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Old 20th September 2008, 08:27   #7 (permalink)
TheWhites
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This is huge business in the UK. Basically, a buy to let mortgage will be offered on a 75% LTV. If you accept their offer of 70-75% below valuation, they effectively get a BTL property without having to put down any deposit. Venture capital firms are queing up to put dow nthe other 25% so the sale goes through, then they just take it straight back plus a fee.

In some cases, you actually get a cashback.

I know people who are buying up dozens of properties this way, hoping the market bounces back in 5 years and they make a quick profit.

If I was staying in the uk, I would be one of them tbh. This window of opportunity won't last long.
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