Wednesday, September 10, 2008

Madness!

Overseas homes offer finance solution during credit crunch

Where to begin?

Posted by cornishman @ 10:26 AM (903 views)
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5 thoughts on “Madness!

  • Where to begin, indeed.

    James Langworth doesn’t have any cash to put down as a deposit on a house in the UK. His two buy to lets have no spare equity in them. So he is borrowing £100,000 secured on his French house to put down as a deposit on a UK house. Presumably he is then going to borrow the rest in the UK.

    He now has a Euro mortgage – paid for with Sterling wages and also a Sterling mortgage. He is 100% mortgaged. If the pound devalues further against the euro he will have to pay more pounds sterling to service his euro mortgage.

    On top of all that, the house is also devaluing!

    Madness.

    Reply
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  • Whostolemyendowment says:

    has the world gone stark raving mad! It’s like watching a gambling addict…..

    In the words of Jim Royale – ‘My assetz!’

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  • Perhaps he likes the dizzy feeling he gets when he reads his bank statement?

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  • “Mortgage brokers in the UK are able to partner with Assetz Finance, to help their clients to raise deposits for property purchases in the UK.”

    If I saw this an ‘advice article’ I would run a mile

    Thought it had been a while since we’d heard from Lawz and the Assetz Kru.

    Merryn did a great deconstruction job of this article in yesterday’s moneysense – will hunt for the link

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