Buy a house for £2,000???

baileysbattlebus

I think it's part of a scheme introduced by the gov't last year.

http://www.telegraph.co.uk/property/rentingproperty/3394905/Rent-to-buyTry-it-and-if-you-like-it-then-buy-it.html

http://property.timesonline.co.uk/tol/life_and_style/property/buying_and_selling/article4673073.ece

feeta

Hmmm, looks a bit dodgy to me too.

hethmar

The purchase price is £90,000
Minimum deposit of £2,000
The normal rent is £395 per month.
You will pay a minimum of £545 per month.
Every month we will add a minimum of £150 per month towards your deposit.

Toto

I'm confused... ok I know that doesn't take much. But, how is the rent used as a deposit? wouldn't this be seen as a vendor gifted deposit and the valuation be reduced? And, what if you can't get a mortgage after 3 years? I guess you lose the 'deposit'.

All far too bloody complicated for me. What's wrong with just saving up a deposit and buying a house at a fair market price when you can afford it?

hethmar

Sorry should have added more :

End of year one

£90,000
-£2000 deposit paid
-£1800 (extra you have paid)
-£1800 (extra we have paid)

At the end of year one you would owe £84,400
At the end of year two you would owe £80,800
At the end of year three you would owe £77,200

During that time you have saved up a deposit of £12,800 (14.22%)

kitschkitty

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_170934

not enough info given imho.

besonders1

Its some mass BTL lord trying to offload his portfolio onto people but soon the houses will only be worth not much more than the deposit anyway. They are just disguising peak prices at the naive buyers expense!