Bankless.

[Cynic]

Does anyone know anything about "Bankless" organisation which seems to offer property for sale without the need for a mortgage, or at least a conventional one? Is the scheme genuine, if so, what are the pros & cons? Any other info would be gratefully recieved. We are about to lose our rented home, and like many others have very little to offer in the way of a deposit to buy our own place...... it's all very scary, especially the possibility of being scammed out of the little we do have.

[leclerc]

Re: Bankless.

I don't know of them but here is the FAQ's for someone else to go through
[Bankless.org] FAQs

[SpringerSpaniel]

Re: Bankless.

In my area, you can get a mortgage from a Credit Union, as well as banking and savings facilities.

[labman]

Re: Bankless.

While their website looks pretty genuine, I can find no record of them at Companies House nor do they appear to have a Consumer Credit License in that name or All Available Properties - Bankless.org either as their main name or as a trading name.

For those reasons, personally I would treat with extreme caution.

In terms of FAQ's, their cost is a £500 non-refundable deposit + they say about £600 + VAT for solicitors fees. If you are not in a position to pay a deposit on a rented house, I doubt you'd be in a position to pay those fees even IF they're bona fide.

Do you not have a bond with your current tenancy agreement?

If not I would go and talk to your local council housing department asap.

[Cynic]

Re: Bankless.

Thanks for that Labman, although I think you misunderstood our deposit situation;- we do have a current bond which we expect to be returned, and could find enough for a rentlal deposit, but for stability reasons, would prefer to buy, if we had sufficient purchase deposit or, could find an alternative system enabling us to buy.