Alex Sapphire wrote:ian494 wrote:On his salary he could get a mortgage of £8,608,050, so a piddling £4 million mansion is slumming it a bit!!
not sure a pro sportsmans lending criteria are the same as the rest of us.
He's not expected to stay on that wage for 25 years after all.
They will lend whatever they ask for - the banks make so much profit in the short term, and high end property doesnt usually dip like normal residential gaffes so the security at no more than 75% ltv is usually pretty bulletproof in case the bank needs to take it back.
I had dealings with a few Premier League players before lending got totally out of hand, and some of the lending which was done to footballers was eye watering. One young player who was earning £3k a week at the time had a £100k credit card limit which was permanently maxed out, a loan to stratstones for £120k and his bank still approved a £900k mortgage. He now plays for England so it worked out well for the player who made a fortune out of the property, and the bank.
However another PL player had bought a number of properties whilst on a big contract in around 2005, and the banks were falling over themselves to give him more facilities. Year or two later, lost his appetite for football and drifted out of the game thinking he had made it as a billy big bollocks property developer before age 30. Eventually when the credit crunch came, he was back, playing in the conference because the lending had been completely unsustainable and he was financially fucked. He now plays for Leigh.