Unmortgage.com anyone used???

davidmcn

ThePants999 wrote: »

Which ones?

For starters, how is the ownership of the property being registered?

ThePants999

davidmcn wrote: »

For starters, how is the ownership of the property being registered?

Yup, that's a solid question. Not one that was raised on the last thread, though. I didn't mean to imply that the last thread answered everything about the company, just that I didn't see anything brought up last time that hadn't had some sort of answer. I'm sure there are plenty more issues and concerns that haven't yet been brought to light

Emmyflower

We are getting a call back this evening and will be of course asking A LOT of questions about the finer details.

MyOnlyPost

Emmyflower wrote: »

I live in Cornwall. Everything is expensive.
There are houses in the surrounding areas that may be cheaper but miles away from my daughters school.
Also as mentioned credit rating makes getting a larger mortgage harder for us.

Ok, but I and most other contributors don't live in Cornwall and so don't know the local property markets. I do know that some areas of Cornwall have been driven up by 2nd home and holiday let buyers but I don't know if that applies to where you want to live.

Remember you are asking for advice but we know nothing about who you are or what you want to buy. You need to give a little more info on the purchase price and rental price of similar houses you would be interested in.

Assuming you can get a mortgage with a 5% deposit, which may not be possible due to credit rating, then you can buy a house up to £200k. Because of your credit rating it's difficult to know what interest rates will be available to you but I have used 3% and the calculator on this website.

£190,000 loan over 35 years at 3% assuming no fees added to mortgage = £731

If you need a 10% deposit then you can only buy up to £100k, can you buy a house you like where you like for that price?

£90,000 loan over 25 years at 3% = £427

As for unmortgage.com, unknown quantity and some posters clearly feel not wholy clear as to how they operate

AdrianC

Yes, it does look tempting for the borrower/buyer...

But what's in it for the people providing the money? What does it offer them above and beyond simply investing in residential property? Please don't say "social conscience"...

tim123456789

Emmyflower wrote: »

I live in Cornwall. Everything is expensive.
There are houses in the surrounding areas that may be cheaper but miles away from my daughters school.
Also as mentioned credit rating makes getting a larger mortgage harder for us.

Not everywhere in Cornwall is expensive, there are quite a few tourist-undesirable areas that are cheap (by national standards)

Not wanting to move your child to a new school at 4 seems a bit daft if it's necessary to secure your future, she will make new friends.

ThePants999

AdrianC wrote: »

Yes, it does look tempting for the borrower/buyer...

But what's in it for the people providing the money? What does it offer them above and beyond simply investing in residential property? Please don't say "social conscience"...

As I said on the other thread, I believe the returns for the investors will be higher here than with traditional residential property investment as a result of the unmortgagees taking on maintenance/decorating costs.

AdrianC

ThePants999 wrote: »

As I said on the other thread, I believe the returns for the investors will be higher here than with traditional residential property investment as a result of the unmortgagees taking on maintenance/decorating costs.

A tiny fraction increase - which is more than overwhelmed by the lack of control in liquidating the investment. B'sides, what about UM's %age? And let's not forget to look at what's actually behind UM. Not exactly the most prepossessing of pedigrees.

tim123456789

MyOnlyPost wrote: »

Ok, but I and most other contributors don't live in Cornwall and so don't know the local property markets. I do know that some areas of Cornwall have been driven up by 2nd home and holiday let buyers but I don't know if that applies to where you want to live.

If you need a 10% deposit then you can only buy up to £100k, can you buy a house you like where you like for that price?

there are 275 2 bed properties in Cornwall under 100K

many are park homes (not clear whether all year occupation allowed), but some quite nice normal properties

tim

ThePants999

AdrianC wrote: »

A tiny fraction increase

Never been a landlord, I'll take your word for that - though as a homeowner, I find that maintenance and decorating is a fair bit more than a "tiny fraction" of my mortgage payment.

AdrianC wrote: »

which is more than overwhelmed by the lack of control in liquidating the investment.

We don't know the business model. Unmortgage might take that upon themselves, e.g. temporarily borrowing funds to allow investors to liquidate. And in any case, investors tend to have a range of investments, not all of which need be highly liquid.

AdrianC wrote: »

B'sides, what about UM's %age?

I imagine it won't be a million miles away from the letting agency / management company %ages that would typically be involved in residential property investment.

AdrianC wrote: »

And let's not forget to look at what's actually behind UM. Not exactly the most prepossessing of pedigrees.

That one I don't have a clue about - never heard of the guy. If common consensus is he's dodgy, that would certainly put me off.