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If he defaults. From his point a view he is not risking too much; he never put his own money as down payment it was 100÷ mortgage which NL is too generous with.
by joelbluminator 5y ago
If he defaults. From his point a view he is not risking too much; he never put his own money as down payment it was 100÷ mortgage which NL is too generous with. Then the rent he earns is higher than the mortgage due to the low interest. So best case he ends up with 3 houses in 25 years. Worst case he gets some angry letters from the bank and loses houses that arent really his.
I am not condoning his actions but they are not irrational.
- seanmcdirmid 5y agoBut he lied on his mortgage application about loans in other countries. So he could be up for some fraud criminal charges, and jail time.
- joelbluminator 5y agoI find that extremely unlikely
- seanmcdirmid 5y agoWe had to reveal all of our houses and loans on our mortgage application. They had no way to verify, but the penalty in that case is always fraud. But there are definitely a lot of people out there who don’t think that is a serious problem, and the government has to come down hard on it: https://www.magnifymoney.com/blog/mortgage/lying-mortgage-application-just-isnt-worth674636019/ https://www.magnifymoney.com/blog/mortgage/lying-mortgage-ap... Is the UK more tolerant of lying than the USA? It doesn’t seem so via a Google search: https://www.onlinemortgageadvisor.co.uk/mortgage-application/lying-on-a-mortgage-application/ https://www.onlinemortgageadvisor.co.uk/mortgage-application... Now, of course, they might not find out, but that just means it is a perfect crime, it is still a crime.