tag:blogger.com,1999:blog-72831124101519321682024-02-20T04:11:17.811-08:00Hassan DraperHassan Draper started in financial services all the way back in the mid
1980s, working his way up until he was a manager specialising in mortgages
and commercial loans. In 2002, Hassan Draper saw that the property boom was
just beginning in Spain. Hassan took the plunge, moved out there and lived
happily on the Costa Del Sol.Anonymoushttp://www.blogger.com/profile/02223556322128526992noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7283112410151932168.post-45441476054702463282013-11-03T15:51:00.000-08:002013-11-03T15:51:19.945-08:00Hassan Draper<span style="background-color: white; font-family: monospace; font-size: 13px;">Just talking about the 80's brought back memories of how much mortgage</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">lending has changed in comparison to today. Does anybody remember</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">‘MIRAS’? I shall make it easy for you, it stood for Mortgage Interest</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">Relief At Source.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">Imagine applying for a home loan mortgage today, and getting tax relief on</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">the interest of the payment. It made interest only mortgages very appealing</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">to a higher rate tax payer, this leaned even more to your advantage. The tax</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">relief was aimed at the first 30k of mortgage which was applied for in a</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">single name and even up to four different names. So a total loan of 120k</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">could, in theory, have tax relief. This made it the cheapest amount of money</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">a person could borrow at the time. I think like most good ideas, the</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">original intention was to be able to give first time buyers a helping hand</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">at the start of the property ladder.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">However, just like many good ideas, someone thought to toy with the original</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">idea and helped many people with school fees or even a directors loan into a</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">company from his own home, as the scheme was also allowed on re-mortgages.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">When the incentive was withdrawn in the late 80's, it created a buying</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">frenzy. This is because everybody wanted to jump onto the property band</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">wagon and for the outcome house prices spiralled even higher until the</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">property market collapsed in the late 80's/early 90's.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">We were at a point where, for the first time, millions of people had the</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">opportunity to purchase their first house and when millions were truly</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">bitten by the property bug.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">By <a href="https://www.facebook.com/hassan.draper">Hassan Draper</a></span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">Hassan Draper started in financial services back in the mid 1980 as a</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">manager specialising in mortgages and commercial loans.</span>Anonymoushttp://www.blogger.com/profile/02223556322128526992noreply@blogger.com0tag:blogger.com,1999:blog-7283112410151932168.post-76350499273496613472013-10-28T15:36:00.002-07:002013-10-28T15:36:46.727-07:00Hassan Draper<span style="background-color: white; font-family: monospace; font-size: 13px;">Having started in financial services in 84/85 with NML, which is a</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">with-profits insurance company. The company, put simply, was owned by its</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">clients/policy holders and as a result all of its profits would be spread</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">out internally. The regular investment contracts paid out an amount each</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">year as a return with a final bonus paid out upon the investment maturity</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">date. Most of these types of insurance companies have been around for</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">decades.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">As the eighties exploded, more and more companies thought the way forward</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">was a direct sales force selling that specific companies financial products,</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">with the biggest players at that time having 1000's of sales people. It</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">really was an exciting time. At that time cold-calling was allowed, so we</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">were able to call businesses directly to talk about the products we offered.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">In most cases back then, there were very few individuals who had life</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">insurance opposed to people with in company pension schemes, which also</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">offered death-in-service within this scheme. Anyone self employed or in a</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">partnership fell out of this group and therefore had to make their own</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">personal arrangements.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">The eighties was an on-going good time for the financial process, council</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">housing tenants had been given the right to purchase their own property,</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">there was shared ownership available to all people with privatisation. This</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">was available as state owned businesses were sold off by the government.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">Looking back at that time, most people would have an opinion on whether it</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">all a good or bad thing. Or maybe was it right for a person to purchase</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">their council house? Along with many other shared or individual opinions. I</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">am not writing about the positives and negatives of the times, only about</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">being present at what has, ultimately, shaped most peoples financial future.</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">By Hassan Draper</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">Hassan Draper started in financial services back in the mid 1980 as a</span><br style="background-color: white; font-family: monospace; font-size: 13px;" /><span style="background-color: white; font-family: monospace; font-size: 13px;">manager specialising in mortgages and commercial loans.</span>Anonymoushttp://www.blogger.com/profile/02223556322128526992noreply@blogger.com0