Has anyone had any experience of this company?

Jenny1979x

Please see the link below. Does it sound too good to be true and as dodgy as??

http://www.firsttimebuyerlink.co.uk/

trooperdog

HMMMmmm dont fully understand it? usually if it sounds too good......... it probally is!

Jules1982_2

I had an email from this company directing them to their website. I'm very interested, but also worried like you that it could be a scam.
Can't find information/reviews about them online or even any mention of the company apart from this thread and their own website - seems a bit strange...

Senior_Paper_Monitor

Hopefully you will not be needing to borrow my bargepole !

JQ.

Scam scam scam

Senior_Paper_Monitor

A quick flick through the site shows ....

How you qualify to take part in this scheme

1. You must be a UK resident over the age of 18.
2. In full time employment and able to support the mortgage payments.
3. Have a family relative in the UK, willing to assist.
4. Be able to show proof of £3,000 available funds and a valuation fee if required.

One of many catches/issues I suspect exist.

I'm too busy to go through chapter and verse of where I think the issues are (for both seller and purcahser [and parents!]) and would need to see full documentation before ripping it apart (and the site is very light on substantive detail of the deal structure - so I can only guess).

I assume there is a second charge involved and all sorts of alarms go off here.

Some others here may wish to spend a few minutes doing so - but I will give my short answer - don't do it !

kingstreet

http://www.firsttimebuyerlink.co.uk/estate-agents/

* Some lenders and brokers charge fee's which would be extra.*Although the property is purchased for full market value 5% of the sale price is used to cover scheme costs including insurance so in real terms the seller receives 95% of the full market value. i.e. 80% cash and 15% as a share. The 15% share increases with the value of the property and is insured. See FAQ's for further information.

Reading the other pages, it appears to be a DIY shared equity scheme with the vendor getting a second charge over their 15% until the new purchaser sells on.

JQ.

Senior_Paper_Monitor wrote: »

Interesting stuff

I took the same view as you - there are so many holes in the proposed scheme it's not even worth going into it in detail, hence my rather short response above.

kingstreet

Senior_Paper_Monitor wrote: »

A quick flick through the site shows ....

How you qualify to take part in this scheme

1. You must be a UK resident over the age of 18.
2. In full time employment and able to support the mortgage payments.
3. Have a family relative in the UK, willing to assist.
4. Be able to show proof of £3,000 available funds and a valuation fee if required.

One of many catches/issues I suspect exist.

I'm too busy to go through chapter and verse of where I think the issues are (for both seller and purcahser [and parents!]) and would need to see full documentation before ripping it apart (and the site is very light on substantive detail of the deal structure - so I can only guess).

I assume there is a second charge involved and all sorts of alarms go off here.

Some others here may wish to spend a few minutes doing so - but I will give my short answer - don't do it !

No trace on the FSA Register under that name, either.

Senior_Paper_Monitor

Probably wouldn't need to be FSA registered but ....

This appears to be the company:


Company Details



Name & Registered Office:
FIRST TIME BUYER LINK LIMITED
12 CLIFF STREET
RAMSGATE
KENT
ENGLAND
CT11 9HS
Company No. 07474552


Status: Active
Date of Incorporation: 21/12/2010

Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
None Supplied
Accounting Reference Date: 31/12
Last Accounts Made Up To: (NO ACCOUNTS FILED)
Next Accounts Due: 21/09/2012
Last Return Made Up To:

http://wck2.companieshouse.gov.uk/61bdf67070d91ec2f948cb06e5c17688/compdetails

5 months in existence (no real details other than £90 paid up capital / Trading address Newcastle (from website) / Registered office Kent - solicitors address)

No data protection registration (which they definitely need) at either address for First Time Buyer Link (solicitor is registered).

No consumer credit licence registration (which they definitely need) at either address for First Time Buyer Link.

shortchanged_2

"Instead of the seller giving away a 20% discount, this scheme uses that amount to cover the buyer’s full deposit and costs. In return, the seller obtains a share in the future value of the property which is paid back to them when the buyer moves out."

If you read the how it work part it basically explains that it is a shared equity scheme. So if and when you come to sell you will still owe money to the seller, not a great scheme if you go into negative equity, which many of these schemes inevitably do.