Guest
|
I only have about £5,000 in savnigs andn have seen I can buy properties with 'no money down', but still have to pay for legls etc, is this a good idea?
|
| Posted: 18 Sep 2011 16:32 Back to top |
Kate Faulkner
Posts:71
|
Glad you asked about this, I'm not a fan!
There are lots of issues with no money down deals, not least of which they could well be mortgage fraud.
The reason being is no money down deals typically involve buying a property at say £70k, but telling the mortgage lender it's worth £100k. This means the transaction isn't transparent, so could be classed as mortgage fraud. Investors have been prosecuted for this kind of thing!
Here's more about no money down deals and if you are offered one, please send us the details - we'll happily have a look at it for you.
http://www.designsonproperty.co.uk/articles/No-Money-Down-Property-Deals
Any specific property investment queries we are happy to look at for you, send the details to http://www.designsonproperty.co.uk/contactus
Hope that helps!
|
| Posted: 20 Sep 2011 11:10 Back to top |
