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No Mortgage Required....

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Looks like a hire-purchase agreement:

"This is not shared ownership, you will be buying 100% of the equity once you have paid the balance in full."

A mortgage vests ownership in the borrower from the start:

http://www.opsi.gov.uk/RevisedStatutes/Acts/ukpga/1925/cukpga_19250020_en_7

Can't see how there's any ownership here until the whole thing is paid off.

I wonder if they pile on PPI as well! Must be a slimey broker arrangement at the heart of this.

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Guest Fedup

Can someone please report this to trading standards. This just shows that how ridiculous the property situation is in this country: we pay people thousands in benefits not to work, yet we do not have minimum housing size standards.

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I saw this and thought of you

This is a new one

Amazing. I'm not understanding this at all.

Is that description for real? Maybe it's financed like an Islamic mortgage or something.

We shall never know because no one in their right mind will go anywhere near that place.

And those pictures are just a mess.

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Can someone please report this to trading standards. This just shows that how ridiculous the property situation is in this country: we pay people thousands in benefits not to work, yet we do not have minimum housing size standards.

You ?

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I thought they were trying to sell the shed for £2,225 as a 1 bedroom chalet

Yeah it does look like that from the 1st picture.

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I hope that's not a 25 year term @£613 per month :o

That works out to 6.5% for a 90K mortgage.

If you need 100%, then I doubt you will get a better rate than that. 90K is the top price for the other house(!) for sale in this street.

But everyone's right, it's far too small. And it needs a visit from the clutter fairy

tim

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It's not that different from all the gimmicks that the housebuilders have invented to shift property to people who can't afford it like shared ownership or renting to buy.

Maybe it might suit some people, but at the end of the day it's a gimmick. Funny how none of the gimmicks actually offer good value for money.

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Full description:

Tenure: Freehold

This property is available to rent for £425pcm.

But, why pay dead rent when you could be buying?

Did you know, you don't have to have a mortgage from a bank to buy a home? The seller of this property is prepared to accept payments by instalment. This means you do not need a bank mortgage today.

Get started on the property ladder without need for a mortgage!

Just like having a mortgage with a bank, every month you're paying towards full ownership, and like a normal sale you will need to use a conveyancing solicitor to guide you through paperwork. This isn't an option to buy, you will be actually buying your own home.

You will need some down payment money. If you went to a bank today you would need at least £13,000 deposit. For this opportunity you need only a minimum of £2225 to get started.

The market rent for his property is £450.00pcm (£104.00 pw), but all that rent money would be money down the drain. For only £38.00 per week more you can be owning your own home!

The monthly payment based on a downpayment of £2225 is approx £613.00 pcm, but the higher the down payment, the lower the monthly amount.

It works exactly like a normal repayment mortgage with bank. Each month you are paying towards full ownership.

This is not shared ownership, you will be buying 100% of the equity once you have paid the balance in full.

The same as with a bank mortgage you can remortgage later with any lender and pay off the balance.

Poor credit OK

Foreign workers OK

Self Employed OK

First Time Buyers OK

The property is located in the beautiful sought after village of Navenby, between Grantham and Lincoln. Megs Lane is a quiet cul-de-sac close to all the local amenities that make Navenby sought after, and affordable first time buyer homes are very hard to come by.

A 1 Bed Chalet Style house, a well fitted modern kitchen and bathroom. Sliding doors lead the to your own garden, and stairs from the living room lead up to the mezzanine level where the bedroom is. For the price of a flat you can have your own starter house!

Long front garden private gravelled for use as off road parking area.

This is a one off opportunity and we expect this house to sell very quickly.

When you contact us please state whether you wish to rent or take advantage of the no mortgage needed opportunity.

Just copying it before it gets removed.

I am surprised it didn't say

"One for those rent forever looosers on HPC"

:angry:

^

rfl.jpg

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Sounds like a private mortgage, they used to be popular last crash amongst desperate sellers. The main catch here is it doesn't say how long the term is - is that 12 monthly payments or 300?.

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Did you know, you don't have to have a mortgage from a bank to buy a home? The seller of this property is prepared to accept payments by instalment. This means you do not need a bank mortgage today.

Translation = No bank will mortgage this garage conversion/shed/chalet.

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