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Unsafe As Houses

London House 9K (But With Quite A Bit Of Small Print)

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The dodgiest property I've seen on RM so far.

J

http://www.rightmove.co.uk/property-for-sale/property-31050776.html

-------------------------------------------------------------

Key features:

* No bank loan needed

* Move in within a couple of weeks

Full description:

2 Bedroom

Bathroom

Kitchen

Reception

Double Glazed

Central Heating

Tenure: Leasehold

NO MORTGAGE, NO BANK LOAN NEEDED TO BUY THIS PROPERTY!

BENEFITS:

- Minimum £9,000 deposit needed and then £231/week buys this property. Full purchase price £159,000.

- No bank loan/mortgage needed, no lengthy forms to fill out

- As easy as renting BUT YOU OWN YOUR OWN HOME!

- Move in within 2-3 weeks and stop wasting money on rent

- Benefit from any potential property price rises in the future of your own home

- Do up your home and make it even more valuable

- Suitable for renters who would prefer to use their rent money towards owning their own home

Great if:

- You're new to the UK

- You have impaired or unestablished credit history

- You're self employed

- You cant afford or don't have a large deposit saved

- You want to own your own home today

FEATURES:

- Large double bedroom

- 2nd bedroom - single

- Great street

- Close to shops & transport

- Double glazed windows

- Add immediate value by giving the place your person touch

HOW IT WORKS:

- Pay a minimum of £9,000 upfront and then £231 per week

- It works just like a standard mortgage, but there is no bank involved

- The purchase uses a standard legal document that goes between the buyers and sellers solicitors

- You have complete flexibility to transfer the property over to a bank or pay it off at any time up to 25 yearsDo this on day 2 of the purchase or year 24, with no lock in fees

- There is no need to save a huge 20% to 40% deposit and fit strict banking criteria to make this property your home!!!

WHAT YOU NEED:

- A job or be self employed

- The minimum £9,000 deposit

- The ability to make the weekly payments of £231 comfortably

- The ability to move in to your new home within just a few weeks

---------------------------------------------------------

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So that's a 25 year repayment mortgage at 6.25%.

Is that competitive or not? (for 95% LTV it must be?)

Is it fixed? Can it go up?

Is the house at the right price (superficially looks ok)

I guess that the seller must be a repo company. I can't see a normal seller entering into this deal.

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Something about this stinks. Though no more rancid than the Inside Track adverts that used to be on LBC. Caveat emptor!

I think it's just indicative of the state of the market.

no-one is going to get conned here, as long as they use a solicitor to fix the deal

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So that's a 25 year repayment mortgage at 6.25%.

Is that competitive or not? (for 95% LTV it must be?)

Is it fixed? Can it go up?

Is the house at the right price (superficially looks ok)

I guess that the seller must be a repo company. I can't see a normal seller entering into this deal.

House does look good for the price based solely on the pictures and description, but I think the fact that they're positively encouraging people with bad credit histories and recently arrived immingrants to apply who can move in within a few weeks should override anything perceived to be good about this deal.

Maybe there's something very wrong with the house that you can't see from the pictures?

J

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Something about this stinks. Though no more rancid than the Inside Track adverts that used to be on LBC. Caveat emptor!

:lol: Agreed. I've never seen thise before so thought it worth putting on here. Perhaps we'll see more of them in the next few months? :blink:

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House does look good for the price based solely on the pictures and description, but I think the fact that they're positively encouraging people with bad credit histories and recently arrived immingrants to apply who can move in within a few weeks should override anything perceived to be good about this deal.

I suspect that they intend to reposess ASAP if the buyer defaults.

If they have to do this, they will be no worse off than they are now

tim

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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