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olliegog

Is This Insanity ? -Who Would Take This Up

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Ad says "To own this home you need to be in a position to invest between £4,900 – £24,900 up front and be in a solid position to afford monthly payments of £1,100 per calendar month thereafter until such time as you are in a position to take out a high street bank mortgage or alternatively sell the property. Your full purchase price is £219,900."

So if I understand this correctly (which I really hope I don't) you need to find a large deposit, then pay £1,100pm (plus presumably all maintenance) and then when you're in the position to have a real mortgage you can buy the place for £219,000.... and start paying all over again. It's renting with a twist. I must be missing something this is too ridiculous?

Alternatively you could rent this for less. Pay no maintenance and find yourself in a position to buy a lot quicker with the money you've saved.

http://www.rightmove.co.uk/property-to-rent/property-45915716.html

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doesn't seem like a good deal to me unless you are desperate to own and have zero to none chance of getting a mortgage.

I was justy curious to see if anyone else had spotted this 'possible' scam - bearing in mind this example is W Midlands and not a 'hot market'

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I live near here. as a person looking to buy i would not even consider this. As a con wrote all over it.

You can rent places for almost half that in that area.

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I live near here. as a person looking to buy i would not even consider this. As a con wrote all over it.

You can rent places for almost half that in that area.

It also has desperation written all over it....

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It's also looks like it's written by a School kid. I mean what sort of professional signs off at the bottom with "Thanks for reading and speak soon!"

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I would have thought it works like this:

For example:

£10k up front deposit, then 36x£1100 = £39,600. After 3 years you have paid off £39,600k then have the remaining £180k to find after the 3 years.

If the £1,100 is not going towards paying off the outstanding then what are you paying it for?

I suspect that the house is unmortgageable so they have resorted to trying to get someone on the hook for it before applying for a mortgage. Sounds like it's got a dodgy attic conversion.

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