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Firsttimebuyersolutions.co.uk

Jacks1919
Jacks1919 Posts: 11 Forumite
Eighth Anniversary First Post
in House buying, renting & selling
Has anybody used these before?

They are saying they can get us a mortgage, find a house and all for zero deposit!

Just sounds too good to be true!

Thanks

Comments

  • whatdoyouthink...
    whatdoyouthink... Posts: 125 Forumite
    Third Anniversary 100 Posts
    Not heard of this before but, "Just sounds too good to be true!"....usually the case!!
  • saajan_12
    saajan_12 Posts: 5,767 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Doesn't even look 'too good' to me, looks like nothing..
    Unless I've missed something, their website just says they 'help' with finding the perfect house and mortgage.. all of which you can do yourself / with a broker + EA. However until there are 100% mortgages, you still need a deposit and money for stamp duty, valuation fees etc.
  • Browntoa
    Browntoa Posts: 49,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    https://www.yorkshireeveningpost.co.uk/news/business/sellers-urged-to-get-creative-as-house-sales-dip-1-8682032
    Ex forum ambassador

    Long term forum member
  • Jacks1919
    Jacks1919 Posts: 11 Forumite
    Eighth Anniversary First Post
    They say that they can get a 95% mortgage for ok credit scores and they pay the 5% deposit so you don’t have to save it!
  • eddddy
    eddddy Posts: 18,547 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 1 March 2018 at 1:45PM
    They are being very vague on their website - which is suspicious.

    The best clue on what they claim to do is this Facebook post:

    Screen-Shot-2015-02-27-at-15.51.46.png

    What they describe as a £5000 cashback is more usually called a 'vendor gifted deposit'. No mainstream mortgage lender will allow that.

    If you google 'vendor gifted deposit', some sub-prime lenders claim to allow them - but I suspect that fees and interest rates might be sky high. And you'd be dealing with the less 'respectable' end of the mortgage market. (Perhaps a bit like dealing with pay-day lenders.)

    I would ignore the comment about selling you a house worth £140k for £99k. Do you know anyone who would throw away £40k by selling their house worth £140k for £99k?


    Edit to add...

    If you do decide to take things further, be very cautious about paying anything upfront.

    As you probably know, some companies make 'big promises' in order to persuade people to pay them a fee in advance, then fail to deliver anything useful.
  • poppy10_2
    poppy10_2 Posts: 6,597 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Bit bizarre. Company was supposed to have been dissolved in 2015 following a compulsory strike-off

    https://beta.companieshouse.gov.uk/company/07245340
    poppy10
  • ACG
    ACG Posts: 24,956 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I am going to hazard a guess that you would need to use their solicitors and/or rent the house for 6 months first.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • Browntoa
    Browntoa Posts: 49,622 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    poppy10 wrote: »
    Bit bizarre. Company was supposed to have been dissolved in 2015 following a compulsory strike-off

    https://beta.companieshouse.gov.uk/company/07245340

    Yes , same name on the director list
    Ex forum ambassador

    Long term forum member
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