ciarasaoirse Posted March 15, 2011 Report Share Posted March 15, 2011 I have been trying to refinance my 2 Flats, due to Mortgage company withdrawing my mortgage, i have tried but to no avail to secure a new mortgage but no bank wants to give a mortgage. Then i meet an accountant who said he knew of 2 or 3 people who have set up a mortgage by getting private people to invest in their properties. Basically 10 to 20 people put between £20 to £50k to finance the property / properties and the owner pays either a % back to the investors every year or a set amount after 10 years, Which i am seriously hoping i might be able to set up, just throwing it out there if anyone might be interested in investing, The % of how much would be paid back to be determined, but it would be more than you would get by having it in a bank. Link to comment Share on other sites More sharing options...
Melboy Posted March 16, 2011 Report Share Posted March 16, 2011 I have to say that this sort of scheme would hold no interest for me. I would also add it is a risky venture with so many people involved especially in today's property market. As a speculator myself I like to keep a tight control on what I do and if it does go belly-up for me then it's my problem and I would not have to consult other people who have a financial interest in my affairs. Mel. Link to comment Share on other sites More sharing options...
kerbut Posted March 18, 2011 Report Share Posted March 18, 2011 I can only think of one reason a Mortgage company would want to withdraw a mortgage, then you ask others to invest,no thanks Link to comment Share on other sites More sharing options...
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