no mortgage buying too good to be true?

weezee

Hi there,

I have a lumps sum for a deposit on a flat but I cannot get a mortgage at the moment as I went behind with my payments due to a death in the family. I don't have any CCJ's and other than that blip on my credit rating, it's excellent.

I have just come across a website that has flats for sale that you can buy without a mortgage. Instead it has a low deposit and then 'rent' per month that pays off the house.

It's aimed at people like me who can't get a mortgage as well as 'new arrivals in the country' etc so I am worried that it's probably preying on vulnerable people. Anyone have any ideas?

Many thanks in advance.
Weezee

GMS

Why duplicate your posts?

BoGoF

Is there a reason why you decided to ask the same question you asked earlier in which I asked for more info

https://forums.moneysavingexpert.com/discussion/3738821=

And btw, being behind with payment does not equal an excellent credit rating

Wh05apk

weezee wrote: »

Hi there,

I have a lumps sum for a deposit on a flat but I cannot get a mortgage at the moment as I went behind with my payments due to a death in the family.

Who say's you can't get a mortgage?

How big is your deposit, what, how much and when did you get behind?

Conrad

Better still instead of paying rent, just save up that sum.

Make no mistake this business will be owned by someone that wants nothing except profit, that is all that is in thier head. Also be aware such firms come and go often leaving people high and dry having taken lots of your money. What happens if the business owner goes bankcrupt, who gets 'your' property.

Stay well away.

weezee

Hi BoGoF and Conrad. Apologise for posting twice, I'm just not very good with computers and was also working so I couldn't supply information.
The mortgage had been inherited after my father's death and I had no income as I was a student. My scholarship also ran out two days after my father's death. Happy times and hence the arrears.
I subsequently arranged a mortgage on a new flat with a 50K deposit looking for a 95K mortgage, but it fell through before exchange of contacts. My independent financial advisor at that time explained to me that being behind was what had scuppered my application, and that I did, indeed, have an excellent credit rating otherwise.

As I'm not very good with computers, I do hope that I manage to post this successfully.

Euphoria1z

whats the name of this company/web address?

Thrugelmir

weezee wrote: »

The mortgage had been inherited after my father's death and I had no income as I was a student. My scholarship also ran out two days after my father's death. Happy times and hence the arrears.

Why did you inherit the mortgage? The mortgage would have part of the estate. So shouldn't have impacted on you personally.

weezee

The website is "easy home owners london".

After my father's death I had everything conveyanced into my name so I could deal with the sale of the flat thus sharing the work load with one of my sisters who was the executor. However, this was on the understanding that another one of my syblings was to make repayments on the mortgage as they owed the estate a considerable amount of money. They didn't stay true to their word.

Thrugelmir

weezee wrote: »

The website is "easy home owners london".

After my father's death I had everything conveyanced into my name so I could deal with the sale of the flat

Previously you said that you were a student with no income. So how did you obtain the mortgage?

noh

You can't inherit a mortgage. It is a debt on the estate and would have to be repaid.
Are you saying you remortgaged your Fathers property in your name and then failed to keep up with the repayments because that is the only way it would affect your credit record.