I saw some silly takes yesterday about mortgage and I scratched my head so bad because, I don’t know and understand why Nigerians who moved to the UK so much want to compare UK with Nigeria so badly.
If it’s not how NHS is dysfunctional and not better than the healthcare system in Nigeria, it’s how owning a house in Nigeria is great but mortgage is a scam in the UK.
My problem is the number of vulnerable and new immigrants who consume these misinformation and let this dampen their spirit.
To set facts right and straight, you can walk up to any estate agent in the UK and offer to pay cash for a house of £500k, they will not refuse, they only need to run a few compliance and anti money laundering checks to be sure your money is clean and that’s it, the house is yours, no mortgage. But sadly, u don’t have £20k anywhere to your name but you wanna talk down on a bank that lends you £500k without any collateral, and at a little interest as (4-6%), when the interest rate in your beloved Nigeria is over 25%.
For those who really wanna hear and get correct info, get a mortgage as soon as you can, do not spend a single day paying rent when you can actually get a mortgage.
The house will appreciate in value and that’s your money, after the bank takes their interest, the remaining amount goes towards paying off your loan, you are also allowed to pay 10% of the total amount you owe every year and this is without interest.
So, signing a contract of 30 years mortgage doesn’t necessarily mean you have to pay mortgage for 30 years, you can decide to do it in 10 years or less, it’s up to you.
But do remember, if you don’t get a mortgage and pay rent for 25 years, all the rent you paid is gone, if you had a mortgage for 25 years, you could have a house fully paid off in your name, and one that has appreciated in value compared to when you bought it.
Welcome home @TheAnswerMMA
You and your family enjoy your new house brother.
Lights are on.
Bills are paid.
Keep your “My Reason” list close, keep taking care of your people and I’m honored to play a very, very small role in your $7 bucks journey.
$7 bucks.
I’ve been there too.
Got your back brother.
Let’s get to work on that dream of becoming @ufc champion one day 💪🏾
Welcome home ~ DJ
ps - enjoy your Cheetos & alligators 🐊 😂
#hardestworkersintheroom
“I supported Peter Obi, the Labour Party candidate, and hoped he would win, as polls predicted, but I was prepared to accept any result, because we had been assured that technology would guard the sanctity of votes …”
https://t.co/btngJ2zPNy
Prince Nico Mbarga’s “Sweet Mother” has sold more copies than “Macarena.”
And even The Beatles’ “I Want to Hold Your Hand”.
But chances are, especially if you’re not Nigerian, you’ve never heard of him.
Until now.
His rollercoaster-of-a-life story:
BREAKING: Senior Nigerian politician has been found guilty of an organ harvesting plot, involving a British hospital.
It is the first case of its kind.
https://t.co/YYlj6euVBB
📺 Sky 501, Virgin 602, Freeview 233 and YouTube
On 25th February 2023, Nigerians trooped out en-masse to participate in what was promised and expected to be a free, fair and transparent Presidential and National Assembly elections. But in all things, we are enjoined to give thanks.
I have just finished addressing an international press conference. I urge Nigerians to remain resolute. We won this election and we will prove it to Nigerians. We shall reclaim our mandate via due process. Please do not despair! -PO