Money Money Money,
Show Me the Honey,
It’s a Rich Mans World.

That sure gonna be sung by Mr Gordon Brown and his ever heavy handed Tax Regimes, and so I reword it …..
Money is like Honey
Change Tia’s Nappy
I’ll stick it up Gordons Buzz…

Honestly right, the Government is driving property prices to the max. I am a key worker myself and it’s not a easy ride for all of us, especially property rental is getting too much to handle. I thought it’s actually easier to do a Buy-To-Let Mortgage than getting a first time homeowner mortgage.

I bought my flat many years ago in the dodgy end of East London, Bethnal Green where Jack the Ripper roamed. It’s like Bangla Town with the smell of curry waking you up , as a wakeup call. And swiped the whole amount then on my Harrods Card was a real galore. Don’t ask me how it was done, but I managed to secure a £50,000 credit limit then and there I was, bought a run down flat for peanuts, off Harrods Estates.

So, the flat at Mansell House was a real …slum. I needed a personal loan to cover the bulk of the renovations and then the Banker told me not to, instead get a secured loan aka First Party Mortgage secured onto the property instead as the interest was only about 4.8% compared to an Unsecured Loan Rate of about 9.9% APR. At that time getting a loan was a real breeze. No documents needed as I hold a freehold title deed to the property. All I need was to pay GE Capital for my Harrods Card.

It’s that easy. Money was there within 48 hours, thanks to Bank of Scotland. Barclays was a real mess, and I got an additional charge from the Woolwich Building Society (now part of ever useless Barclays) to cover some additional furnishings.

It’s a classic Homes Under The Hammer and total bill : £35,000 for the whole furnishing, upgrades, new kitchen, new toilets, floorings etc. Well worth it.

I sold off the property a year after for almost £150,000! That easy. I could made more if I rented it out, but too much of a hassle for me.