General (main property discussion here) - Off-Plan.......

Hi

If anyone here has brought an off-plan apartment in the UK, can you tell me all the informaton you have please?

I am thinking of buying one, on an interest only mortgage (under a LTD company i set up), and me and my partner rent it from my company, on a low mortgage payment.

Good idea?

Thanks

Matt

Hi Matt,

Basically, I will tell you how I did it.

I put down a �500 reservation fee on an apartment, then 28 days later I had to confirm I wanted the apartment and pay over a 10% deposit. During the 28 days I organised a mortgage in principle, just so I knew I could get one, before I paid over the 10% deposit.

I then just waited till the apartment was finished, 6 months later, then signed all the paperwork to complete, the lender handed over the rest of the money and that was it really.

While waiting for the apartment to finish I needed to choose styles of kitchen work tops, floor coverings etc etc.

Not a great deal to it really Matt! Except the stress of finding the deposit, finding a mortgage in time, then afterwards complaining to the builder cause there were about 50 snags....!!!

Hope this helps....

Simon

Hi Simon

Thanks for your information there, with Chellenor, they say i dont have to pay any legal fees, stamp duty, or deposit, nothing upfront, so for a apartment for me (to start with, then i can let it out), it sounds like a good option.

Im thinking of doing it with an interest only mortgage, so thats all i have to pay per month.

There has to be some downsides to doing this?

Thanks

Matt