John Terry Liar Loan.

Sibley

Home owners do what they want.





http://www.thesun.co.uk/sol/homepage/news/4055329/Mystery-of-John-Terrys-46m-mortgage.html

Mystery of John Terry’s £4.6m mortgage

Massive loan for England skipper's £2.2m mansion


By RICHARD WHITE, Chief Showbiz Reporter
Published: Today





JOHN Terry has mysteriously remortgaged his mansion for a fourth time — taking his home loan to a massive £4.65MILLION.


Land Registry records show the England skipper, 31, who has a history of gambling, did the deal last June.

The £170,000-a-week Chelsea captain purchased the property in Oxshott, Surrey, with the Queen's banker Coutts for £2.25million in July 2003, according to publicly available records.
He remortgaged with Northern Rock 12 months later, then again with Coutts in March 2006 and yet again in 2009 before last June's latest remortgage for £4.65million, Land Registry figures show.
That took the soccer star's home loan to more than TWICE the value of his mansion when he bought it.

Chelsea skipper ... John Terry




Terry, who is at the centre of a race storm, also remortgaged his mother-in-law's pad in an apparent move to generate cash to build a vast luxury estate from scratch.
A source said: "It is very unusual behaviour for someone earning significantly more than half a million pounds a month."
The value of Terry's property will have risen since he first bought it. Yet the oddness of the Premier League star's property decisions goes further.
He bought mum-in-law Sue Poole her mansion next door to his own for £1.85million in August 2007, but remortgaged on June 7 last year — the same day he remortgaged his place for the fourth time.
Months earlier he won planning permission to turn Sue's site into a ten-bedroom super mansion.
Work began six months ago and is due for completion in December. Terry aims to move there with wife Toni and their five-year-old twins Georgie John and Summer Rose.




Plans for the pad have caused outrage among locals, with some branding it a "monstrosity". Under his planning permission, Terry has seven years to finish the project.
The defender bought his mum Sue Terry a £3.15million mansion 150 metres from his in 2007.
But he appeared to try to free up cash as he then attempted to sell it for a huge profit.
First he asked £5million in 2010. He then cut the price by £250,000 and — when it still didn't shift — by another £500,000 to £4.25million.
During this time he also tried to sell his own mansion for £6.5million, but was unable to achieve the asking price and withdrew.
A friend of the star said viewers "raised questions over taste" after Terry astroturfed the front garden.
The pal added: "Everything is just up in the air at the moment and at present John is not prepared to invest the huge sums needed to build his dream house."
Based on current premium account rates, the monthly repayments on Terry's own home loan are likely to be about £13,500. His mother-in- law's property would add around £4,700.
His agent said Terry, facing race charges after an on-pitch row, had a "vast property portfolio in the UK and around the world".

ultrawomble

Sibley wrote: »

Based on current premium account rates, the monthly repayments on Terry's own home loan are likely to be about £13,500. His mother-in- law's property would add around £4,700.

For a man on £170K/week (~£735K/month) I'd hardly think he's stretched by those repayments......

IronWolf

ultrawomble wrote: »

For a man on £170K/week (~£735K/month) I'd hardly think he's stretched by those repayments......

I wouldn't think he'd even have a mortgage on that kind of money, considering how long he's been playing now.

DervProf

IronWolf wrote: »

I wouldn't think he'd even have a mortgage on that kind of money, considering how long he's been playing now.

Exactly.

If he takes home £100K per week, that's ~£5million per year. Why does he need a mortgage ?

Pete111

DervProf wrote: »

Exactly.

If he takes home £100K per week, that's ~£5million per year. Why does he need a mortgage ?

I daresay there may be some tax advantages....

kabayiri

DervProf wrote: »

Exactly.

If he takes home £100K per week, that's ~£5million per year. Why does he need a mortgage ?

Perhaps a lot of his spare money is tied up with buying gifts for platonic lady friends ?

GAH

Maybe he hasn't got as much in the bank as evveryone thinks, he has a huge gambling problem, spends money on super-injuctions and probably has one of the most epensive solicitors around for the s**t he gets himself into.

DervProf

Pete111 wrote: »

I daresay there may be some tax advantages....

I was just thinking that.

Nice isn't it ? A lot of us think that footballers are overpaid. It doesn't seem right that someone like JT, on a large salary, should exploit all possible loopholes to keep more money than he needs, when the people who pay his wages are mostly paying at least 25% of their income in taxes (and they are probably more deserving or in need of the money they pay to the IR).

That's why I no longer attend football matches, and i don't subscribe to Sky.

somethingcorporate

One day it's all going to go horribly wrong for this overpaid buffoon. I cannot wait!

chewmylegoff

i'm not sure quite how john terry having a residential mortgage on the "mansion" he lives in is going to offer him any kind of tax efficiency.

i'm also not sure why this is a "liar loan". just because he remortgaged it for more than he paid for it doesn't mean he is lying about its value. prime london property (not nollag's BTLs in tooting mind) has gone through the roof since 2003, so it's fairly plausible that the property is was worth double in 2009 what it was in 2003 - plus he probably spent £££ adding ridiculous "personal touches", like a cinema or some nonsense like that. furthermore it's not as if he's a credit risk. this is hardly like someone saying they own £100k a year to get a mortgage when in fact they're on minimum wage.