Taxi man mortgage

urban_nudist

Being a nosy neighbour here with this one.

Live in an pretty new estate (1-5 years old) where the largest houses are 3-storey, 4-beds which hit the market at around €500,000 when new.

One particular house has a taxi outside and I'm just curious about how a taxi driver can get a mortgage to buy such a house -- I'm sure there's some money in that game but surely it's volatile and at times lean (outside the city centre).

Obviously I may be way off and the house could have been bought with little to no mortgage, but it's something i've been thinking about having jumped through a lot of hoops to get approval for a mortgage myself

Jim2007

The same as every other self employed person... the loan officer looked at his financial situation and decide he met their lending criteria. All business activity comes with risks, a farm crop can be destroyed in a matter of an hour or even less, a bar, restaurant or hotel can loose a license, a business could loose a lease on a very strategic location, etc....

When banks construct a financial product such as a particular type of mortgage they assess the over all profitability of the product not the individual outcomes. The models will assume a certain level of default, additional cost of debt collection etc...

Atlantic Dawn

Who says he has a full mortgage on it?

He could have sold a house and only needed a small or no mortgage, could have won the lotto, could have got an inheritance, could be married to CEO of a large bank.

Allinall

https://www.boards.ie/discussion/2058227710/taxi-man-mortgage

How did you get your mortgage, OP?

Jafin

There are so many ways that they could have afforded it. Could have gotten an inheritance, could have had a ton of life savings built up, could have a partner in a very high paying job etc. etc.

Buddy Bubs

I know, one of my close neighbours drives a van and has the same house as me. I sometimes wonder what shenanigans he pulled. Van is an eyesore and a blight on the estate. Sometimes it's dirty too.

billyhead

Sounds like jealousy here. As others said he could have got the money a number of ways. Who's to know he worked a well paid steady job before he went into the taxi business and build up savings that way.

urban_nudist

https://www.boards.ie/discussion/comment/118469589#Comment_118469589

I'm well aware of other ways a house can be financed, was more interested in hearing from somebody who may have had first-hand knowledge of how such mortgages work and the ins and outs of buying houses in such cases

Henry Ford III

This is going nowhere fast.