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Still Plenty Of Fools With Borrowed Money Out There

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The brother of a friend of mine, self employed, earning £40-£50K (my estimate) just bought a house in North London. I dont like him (slick haired salesman type) which is in complete contrast to his brother; therefore I am happy to laugh at his stupidity.

1. He paid asking Price.

2. He has Self Cert Mortgage at between 4.6 - 5.5 * income. ( paid £30K deposit)

3. Asking price was £260K and now has to borrow more money to pay the stamp duty because he didn't realise how much it would be.

If he had used a few brain cells, he would have saved £15K without doing anything.

The seller must be over the moon.

Just goes to show that there are still plenty of fools out there for The EA's to sucker in.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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