Hi
I am looking at an idea to invest in property by, helping people get their deposit for a mortgage.
Basically, the concept is that I loan people money, which goes towards their deposit. They then buy the property of their choice. They pay me back a fixed monthly amount for up to five years or until the pay back the loan amount.
example: mr and mrs smith need 10k to buy a property. I give them 10K. They pay me back £100 a month until they can pay me back the 10K.
My loan would be protected by the couple agreeing for me to own the equity in the house until the loan is paid. Once the loan is paid, I will sign all the equity over to the couple.
I know there would be alot of legal work, but do you think the concept might work. I think quite a few people would consider it if it meant owning their own home.
I am looking at an idea to invest in property by, helping people get their deposit for a mortgage.
Basically, the concept is that I loan people money, which goes towards their deposit. They then buy the property of their choice. They pay me back a fixed monthly amount for up to five years or until the pay back the loan amount.
example: mr and mrs smith need 10k to buy a property. I give them 10K. They pay me back £100 a month until they can pay me back the 10K.
My loan would be protected by the couple agreeing for me to own the equity in the house until the loan is paid. Once the loan is paid, I will sign all the equity over to the couple.
I know there would be alot of legal work, but do you think the concept might work. I think quite a few people would consider it if it meant owning their own home.