ib bank is it a scam?

lunasaver

Hi All

There was an ad in the paper today saying 'buy a studio in london for £59000' on a website ib-bank, it looks like your buying off plan, but I can't work out if it's just selling you a mortgage or just scamming you for a deposit of £9000.

At first I thought it was like a shared ownership deal, which I have already, but without the rent.

Anyone else had a look? Can you work it out?

Cheers
LS

maninthestreet

What's the website address?

ABN

Very confusing

http://www.ib-bank.com/company/unique_offer.html

Under this new program, clients may purchase a flat for only 7% - 50% of its actual value. This unique offer is for those who wish to invest their money in real estate, which is currently the most secure and strongest type of investment

Seems you buy the flat now at a low price but don't actually get the flat for betwwen 5 and 25yrs dependant on how much you pay.

oldwiring

Is it a bank in the accepted sense of the word, licensed to take deposits?

Have you read T&Cs?

maninthestreet

The entire website reads like some of the scam sites set up by 419 Advance Fee Fraud scam artists. This bit made me laugh:

"
Requisite documents for individual persons

In order to receive a promissory note an individual person must present a document attesting to their legal status as an individual person"

PasturesNew

So no Siamese twins may apply then.
Bummer.
Does that break some discrimination laws under the DDA 1995?

debsy42

mmmm have a read here

seems they are a construction company and not a bank at all :eek:

geordie_joe

How about this, or something like it.

The bank buys a flat for £159,000 with a mortgage. It then "sells" the flat to you for £59,000 but somehow gets your name on the original mortgage. Maybe they re-morgage it under both your names, or just yours!

Then it stops making the original mortgage payments and the flat gets repossessed by the original mortgage lender.

It happens with these companies that buy your house but let you live in it until you die. They buy your house for less than it is worth, by promising you that they will let you live in it as long as you want. Then they re-mortgage it for it's full value and don't pay the mortgage. The mortgage company repossesses the house and you are out on the street. and they have pockets the difference between what they paid you and what the mortgaged the house for.

dolce_vita

Never heard of them and not even interested in finding out so here comes my stock answer which I have given many times on here :

People who run these types of companies are lying thieves and are best avoided.

geordie_joe

dolce_vita wrote: »

Never heard of them and not even interested in finding out so here comes my stock answer which I have given many times on here :

People who run these types of companies are lying thieves and are best avoided.

With that attitude you will never be robbed, if only everyone had the same attitude.

This may be a genuine deal, but I would rather miss out on a good deal than be robbed by something I could see was too good to be true.

84highst

I saw the advert as well - I think it was in The Times earlier this week.