{"id":4053,"date":"2022-05-28T23:29:27","date_gmt":"2022-05-28T23:29:27","guid":{"rendered":"http:\/\/box5118.temp.domains\/~mercyho3\/?p=4053"},"modified":"2022-05-28T23:29:27","modified_gmt":"2022-05-28T23:29:27","slug":"mortgages-now-available-to-nigerians-in-diaspora","status":"publish","type":"post","link":"https:\/\/mercy-house.com\/?p=4053","title":{"rendered":"Mortgages now available to Nigerians in Diaspora"},"content":{"rendered":"<h1>Mortgages now available to Nigerians in Diaspora<\/h1>\n<p>Unlike British Mortgages, Nigeria based mortgages are tied directly to your employer and monthly payments get deducted directly from your\u00a0salary\u00a0before you then receive\u00a0the remaining of your\u00a0paycheck, just like our National Insurance and PAYE tax. This makes it easier for the Nigerian mortgage provider to monitor their clients and impossible to secure if you are based in the diaspora, the risk becomes greater for them. Apart from this is the interest rate, UK\u00a0rates are very low and have a variety\u00a0of them while Nigeria mortgage market is still new and not widely available, the rates are very high and not fixed, they actually start from 18% upwards.<\/p>\n<p>Saying all that we have managed to negotiate with two separate Brokers and on the lookout for more who have agreed\u00a0to offer mortgages to Nigerians living abroad if you can make an upfront\u00a0deposit of 50% and supply all in the checklist.\u00a0 Both Providers have a similar checklist<\/p>\n<h2>The providers are:\u00a0 Nigeria\u00a0Homebase Mortgage Bank Nigeria and Omoluabi Mortgage loan Bank<\/h2>\n<p>&nbsp;<\/p>\n<p>The Nigerian interest is not fixed and usually ranges from between 15% -25%\u00a0 however with the UK Capital tax, Income tax, and stamp duty, you are better of buying in Nigeria where none of these excess taxes are charged or capital tax when sold or income tax on rent received.<\/p>\n<p><strong>Take for example\u00a0<\/strong><\/p>\n<p>2-bed apartment London @ \u00a3300k<\/p>\n<p>stamp duty:<\/p>\n<ul>\n<li>On the first \u00a3125,000 &#8211; \u00a33,750<\/li>\n<li>On the amount from \u00a3125,001 to \u00a3250,000 &#8211; \u00a36,249.95<\/li>\n<li>On the next \u00a350,000 &#8211; \u00a34,000<\/li>\n<\/ul>\n<p>This comes to a total of \u00a313,999.95<\/p>\n<h3><strong>Income tax on buy-to-let<\/strong><\/h3>\n<p>The income you receive as rent is taxable. You need to declare any rent you receive as part of your Self Assessment tax return. The tax on your income is then charged in accordance with your income tax banding (20% for basic rate taxpayers, 40% for a higher rate, and 45% for additional rate)<\/p>\n<h2 style=\"text-align: center;\">Homebase Mortgage Bank Checklist<\/h2>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-4138\" src=\"http:\/\/mercy-homes.com\/\/wp-content\/uploads\/2018\/07\/MORTGAGE-CHECKLIST-HBMLDIASPORA-1.jpg\" alt=\"\" width=\"1653\" height=\"2339\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2>CALL US NOW!<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Mortgages now available to Nigerians in Diaspora Unlike British Mortgages, Nigeria based mortgages are tied directly to your employer and monthly payments get deducted directly from your\u00a0salary\u00a0before you then receive\u00a0the remaining of your\u00a0paycheck, just like our National Insurance and PAYE tax. This makes it easier for the Nigerian mortgage provider to monitor their clients and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/posts\/4053"}],"collection":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4053"}],"version-history":[{"count":0,"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/wp\/v2\/posts\/4053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mercy-house.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}