Lepista Posted August 10, 2009 Share Posted August 10, 2009 http://www.rightmove.co.uk/property-to-ren...y-13083870.html Tired of looking for a house you like but can't get a mortgage? You can buy this house on our fantastic RENT now BUY later scheme.This is how it works The purchase price is £225,000 Minimum deposit of £5000 The normal rent is £650 per month. Each month you pay an additional £200 “top up†towards your deposit. In total you pay £850 per month. Every month we match your “top up†of £200 per month which again goes towards your deposit. End of year one £225,000 -£5000 deposit paid -£2400 (extra you have paid) -£2400 (extra we have paid) At the end of year one you would owe £215,200 At the end of year two you would owe £210,400 At the end of year three you would owe £205,600 During that time you have saved up a deposit of £16,400 (8.62%) The more you pay the quicker and bigger your deposit. No mortgage is required until you buy in 2012. (but can buy at any time) Price growth and rent deposit payments provide your deposit. The purchase price is fixed at the outset. You gain from any price growth! Redecorate, carry out home DIY - YOU benefit from any added value by enhancing YOUR home This is not a shared ownership or Housing Association scheme You can move into your new home in as little as 7 days! Legally approved solicitor contracts. We can help you get advice on your mortgage in 2012, or sooner, with your deposit fund. Move in, and buy later - or walk away! You do not have to buy if you change your mind. Perfect if you are either; - A first time buyer struggling to get onto the housing market - Struggling to raise a large deposit - Currently renting but want to own your own home - Have impaired credit and can't raise finance - Have recently moved to the UK No mortgage is required whilst renting/buying. Quote Link to comment Share on other sites More sharing options...
tiggerthetiger Posted August 10, 2009 Share Posted August 10, 2009 http://www.rightmove.co.uk/property-to-ren...y-13083870.html Yes they are really getting desperate !! Quote Link to comment Share on other sites More sharing options...
Lepista Posted August 11, 2009 Author Share Posted August 11, 2009 There are just so many questions about this... - what if you never bought - is the rental fixed? - what if (!) house prices drop in the next few years? - how does the present owner get any guarantee? - is the present owner stuck with having two mortgages whilst you are there - what if the present owner finds another buyer? It just makes no sense... Quote Link to comment Share on other sites More sharing options...
mikeymadman Posted August 11, 2009 Share Posted August 11, 2009 ... What if the developer goes bust... Quote Link to comment Share on other sites More sharing options...
shedfish Posted August 11, 2009 Share Posted August 11, 2009 There are just so many questions about this...- what if you never bought - is the rental fixed? - what if (!) house prices drop in the next few years? - how does the present owner get any guarantee? - is the present owner stuck with having two mortgages whilst you are there - what if the present owner finds another buyer? It just makes no sense... no doubt this alone means there will be a few that get sucked in... and they'll turn up on the Consumer Affairs programmes in a few years Quote Link to comment Share on other sites More sharing options...
Darkman Posted August 11, 2009 Share Posted August 11, 2009 You gain from any price growth! ahem Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted August 11, 2009 Share Posted August 11, 2009 Price growth and rent deposit payments provide your deposit.The purchase price is fixed at the outset. You gain from any price growth! hhmmmm I think we have found the flaw, and the reason so many will be sucked in. The last of the savers being bled dry. The smart money is waiting until average prices are sub £50k Quote Link to comment Share on other sites More sharing options...
cockrobin Posted August 11, 2009 Share Posted August 11, 2009 I have a large deposit making no interest, I cannot buy a house because what few houses are for sale are crap and over priced. I hate renting so what the bloody hell do I do? Quote Link to comment Share on other sites More sharing options...
Darkman Posted August 11, 2009 Share Posted August 11, 2009 I have a large deposit making no interest, I cannot buy a house because what few houses are for sale are crap and over priced. I hate renting so what the bloody hell do I do? You wait like the rest of us. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted August 11, 2009 Share Posted August 11, 2009 I have a large deposit making no interest, I cannot buy a house because what few houses are for sale are crap and over priced. I hate renting so what the bloody hell do I do? You sit around and moan on HPC. Or perhaps put your body into stasis - if your deposit will cover it. Oh, and do something smarter with that deposit. You shouldn't need more than a month's worth of float earning less than ~2-3%, and if it's a serious amount you can do much better. Quote Link to comment Share on other sites More sharing options...
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