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Tuesday, May 29, 2007
kelju
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Originally posted under 'Buying Property' thought it might be better here.
Hi, Has anyone come across this website / company and can they offer any advice / information about their claims.
http://www.bosolhipotecas.com/site/en/easy_living_plan.html
If I understand it correctly, they are saying that 80% of the value of the propert is invested giving a return that is more than the monthly payment on the mortgage.
Is that right, what's the catch????
Kelju
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30 May 2007 1:06 PM
Smiley
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Have taken a very quick look at the site and the way I read it is that if you are looking at the self financing thing it is an equity release scheme that invests proceeds of the equity release into stocks or shares or another invesment plan using your property (that you own already) as security for the debt. There are a lot of references to risk so please ensure you know exactly what they are suggesting that you do. There have been a great many of these schemes promoted throughout Spain and most of them are flawed and should generally be considered extremely high risk with high commissions paid to the intermediary who places them. Much as the endowment mortgage in the UK post 1984 when the government removed life assurance tax relief - then the programme became flawed as less money going into the pot although the broker placing the business was still getting his commission - the commission had to be paid from somewhere? Ensure you do thorough research.
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30 May 2007 6:45 PM
kelju
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Ahhh, thanks Smiley, that's explained a lot, just shows what clever marketing can do. I'll go and put the Barge Pole back in the garage now, not that I was going to touch it with it anyway.
Thanks
Kelju
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