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Tenant getting a mortgage - dodgey??
Comments
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Thanks for all the replies guys. Highly appreciated.
My understanding as to the reason to over-value is to enable the T to get enough funds to afford the asking price. If I want £250k they would need a 100% mortgage. If it's worth (valued) at £300k then getting an 80% mortgage would be easier...I think. I believe they are also very low on a deposit, even though I have charged £150 less than recommended rental rate for the areaI'M NOT AS THINK AS YOU DUMB I AM...
Like Gary the No-Trash Cougar says: "Give a larbage, throw out your garbage!" Spread the word!0 -
Yup...what Ed said. Thanks.I'M NOT AS THINK AS YOU DUMB I AM...
Like Gary the No-Trash Cougar says: "Give a larbage, throw out your garbage!" Spread the word!0 -
If it's worth £250k, the bank won't value at £300k. If they value at £300k, then you should be asking for that.
Sound like chancers to me.0 -
Not chancers per-say theEnd. More like people who can't afford a mortgage of that value, have little deposit saved but are happy to buy in any way possible.I'M NOT AS THINK AS YOU DUMB I AM...
Like Gary the No-Trash Cougar says: "Give a larbage, throw out your garbage!" Spread the word!0 -
General census seems to be a no-no.
Do Financial Advisers regularly try this kind of thing?I'M NOT AS THINK AS YOU DUMB I AM...
Like Gary the No-Trash Cougar says: "Give a larbage, throw out your garbage!" Spread the word!0 -
Pimpslider wrote: »General census seems to be a no-no.
Do Financial Advisers regularly try this kind of thing?
Only the dodgy ones.0 -
Sounds like they have no deposit.
They pay £50k deposit and get 80% mortgage for the other £250k, totallying £300k. You then give them back the deposit money.
Depending on the timing, either the deposit money never existed it or they borrowed it from somewhere for a few days.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Interesting Silvercar. So they could basically be taking out a loan, or such, the day before completion. When the money is returned from my Solicitor they can clear the loan straight away.
I am guessing doing that with loans is fine (as there will probably be an early payback fee for the company), but potentially using it in that way to obtain a mortgage must be fraudulent.I'M NOT AS THINK AS YOU DUMB I AM...
Like Gary the No-Trash Cougar says: "Give a larbage, throw out your garbage!" Spread the word!0 -
None of this is fine. I would be reporting their FA to the regulator. If you go ahead with this I await the posts from you in three months time when it all falls apart!
33 people have currently voted in your poll and not one suggests you go ahead with this deal."You've been reading SOS when it's just your clock reading 5:05 "0 -
Cheers Jammy
. I meant its fine to get a loan and pay it back quick...but not to use it as a fake deposit. I'M NOT AS THINK AS YOU DUMB I AM...
Like Gary the No-Trash Cougar says: "Give a larbage, throw out your garbage!" Spread the word!0
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