House-seller Brian seeks DIY answer to frozen mortgage sales
PUBLISHED: 17:16 15 October 2008 | UPDATED: 13:41 05 October 2010
THE current financial crisis may have the housing market in a tailspin but a Bethnal Green property developer thinks he has the nous to sell his house. After trying for a few months to sell his Wilmot Street flat the usual way, Brian Hughes has turned his
THE current financial crisis may have the housing market in a tailspin but a Bethnal Green property developer thinks he has the nous to sell his house.
After trying for a few months to sell his Wilmot Street flat the usual way, Brian Hughes has turned his back on conventional finance methods in favour of a more creative approach.
An unassuming sign on the street outside his one-bedroom flat reads "Buy my flat, no mortgage needed" in thick black marker pen in an attempt to entice buyers who otherwise may not be able to get on the property ladder.
Brian said: "I've had a lot of interest, especially from first-time buyers who might not have enough money for a deposit or who can't get mortgages.
"I've also had a lot of interest from Polish builders who are keen to get on the property ladder but who haven't been in the country long enough to get finance."
The part-time property developer and TV sound engineer is asking for a minimum three per cent deposit - as opposed to the usual 10 per cent - which is equal to £6,600 of the £220,000 flat.
Brian and his buyer would then enter into a "lease option" agreement in which rent of £950 per month would be paid in addition to monthly instalments of £300 towards the eventual purchase of the property at the agreed price of £220,000.
The 39-year-old added: "Hopefully after the agreement period of a couple of years, the credit crunch would have lifted or people will be in a better position so they can get a mortgage for the remaining amount.
"The whole deal will be dealt with by solicitors and we would sign a contract which would mean I am obliged to sell the flat to the buyer at the end of the agreement period.
"I won't be able to sell it to someone else and run off with the money."
Anyone tempted by Brian's offer can call him on 020 7739 1969.
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