income is £40k.
You are jealous to see that it's so easy to make It abroad because Nigeria have weaponised poverty.


Those things isn't a big deal in a developed country that will call for jealous even 20 year old over there go to school with car of their own.

Blazetrailer:
Wrong!!!
So long as he has made a down payment snd paid some contributionss towards his loan, it is jointly owned. Read the Mortgage and Finance act. If house is foreclosed and sold beyond the outstanding mortgage loan, he will be given his share. Read up before misleading people.

Who is misleading who? You are talking about the law applicable in one country and I'm talking about general application of the principles of mortgage because this is my area of study.

jendoslim:
Lol

Tell me, just let's compare

You wey you no get credit or trapped with debts in Nigeria or Africa, how your life be.

You might never buy a new car nor get to love in your own house until you are 50 or 60 (Quarter to Grave)

Make una dey think jare

Lemme add this-

Austerity never built any economy, production does, and there is a very strong correlation between production and credit facilities.

To buttress what I stated up, imagine credits are unavailable to peeps in the advanced word, how many of them would be able to buy those things and also since there won't be any incentives for work/production, their working pattern will decline, i.e they will become less productive.

Our local industries would experience leaps in their effectiveness when people can afford their products

If Mr A has a credit line that makes him own a house and a car, for instance, he won't be lazy around when he knows his effective production relies on those things he owns.

We had been decieved for so long in this country. Effective Credit facilities is a one of the panacea for our collective growth

I was NOT comparing Nigeria with the West. I was simply addressing that guy's mindset about credit and debt. Here's his verbatim statement: "Pray tell, can you enjoy a fast car at 60 years... Any luxury that you can't enjoy when you are young and agile is utmost useless.". This is same mindset that has so many in the West trapped in debt and stressed out (see below).
Yes, credit and loans are very good for a society's overall affluence BUT not good for the average individual with consumption mentality (like that our guy). The ONLY time credit is good for the individual is when it is used for investments or to buy things that will produce income!

princemaths:
you're the one being decived to think a car and a house is a big deal inna country where average income is £40k.
You are jealous to see that it's so easy to make It abroad because Nigeria have weaponised poverty.


Those things isn't a big deal in a developed country that will call for jealous even 20 year old over there go to school with car of their own.

If u are convinced am jealous then so be it.....lets leave it there

justwise:
What is the difference?

U cannot sell d house till u complete d mortgage payment in 15 or watever yrs.Therefore ,its not yet ur house.

jendoslim:
You are funny bro

Lemme summarize what I said.

1. Credit facilities should be available for Nigerians and don't trivialize it cos someone gets a brand new car and mortgage house from it.

2. An average Nigerian working class would never get access to buy a brand new car or own a befitting house in his/her lifetime cos of meagre wages and salaries.

3. Credit facilities actually empower you to enjoy some luxuries of life at the age it's most useful

4. Reality is, an average employed Nigeria whether in private or public would only own a house when they are old (about to retire) and might never enjoy a new car (Something an effective credit facilities will provide in early stage of life)

My brother or sister, I hope it's clear

I havent said access to mortgage is not a gue thing.In civilized societies nobody where money is earned frm honest venture,houses are purchased on mortgages n that is a gud thing.I really wish we had that in Nigeria.Bt d guy gave a very wrong impression like he bought a new house n brand new car after 3 years living in d UK.This is far frm d truth.I hav friends in d uk bro...life aint that rosy.Personally i rejected moving my family there as its a very lonely place.But i also tink those who hav no meaningful source of livelihood in naija should relocate.....d uk is still far better than having nothing here

bdon123:
I never said its bad....U people dont read properly before making comments on issues.I said he is deceiving people to bliev he actually bought d house n brand new car wit full payment.A house u get on mortgage is not really urs.If u default on repayment repeatedly,it can be repo

Oga it's a lie, it's yours u just have to be devoted to paying the mortgage fee at the stipulated time, which isn't a big deal provided u have a source of income.. Even your life is not completely yours, it can be taken in seconds, so that's no excuse..

bdon123:
U cannot sell d house till u complete d mortgage payment in 15 or watever yrs.Therefore ,its not yet ur house.

You know nothing about mortgage and this is not the answer to the post you quoted

If that is the area of your study and that is what they taught you, go and seek for a refund immediately or maybe you learnt wrongfully.

Everywhere and over the world, that is the same principle. When homes are foreclosed and sold, the remaining equity is returned to the contributor after deducting outstanding mortgage loan, taxes, selling fees and penalties. The contributor can only lose out if the house lost value and all other deductions I highlighted above exceeded the sales proceeds.

Vision101:
Who is misleading who? You are talking about the law applicable in one country and I'm talking about general application of the principles of mortgage because this is my area of study.

@Blazetrailer

Wow, you get so many dm's about me. Never knew this moniker is so popular on Nairaland. Are you sure it is not daddycool with only two o's? Check well. Tell them to use 3 o's. THREE!

Poor kid has never been out of Nigeria. Not your fault. Luck has a lot to do with things - including my own wealth!
Only thing that is YOUR fault is insisting on commenting on things you know nothing about instead of HUMBLY learning. You can't learn unless you HUMBLE yourself. If you were smarter you'd be trying to see if I could put you through instead of fronting.
I already told you, I KNOW you don't know, so stop trying to bluff. You come accross ridiculous!
Google tells you meaning of second mortgage below

Congrats to the young man.

“Be careful what you wish for” na the life lesson for Naija ppl. All this “bring comparable mortgage deals” to Naija, it’s not as exciting as una dey think sey e be.

Na bank own house o, no joint ownership. If you never pay money finish, na bank get house. They no de argue that one, the deed of the house na bank name dey there.

If you miss enough payment, dem go drive you from house, that one na simple.

Foreclosed houses no dey mostly sell market rate, majority are priced to sell quick. The bank first objective na to recoup the outstanding loan balance, if balance remain then they go send check to the person wey been collect the initial loan. Then TAXES go slash most of that money. You go surprise.

The guy try as e take qualify (credit worthiness) for house and car under 3yrs, that one no easy. But now, nothing can go wrong. Responsibility don mature.

Mortgage loan na to owe Bank for 30yrs (unless you take shorter loan terms or pay am off quicker) plus every repair, insurance and taxes na your head e dey.

Plus car loan na around 7yrs (unless you pay am off sooner) + insurance + any repair

While for Naija, once you don build house na you get house. Once you buy motor, na you get motor. If your money no reach, you continue to plan but you no owe anybody father. Una dey underrate the peace of mind

People wey don already get house for Naija wey de go sell am to travel, or ppl wey dey collect better salary (1m, 2m, 3m a month) only to quit job to travel, na those ppl I dey fear but again you take your own risk.

Una never know thief or 419 until you reach that abroad wey you dey find. Because na broad day light, for your face dem go dey collect your money, dem no send anybody father.

Blazetrailer:
If that is the area of your study and that is what they taught you, go and seek for a refund immediately or maybe you learnt wrongfully.

Everywhere and over the world, that is the same principle. When homes are foreclosed and sold, the remaining equity is returned to the contributor after deducting outstanding mortgage loan, taxes, selling fees and penalties. The contributor can only lose out if the house lost value and all other deductions I highlighted above exceeded the sales proceeds.

So someone that asked a simple question in relation to a post online rather than give a general overview to enable the person see through a pigeon hole, I should rather dish out all technical details without knowing the person's background?

Maybe when the same person asks me simple question on taxation online I will go ahead and load the person with all the tax laws and practice that I know without knowing the background of the person that I'm speaking to?