Just_on_the_market Posted March 15, 2009 Share Posted March 15, 2009 There are a lot of ads from people looking to buy properties at 25% less than survey value. I called out of interest and asked why 25% less and was told that if they could buy a house at £75K that was surveyed at £100K then they did not need a buy-2-let deposit as the bank would lend 75% of the £100K. My broker tells me this is wrong as the bank only let 75% of the purchase price which is £75K. Anyone any idea how this would work? Quote Link to comment Share on other sites More sharing options...
TTD Posted March 15, 2009 Share Posted March 15, 2009 Put it through with a purchase price of £100k, and the seller 'gives' the buyer a 'gifted deposit' of £25k. Quote Link to comment Share on other sites More sharing options...
copper crutch Posted March 15, 2009 Share Posted March 15, 2009 There are a lot of ads from people looking to buy properties at 25% less than survey value. I called out of interest and asked why 25% less and was told that if they could buy a house at £75K that was surveyed at £100K then they did not need a buy-2-let deposit as the bank would lend 75% of the £100K.My broker tells me this is wrong as the bank only let 75% of the purchase price which is £75K. Anyone any idea how this would work? Quote Link to comment Share on other sites More sharing options...
meltsheep Posted March 16, 2009 Share Posted March 16, 2009 Put it through with a purchase price of £100k, and the seller 'gives' the buyer a 'gifted deposit' of £25k. Why is this not fraud ? Quote Link to comment Share on other sites More sharing options...
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