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No Mortgage Required Seller Will Provide Finance

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http://www.rightmove.co.uk/property-for-sale/property-27094534.html

Brief Description found: Get on the property ladder now. Exchange contracts with only a 24,995 deposit. Seller will provide finance, NO MORTGAGE REQUIRED Call Sel on 0788199 5003 for more details.

What's this all about then ?

A unlimited term rental agreement that includes a huge deposit that is most likely non-refundable. The "vendor" would probably be quids in if the "buyer" defaults on the payments and gets evicted. After that it'll be "next 25k please" victem to be lined up! LOL!

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I've seen a couple of hand written boards stuck to lampposts in Brentwood sayying. "NO MORtGAGE NEEDED 3 bed semi detached house, £15000 and £650(roughly can't remember the exact amount) a month buys it!"

Desperation I think is the word :D

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I've seen a couple of hand written boards stuck to lampposts in Brentwood sayying. "NO MORtGAGE NEEDED 3 bed semi detached house, £15000 and £650(roughly can't remember the exact amount) a month buys it!"

Desperation I think is the word :D

why buy?...when you can rent.

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Why rent? when you can buy and rent! And get none of the benefits of either!

why buy? Why rent?

just go BENT!

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If the vendor is providing the finance, would it constitute a business and require him/her to get a licence to provide credit?

No, it`s classed as a private mortgage, would be drawn up by the Vendor`s Solicitor and the Vendor would be subject to tax on the interest received.

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Whole area is right on sea level.

May well be uninsurable and unmortageable :(

This is very important, please pay attention.............

I Live in Latvia, I am English, all the banks are bust, and will not lend money to anyone, so the seller has to make his own legal arrangements,which normally incude personal loans (not a mortgage) because mortagege means paying until death, these loans last for around five years, these promise sheets csn be taken to the next home owner as a promise of collateral, house prices have well and truly crashed here, you can get an apartment on one months UK salary, but please pay attention because it is coming to a street near you!!!!

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This is very important, please pay attention.............

I Live in Latvia, I am English, all the banks are bust, and will not lend money to anyone, so the seller has to make his own legal arrangements,which normally incude personal loans (not a mortgage) because mortagege means paying until death, these loans last for around five years, these promise sheets csn be taken to the next home owner as a promise of collateral, house prices have well and truly crashed here, you can get an apartment on one months UK salary, but please pay attention because it is coming to a street near you!!!!

:o

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Desperation I think is the word :D

Maybe, but still no crash yet even with people offering this sort of finance. I'm utterly p*ssed off by the fact the terrace my friends bought in December 2005 at £210K is now on the market at £265K, having just been reduced by £10K. Next to no improvements made to it and them wanting to trade up. The market is so unhealthy. After things were turning the right way in 2008, 2009 and 2010 were both rubbish years with all the QE, low interest rates, BoE asset swaps, and Grant Shapps tyres wanting to pull levers to support values. Something has to give soon to allow a crash to take place.

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This is very important, please pay attention.............

I Live in Latvia, I am English, all the banks are bust, and will not lend money to anyone, so the seller has to make his own legal arrangements,which normally incude personal loans (not a mortgage) because mortagege means paying until death, these loans last for around five years, these promise sheets csn be taken to the next home owner as a promise of collateral, house prices have well and truly crashed here, you can get an apartment on one months UK salary, but please pay attention because it is coming to a street near you!!!!

Have you got any examples of these bargain flats? Latvia is a nice place :)

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This is very important, please pay attention.............

I Live in Latvia, I am English, all the banks are bust, and will not lend money to anyone, so the seller has to make his own legal arrangements,which normally incude personal loans (not a mortgage) because mortagege means paying until death, these loans last for around five years, these promise sheets csn be taken to the next home owner as a promise of collateral, house prices have well and truly crashed here, you can get an apartment on one months UK salary, but please pay attention because it is coming to a street near you!!!!

this is, if true, an example of what would happen if mortgages were banned on residential property.

not sure 1 months salary as this implies people have no savings either, but for a room, maybe.

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I've seen a couple of hand written boards stuck to lampposts in Brentwood sayying. "NO MORtGAGE NEEDED 3 bed semi detached house, £15000 and £650(roughly can't remember the exact amount) a month buys it!"

Desperation I think is the word :D

Turns out it's not £650 per month it's £309.... Per week! Ha. No thanks. I'll post a pic of the poster when I can upload it.

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Turns out it's not £650 per month it's £309.... Per week! Ha. No thanks. I'll post a pic of the poster when I can upload it.

img0372pw.jpg

Edited by Pent Up

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Shame there's no email address. I'd like to know where it is and the finer details of the agreement. But I can't be arsed phoning.

I think £1236 a month is ridiculously expensive. If you can't get a decent deposit together or your credit rating is bad enough for to be refused a mortgage I doubt you could afford £1236 per month.

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Turns out it's not £650 per month it's £309.... Per week! Ha. No thanks. I'll post a pic of the poster when I can upload it.

Googling the phone number it's on gumtree and other places, with pics. Total asking price £222,600. There is at least one other house on a 'no mortgage' deal associated with that mobile phone number.

http://essex.gumtree...3/69402533.html

Streetview link. I think it's number 34. http://www.housepric....php?q=CM13+2DQ

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Googling the phone number it's on gumtree and other places, with pics. Total asking price £222,600. There is at least one other house on a 'no mortgage' deal associated with that mobile phone number.

http://essex.gumtree...3/69402533.html

Streetview link. I think it's number 34. http://www.housepric....php?q=CM13+2DQ

I didn't think to google the phone number. Well done! I'll have a snoop.

Ahh yes the Eastham estate. Probably the worsed area of Brentwood.

Number 40 sold for £190k in 09 and that was a semi. A tad overpriced me thinks.

http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=RUNNING+WATERS&locality=BRENTWOOD&town=BRENTWOOD&cCode=EW&year=All&house_style=All&house_age=All&search_radius=15&outcode=CM13&incode=2DQ&eastingToSearch=56140&northingToSearch=19290

Edited by Pent Up

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  • 312 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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