Rin's family is truly loaded, your classic "how much is a banana" energy in that she doesn't know something's cost. If you need to see the price you can't afford it. But of course if you can afford to buy a house outright you would never need to get a mortgage. Mortgage is what keeps poor people poor.
@@ruukinen Even that's extremely low. Average homeloan deposit in my country is the equivalent of £51765. Average annual repayments are the equivalent of £26175.
A mortgage is just a big fancy word for "borrowing a lot of money (in this case specifically a house), and promising if you don't repay the debt, the one lending you the money (the bank) gets to own the house instead". Of course the details matter, but in theory, yeah the bank needs assurance that they have some way to recoup their loss if you didn't pay up.
The most complicated parts of a mortgage are the side the banks have to worry about that involve investors and debt lending and whatnot and those things aren't important. Until they very suddenly were in 2008 that one time.
@@shingshongshamalama That was what happens when banks *don't* worry about whether you can repay the loan or whether they can recoup the loss if you don't.
depends. do you want to live in the north? yeah you can literally buy a house in the moors in a quiet little village where it rains all the time. But its 15k and you'll prolly spend more on repairs. If you wanna go to the south where most of the infrastructure goes and all the fancy ppl live. at least 50k.
A morgage is a loan with a house as collateral, usually used to purchase said house. This means that you TECHNICALLY get a loan with collateral you do not own, which is always weird. When you "refinance" a house, you are just getting a second morgage with a better interest rate, and using that new morgage to pay off the old one.
The house being collateral makes a strange kind of sense but yeah I never thought of it that way. Still don't understand refinancing though. How can you mortgage the same house twice? Does it replace the interest rate of the old mortgage with the new one?
@fedweezy4976 Basically, there is no way to track if an item is collateral on a loan. So you can get two different loans with the same house as collateral. Then, you use the second loan to pay off the first. If the new loan has a better interest rate, then you made a good decision. The old morgage is now completely paid off an no longer matters.
@@tristanmitchell1242 holy shit that was very helpful, was not expecting to get a brief understanding of refinancing from a random person on UA-cam but thanks that was totally cool
A mortgage is where you basically take out a big loan to pay for a house you can't afford that you pay back over a certain ammount of set years. Take one loan for 30 years for example you make a set payment on monthly or yearly till it's fully paid off in that 30 years. Fail to make a payment you get an eviction notice with a set time limit to make the payment. Failing to make the payment in the time limit you are given the bank takes your house and then hires a retail agengy to sell it.
according uk gov., it's not so cheap, Rin. "Average house prices increased over the 12 months to June 2023, to £306,000 in England (1.9%), £213,000 in Wales (0.6%) and £174,000 in Northern Ireland (2.7%), while average Scotland house prices (£189,000) remained little changed (0.0%). "
LoL you can get houses for £1 on occasion. Not even joking. They are not in a good state and you have to prove that you have the means and intention of renovating them, but still.
Rin's mum knows what's up, bullying her daughter makes bank and great content.
Imagine not knowing what a mortgage is. Couldn't be me
£15K for a mortgage? BRB heading to the UK embassy.
15K FOR A HOUSE
In here you get 5 months of rent with that.
Rin's family is truly loaded, your classic "how much is a banana" energy in that she doesn't know something's cost. If you need to see the price you can't afford it. But of course if you can afford to buy a house outright you would never need to get a mortgage. Mortgage is what keeps poor people poor.
Remember that Ukrainian family that fled to the UK but moved back because rent was to high
It's the downpayment. Usually loans aren't approved for 100% the value of the property, especially to new/young lenders.
@@ruukinen Even that's extremely low. Average homeloan deposit in my country is the equivalent of £51765.
Average annual repayments are the equivalent of £26175.
that whispered "Don't do this to me" is everything xD
A mortgage is just a big fancy word for "borrowing a lot of money (in this case specifically a house), and promising if you don't repay the debt, the one lending you the money (the bank) gets to own the house instead". Of course the details matter, but in theory, yeah the bank needs assurance that they have some way to recoup their loss if you didn't pay up.
The most complicated parts of a mortgage are the side the banks have to worry about that involve investors and debt lending and whatnot and those things aren't important.
Until they very suddenly were in 2008 that one time.
@@shingshongshamalama That was what happens when banks *don't* worry about whether you can repay the loan or whether they can recoup the loss if you don't.
Transliterated from Latin it means "death grip." Which pretty well sums it up.
Mortgages are when you borrow money until you die
I'm in debt till I die
I'm in debt till I die
I know I am I'm sure I am
I'm in debt till I die (hey hey hey)
$15k? Goddamn, houses be cheap in England
depends. do you want to live in the north? yeah you can literally buy a house in the moors in a quiet little village where it rains all the time. But its 15k and you'll prolly spend more on repairs.
If you wanna go to the south where most of the infrastructure goes and all the fancy ppl live. at least 50k.
I think $15K was meant to be the deposit, which is still pretty fucking low for a house that comes with a ceiling
Ya all mf need $15k for a house?!
For the first time living in 3rd world country dosent seems so bad after all...
Rin looks so baked by the end there
Rin hates the bank so much she briefly became American.
$15,000, Why does Rin keep trying to be American??
Americanisation is too strong
(And I'm repelling with it by going with -sation instead of -zation)
Never go full 'Merican
@@PanzerTruck too late.
ive already purchased a dodge challenger with black racing stripes.
She's gone to the Richard Hammond School of Being an American... Next thing you know she's putting cheese on her burger and buying a Hellcat
@@afteritsallsaidanddoneisti9285 Now y'all are just bein idjits; you forgot yer guns.
A morgage is a loan with a house as collateral, usually used to purchase said house. This means that you TECHNICALLY get a loan with collateral you do not own, which is always weird.
When you "refinance" a house, you are just getting a second morgage with a better interest rate, and using that new morgage to pay off the old one.
The house being collateral makes a strange kind of sense but yeah I never thought of it that way. Still don't understand refinancing though. How can you mortgage the same house twice? Does it replace the interest rate of the old mortgage with the new one?
@fedweezy4976 Basically, there is no way to track if an item is collateral on a loan. So you can get two different loans with the same house as collateral. Then, you use the second loan to pay off the first. If the new loan has a better interest rate, then you made a good decision.
The old morgage is now completely paid off an no longer matters.
@@tristanmitchell1242 holy shit that was very helpful, was not expecting to get a brief understanding of refinancing from a random person on UA-cam but thanks that was totally cool
A mortgage is where you basically take out a big loan to pay for a house you can't afford that you pay back over a certain ammount of set years. Take one loan for 30 years for example you make a set payment on monthly or yearly till it's fully paid off in that 30 years. Fail to make a payment you get an eviction notice with a set time limit to make the payment. Failing to make the payment in the time limit you are given the bank takes your house and then hires a retail agengy to sell it.
15k for a mansion? I’m moving wherever that is, be it the UK or the yet to be confirmed kingdom of Koleido
“Don’t do this to me” Whimper like she’s actually in an abusive household lmao! Poor Rin.
according uk gov., it's not so cheap, Rin. "Average house prices increased over the 12 months to June 2023, to £306,000 in England (1.9%), £213,000 in Wales (0.6%) and £174,000 in Northern Ireland (2.7%), while average Scotland house prices (£189,000) remained little changed (0.0%). "
What you're saying is... it's basically student loans but for a piece of land as property instead of an education
Erm rins mom's got a cute tuber image. But our rin is always a stunning
well it's a A LOT more than 15,000 dollars
Isn't it a loan where they give you the worth of your house and if you fail to pay it back they take your house? 😅
Yes
I think that is a "Loan"
15K for a house?!
What decade is Rin living in?
Bin benbose back at it again
15k for a house?
LoL you can get houses for £1 on occasion.
Not even joking. They are not in a good state and you have to prove that you have the means and intention of renovating them, but still.
promo sm 😈
I thought rin was a trans male FTM