Thursday, May 17, 2007
Money growing on trees!
Assetz: Buy-to-let may help with first step on property ladder
"It is possible to obtain a buy-to-let mortgage without needing to collect capital for a deposit as long as the investor is willing to shop around and drive a hard bargain. The buyer must first identify properties that interests them. Then, they need to negotiate with the owner or developer for a discount of around 15 per cent on the market value. This creates "instant equity" and the prospective buyer should hopefully then be able to find a lender who will advance them the money for a buy-to-let mortgage without any deposit."
Posted by confused76 @ 12:41 AM (184 views) Add Comment
5 Comments
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1. confused76 said...
But are these people mad? What the heck are the talking about?
http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=5065&cat=44-0-0
"Whether you are a first time buyer, a current landlord or an individual looking to buy your first buy to let property, it really does not matter, as you can now reduce the risk of investing without having to use your own funds as a deposit"
What do our "property enthusiast" friends like Glorious Sunshine think?... should we all apply for instant returns at no risk? sounds too good, we must be completely stupid NOT to apply... or don't we?
2. Papabear said...
Classic pyramid scheme. After the HPC people will look back at things like this and say "it was bound to happen"...
3. Lives In A Cave said...
And when everyone gets a 15% discount of their property, what's the property price? Gues its 15% less, so the so caled equity that was negotiated has disappeared. The entire premise is built like a house of cards. Need I say any more?
4. jason said...
That's so wrong on so many levels.
5. Badger said...
whats wrong with it? it would appear that if you could buy a property without putting a deposit in, that would be good...I have done it myself.