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Any idea how this would work?
Slayerx
Posts: 1,285 Forumite
A local firm in West Yorkshire are offering to lend people the 10% deposit to buy a house.
The loan is interest free and yet lenders won't allow loaned deposits.
http://artisanhomes.co.uk/faq.php
I called and the company, they explained the loan isn't secured against the property it's interest free and it can be taken out for as long as you want.
The loan is interest free and yet lenders won't allow loaned deposits.
http://artisanhomes.co.uk/faq.php
I called and the company, they explained the loan isn't secured against the property it's interest free and it can be taken out for as long as you want.
Official DFW Nerd Club - Member no. 065
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Comments
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Anyone?
I'm going to call tomorrow and ask them which lenders previous customers have used.Official DFW Nerd Club - Member no. 0650 -
Hmm, didn't think a loan was an acceptable deposit method.0
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Hmm, didn't think a loan was an acceptable deposit method.
That depends on the mortgage lender.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do you know of a lender who would be happy using this scheme amnblog?Official DFW Nerd Club - Member no. 0650
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Why don't you ask the builder.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I've emailed them this morning, no one was answering the phone.
I did call Halifax, Barclays, YBS and Leeds BS they all said no.Official DFW Nerd Club - Member no. 0650 -
Unfortunately this forum prevents us giving you 'advice' by suggesting a lender.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I guess ill await the companies response.
ThanksOfficial DFW Nerd Club - Member no. 0650 -
Looks like an attempt to circumnavigate the rules. Incoming MMR regulation would appear to block this practice.0
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I got a reply tonight.
"We are happy for you to come along and have a look at our show home. Once you have done that and considered whether you wish to buy a home from Artisan, we would be more than happy to put you in touch with our mortgage team who will be able to look for a suitable lender.
We actively place the client into a home and then the case is offered to lenders to consider."
Does this sound a little vague?Official DFW Nerd Club - Member no. 0650
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