NO DEPOSIT BUYING in the uk( but to let market)

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I

ian blakesley

  • #1
    Hi all,

    The rule of thumb with buy to let lenders is you have to put down a 15% deposit,what if i was to show you how to pay a 0% deposit but still get a 85% mortgage! and also get a minimum of 120% return on the rentals.
    I am looking for serious investors to add to our buyers list as i have to many deals but not enough investors .intrested please write back.
     
    I

    ian blakesley

  • #6
    Ok ,sound s fair enough you need to know a bit about me and my business before anything can happen.
    First of all i would like to this stress this is not a con , its about helping people get what they want, the more people i help it comes back my way aswell.
    I belong to serveral property clubs in the u.k who offer discounts on brand new developments,then my self and other people with in the company buy them at the discounted price ,but buying at discount still means you have to put down 15%.
    The big kicker in this is that we use the discount as the deposit , so it doesnt come from your back pocket ,this system is called vendor gifted deposit ,but you have to have the brokers and legals in place who know how to do this and trust me theres not many.
    The main reason i joined this forum is to find people who want to get in the buy to let market and pass on my knowlegde to help them achieve this ,im sorry if i have not done this in the correct manner but just trying to put an idea out there .
     
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    Ozzy

    Ozzy

    Founder of UKBF
    UKBF Staff
    • Feb 9, 2003
    8,384
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    3,532
    Northampton, UK
    bdgroup.co.uk
  • #7
    Hi Ian,
    No problem. I understand your business model as I met someone at a networking lunch a couple of month back who does just this, so hoped you was someone similar.
    Its a very good idea, and is also used in a similar fashion to help new home "owners" get their foot on the property ladder (someone buys the property and rents it to the "owners" for a few years before selling it to them at an agreed sum later).

    Just to explain, many forums this included receive quite a few dodgey posts offering anything from porn, viagra and Get Rich Quick schemes. So sometimes genuine posts get deleted if they don't come across right away as genuine :)

    Welcome anyway, and I look forward to seeing you around here more often :)
     
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    S

    StartUp

  • #8
    You do need to be very careful to do your own research with these.

    many of them buy in bulk to get the discount, which means your property is not unique. THe whole development comes onto the rental market at the same time so you don't always get the stated rent, or let it straightaway.

    I know several people who have learned the hard way, either by not being able to let, or not being able to resell and get their money out.

    There are some good ones but don't take it on trust.

    It is equally possible to buy an ordinary property, rent it out and remortgage and get your 15% back within 6 months, even now, I've just done 3! Yes your deposit is tied up for a bit, but to me its less risky.

    Julia
     
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  • #9
    Ian, give me a ring I'd like to talk to you about a situation I'm in. The problem with what you do is that it is totally dependant on valuers agreeing on the value of the property. are you a broker?

    07814 484 825



    ian blakesley said:
    Hi all,

    The rule of thumb with buy to let lenders is you have to put down a 15% deposit,what if i was to show you how to pay a 0% deposit but still get a 85% mortgage! and also get a minimum of 120% return on the rentals.
    I am looking for serious investors to add to our buyers list as i have to many deals but not enough investors .intrested please write back.
    Click to expand...
     
    Upvote 0
    T

    TMSL

    Free Member
    Mar 30, 2008
    71
    5
  • #10
    I am an Independent Mortgage Broker based in Bristol , and know a lot about buying BMV (Below Market Value) this has become almost impossible as not very many mortgage lenders will allow you to remortgage the money (15% deposit) out of the property, potentially leaving you with an expensive bridging loan. Mortgage Express were a good lender but were the last to pull out of this market, do beware.

    Ryan Templar
    Independent Mortgage Advisor
     
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