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buy to let with no deposit NMD
Euphoria1z
Posts: 952 Forumite
Hi
im still reading that investors are doing no money down deals where they dont have to fork out for a deposit as its built in. i.e they purchase a property valued at 100K discounted 25% so buy it for 75K via a bridging company, then remortage to a mortgage lender for 75% of the true value 100K meaning they now pay off the 75k owed to the bridging company minus fees and stuff.
My question is that now mortgage companys dont let you remortgage unless youve owned the property for 6 months minimum? if this is the case, which it is, then how are investors still doing this ? do they pay the bridging company for 6 months? i doubt it. How do they remortgage so quickly?
Thanks
im still reading that investors are doing no money down deals where they dont have to fork out for a deposit as its built in. i.e they purchase a property valued at 100K discounted 25% so buy it for 75K via a bridging company, then remortage to a mortgage lender for 75% of the true value 100K meaning they now pay off the 75k owed to the bridging company minus fees and stuff.
My question is that now mortgage companys dont let you remortgage unless youve owned the property for 6 months minimum? if this is the case, which it is, then how are investors still doing this ? do they pay the bridging company for 6 months? i doubt it. How do they remortgage so quickly?
Thanks
0
Comments
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which company is still advertising that they can do this ? i know of no legal ways of remoing before 6 months.....0
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The ahuja group for one, theres another but cant remember the name.
The ahuja group acknowledges this 6 months issue but say they have their own legal team, surveyors etc who do the whole thing start to finish but you have to use their team and they say its legal ?0 -
Sounds like madness.0
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ajay ahuja is utterly unreliable and has recently been sued by several of his customers for refusing to return monies... the bailiffs turned up to seize his car and there was a bit of a cafuffle before he coughed up £10k......
go to www.singingpig.co.uk and do a search on his name.....0
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