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    Is this a legit way of getting on the property ladder?

    Im trying to get on the property ladder but obviously with things bein tough, its increasingly difficult! So i found this scheme and i dont really understand wether its a deal or a scam! can anybody help? il copy and paste it...

    granarywharf.co.uk/Loa…wn/

    Thanks

    6 Comments

    nobody cares noob!

    (i know this guy btw hense the rudeness)

    they loan you the rest of the deposit too which is repayable when you sell it...

    and welcome to HUKD!!
    Edited by: "plumberman01" 16th Feb 2011

    plumberman01

    they loan you the rest of the deposit too which is repayable when you … they loan you the rest of the deposit too which is repayable when you sell it...and welcome to HUKD!!



    what kind of interest you looking at on the loan of the deposit above and beyond the mortgage rate? or do you only have to pay the loan of the deposit once you sell?

    joeprosho

    what kind of interest you looking at on the loan of the deposit above and … what kind of interest you looking at on the loan of the deposit above and beyond the mortgage rate? or do you only have to pay the loan of the deposit once you sell?



    i dont know this company personally but have read similar where you basically pay back what you borrow from the sale. They cant lose as they take their cut first so if the property has gone down its your money that is lost. I think a lot of home builders do this now as the market is slow.
    its a similar thing to you raising the cost of your property to sell and then paying towards the deposit yourself? you must have seen these in the paper etc says deposit paid? its a way to give you a deposit you dont have.
    Another way is part own part rent, in which you buy 25%, 50% or 75% of a property value then pay rent on the remainder ie £100000 house you mortage £50000 pay £400 a month and rent half at £250 so the cost per month is less (these figures are not correct just for example lol)

    I think atm there are a lot of house builders cant sell and deals are there to be done.

    If youre struggling to get on the property ladder then dont, The way interest rates are at the moment makes buying a house seem cheaper than it is, Mortgage rates could double in the next few years so unless you can easily do it you are better off renting,
    Edited by: "tonyg1962" 16th Feb 2011

    tonyg1962

    If youre struggling to get on the property ladder then dont, The way … If youre struggling to get on the property ladder then dont, The way interest rates are at the moment makes buying a house seem cheaper than it is, Mortgage rates could double in the next few years so unless you can easily do it you are better off renting,



    this is speculation...and kids are struggling to get on the ladder due to mortgages not being availaible doesnt mean they dont have the money..
    i think i can buy in my area for the price of rent easily..houses locally to me are expensive but neighbouring areas can be under £40000..an excellent start on the ladder and much lower than any rent!
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