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Dodgy Mortgage

  • 10-09-2009 5:39pm
    #1
    Oliver1985
    Registered Users, Registered Users 2 Posts: 1,304 ✭✭✭


    A friend went to an open day of an appartment block two beds for 170k , there was a mortgage broker there cornering people on the way out ,He has very savings and the broker goes dont worry i can get you the whole lot the price by "roping" the deposit into the mortgage? Is this dodgy?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,577 ✭✭✭✭Victor


    I'm not sure what is meant, but 100% mortgages are less than sensible.


  • #3
    Senna
    Registered Users, Registered Users 2 Posts: 8,800 ✭✭✭Senna


    Say you buy the house for €170k, you'll need a deposit of 8%. If you dont have the deposit the dodgy mortgage broker and dodgy EA will say you bought the house for €185k, the bank will then allow you to get a mortgage of €170200, which is 92% LTV. The EA will then give the broker a letter saying you have already paid the €14.8K as a deposit, which you didn't, thats all the bank (probably) need.

    Its illegal and wont work unless your solicitor is a crook as well. I'd tell the broker to F.O. and report him.


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