👀🏠Mortgage 💰

1.The idea of a mortgage doesn't have to end with fully paying. You can pay for 10 years and decide to sell. 2. Nothing wrong with getting a house that you "would ordinarily be unable to afford", if the top up for deposit gets covered by 6 years of interest only payments..

Most people are here arguing what they do not know about. Keyword from this video: 1. Paying an interest only mortgage is a no no 2. Considering the Man's age, the interest rate is likely 6.7% 3. New buildings do not appreciate and they are over priced.

This guy is talking trash. I pity those who listen to him. Interest only remains an incentive to a poor aspiring individual who plans to latch on to the ladder because after 6 years. While waiting to own your own mansion, you will still be paying rent, won’t you? And what guarantees that everyone’s condition will change in 6 years? Within the 6 years, you can still walk away with an equity equivalent up to your rent for the past 6 years while this guy still lives in his own terrace rent without such prospects. This video is a busybody take.

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This story is not clear. Did he say they paid 1500 as interest only ? For a 350k house ? This is a fucking BS! For a 350k house repayment mortgage sef could be less than 1500 depending upon n how much you pay upfront. This story doesn’t check out !

Interest only for SIX years? I have never seen an interest only mortgage that long. Sounds made up.

Does this applies to couples in their 20s who buy properties !? Because the average Brit buys at a younger age ! No be old man japa at 50 and want to do mortgage. 22 year olds are already on the property ladder

It’s amazing how some people think it’s just easy to sell a wrongly bought house without a huge financial loss ! You must think others would not conduct their due diligence and just commit to the wrong poty transaction the same way you did. Selling a normal house is enough task.

Nigerians are graduates but not educated

This guy is providing half baked info. Yes it is true that new builds are often 10-15% inflated. Nonetheless, a six year mortgage can be refinanced at anytime if you meet bank criteria. In interest only, the cash you pay goes to the bank but it doesn't stop equity growth...

The developer, the broker and lender all have different roles. So what is the link between the developer and the mortgage type/ repayment terms?

You lie oga

Big lie

See capping….the question is what is their credit rating?

This guy no get sense ooo... if u like listen to him

Do the couple continue to pay interest on the £350k after paying 6years interest only? Because if not, I "think" it is a good deal. Paying £90k -£96k interest on a £350k property is not bad. Even with a 10% payment, the interest is still significantly higher.

@NowGreens

Some people graduate but still stup!d Kanye west 🎵

What about Interest Only for Investment Purposes.

He actually doesn’t understand the “help to buy” for first home owners. His hypothetical situation doesn’t exist in UK. There is no relationship between the lender & the developer in terms of repayment options. It’s your personal choice!

That's not true. Henry just likes to speak on everything. Newly built or old, there's no difference; it's a choice. Cheers

Lol

Like they didn’t use a solicitor?