Unmortgage

MarkDown

Has anyone had any experience with getting an "Unmortgage?" I have read a lot about them and would like to hear people's reasoned opinions both for and against the idea particularly with relevance to buying in London. It seems like a very sensible in between to renting and buying independently.

Look forward to people's thoughts.

Thanks

G_M

Never heard of it. Can you provide a link?

Ah! A bit of a google.

So what is your connection? Director? Sales rep?

Pixie5740

MARCH HARE:
A very merry unmortgage to me
MAD HATTER:
To who?
MARCH HARE:
To me
MAD HATTER:
Oh you!
MARCH HARE:
A very merry unmortgage to you
MAD HATTER:
Who me?
MARCH HARE:
Yes, you!
MAD HATTER:
Oh, me!
MARCH HARE:
Let's all congratulate us with another cup of tea
A very merry unmortgage to you!

davidmcn

From a quick look I am suspicious about what you get in exchange for your "deposit" - cashing in your share is difficult enough with normal shared ownership schemes.

MarkDown

Hi, it's:

unmortgage.com/#/[/url]

thetimes.co.uk/article/dream-big-the-new-route-into-property-76x5mlt8g[/url]


housepricecrash.co.uk/forum/index.php?/topic/227021-dream-big-the-new-route-into-a-10x-salary-property-nightmare/[/url]

They give you very little information on the website other then details of what you can afford through them which sounds too good to be true but when you speak to them they have a good answer to all questions I have had. I have included a link to a times article and another forum which is very negative but if you go to page 2 of the forum Unmortgage reply to everyone's negativity very well.

Apologies as a new user I can't put the links in properly, they are all www first!

MarkDown

Nope someone who wants genuine opinions to their original thread.

davidmcn

MarkDown wrote: »

They give you very little information on the website

Enough reason to be suspicious - not even information about what sort of legal entity you're dealing with (though the WHOIS details for the website will at least give you Rayhan Omar's contact details). His answers on that forum sound superficially reassuring but somewhat lacking in detail about what you're actually signing up to.

AdrianC

It seems to be a shared-ownership setup. But, instead of being tied to a housing association's properties, it's somebody investing alongside you on your own purchase. With mahoosive purchase-price-to-salary, up to 10x. You can stepladder any time from 5% to 100%.

The big question... where's the money coming from?
https://angel.co/unmortgage
Ah, they're after pension funds. So, at a guess, they're offering a better return than trad residential property portfolios? But that doesn't tie up with "unrent" <puke> always being less than normal rent...

Looks like pretty much a one-man band, and that one man seems to have some history - his last bright idea seems to have been wigwamm.com - which seems to have disappeared completely.
http://imanageproducts.uk/2013/03/26/win-win-win-with-wigwamm-an-interview-with-rayhan-rafiq-omar/

You know what they say about it sounding too good?

deFoix

Avoid this website/business like the plague. "Mr Omar" hasn't convinced me this is a fair and reasonable option for people who can't afford a mortgage; or anyone for that matter.

HouseBuyer77

he remaining 95% is funded by us which you pay Unrent on.

Ah Unrent of course, entirely unlike rent I'm sure.

What happens when you can't pay the unrent? Do you get taken to uncourt and get unevicted? Interesting concept to unevict someone who already lives in the house. Maybe some Baliffs turn up and give you a new TV?

marksoton

I'm uninterested.