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How to get a 100% self cert mortgage
nelly_2
Posts: 17,863 Forumite
Theres so much wrong with this its hard to know where to start.
I was doing a job for a bloke yesterday and he was telling me how he bought his house recently.
He saw a house for £130 000... he had a £20 000 deposit.
He told the vendor to say it was £150 000 and got a £150 000 mortgage.
He then put his 20 in, got the house for 130 and put the extra 20 (from the 150 mortgage) back in his bank.
Oh and he borrowed the initial 20, (deposit), from the bank saying it was for a van, but because it wasnt secured they made him pay £1700 insurance on the loan.
He said he used the 20 grand he got back to pay off the bank (van) loan.
Apart from the fraud on every aspect of this, its probably the most expensive way of going about the whole thing.
How much do you love this?
I was doing a job for a bloke yesterday and he was telling me how he bought his house recently.
He saw a house for £130 000... he had a £20 000 deposit.
He told the vendor to say it was £150 000 and got a £150 000 mortgage.
He then put his 20 in, got the house for 130 and put the extra 20 (from the 150 mortgage) back in his bank.
Oh and he borrowed the initial 20, (deposit), from the bank saying it was for a van, but because it wasnt secured they made him pay £1700 insurance on the loan.
He said he used the 20 grand he got back to pay off the bank (van) loan.
Apart from the fraud on every aspect of this, its probably the most expensive way of going about the whole thing.
How much do you love this?
0
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