First time buyer link

sky2781

Hi Guys
I've come across this website called firsttimebuyerlink.co.uk.
Which claims they can provide no deposit mortgages.
Here is a small snippet from the website...
..."We can now turn a seller’s price reduction into your deposit.
What makes our scheme unique is how the seller no longer has to settle for reducing their price and losing some of their equity, they can now instead leave some equity in the property for you to use as your deposit in return the seller gets it back again when you move out.
You will be the full legal owner of the property in the normal way. You won’t have to find the money to pay back the sellers equity as it will sit in your house value until you re-sell in the future.

The biggest advantage you have is the fact that you will be armed with a mortgage promise and you are not in a chain which will make your offer even more attractive to sellers. This is a better alternative to sellers than reducing the price and losing their valuable equity so you will be welcomed by the seller as they see you as helping them retain their hard earned money. What is more they will get a quick sale"..
Sounds too good to be true??
Has anyone else used this company?
Mick

kingstreet

Vendor gifted deposit, until July 2011 legitimately accepted by Halifax, is no longer accepted by lenders.

How old is this web entry?

sky2781

kingstreet wrote: »

Vendor gifted deposit, until July 2011 legitimately accepted by Halifax, is no longer accepted by lenders.

How old is this web entry?

Hi
Don't know how old the web entry is but it is still up and running.

regards
Mick

[Deleted User]

The company is ran by a sole trader, one Mr Ian Barrie Davies. The website was created in 2010. The name of the company is "First Time Buyer Link Limited", he also has 2 other companies "Property Investor Link Limited" (sole owner) and "Preferred Management Solutions (Pms) Ltd" (one of 5 directors).

The website claims to have a "army of dedicated property finders" however if you click "Agent Login" at the top of the website it leads to a 404 (which means the page doesn't exist).

The "About Us" page doesn't actually tell you anything about them it just talks about their "team" in very general terms. The how it works page goes into further detail:

What makes our scheme unique is how the seller no longer has to settle for reducing their price and losing some of their equity, they can now instead leave some equity in the property for you to use as your deposit in return the seller gets it back again when you move out.

They have a Twitter account that was active at the start of 2011 but has only one tweet since October 2011, that one tweet being in July 2012:

Currently looking for cash buying property funds to off load property to...

(source)

So while I have no experience with the company based on their very simple (and broken) website, inactive Twitter account and only alluding to their supposed "team" I would suspect it's a one man operation that is relatively dormant, if they had an actual team they would name them!