"cashbax" mortgages
Discussion
Have just come across this outfit while perusing property website. There must be a catch, I just can't see it. Too good to be true?
www.cashbaxproperties.com
Basically, buy a house from them, get big cashbak next day then get 100% of your money back in 7 years guaranteed! (guaranteed by whom etc etc)
Wheres the "angle" for them?
www.cashbaxproperties.com
Basically, buy a house from them, get big cashbak next day then get 100% of your money back in 7 years guaranteed! (guaranteed by whom etc etc)
Wheres the "angle" for them?
http://www.youtube.com/watch?v=bha71nQiiH0&eur...
From what I can glean, your estate agent will be paying royalties to Cashbax, who then have seven years to play with that money on the stock market to make back the amount they have to pay you back. Failing that it could just be a pyramid scheme.
From what I can glean, your estate agent will be paying royalties to Cashbax, who then have seven years to play with that money on the stock market to make back the amount they have to pay you back. Failing that it could just be a pyramid scheme.
As far as I can see you EITHER get a cashback OR you leave the money with them and watch it grow (up to 100% of purchase price). My guess would be
- They charge the vendor a hefty premium for advertising/selling property
- Part of the premium is given back to the buyer OR it is invested and over 7 years it grows to 10%-100% of the original purcahse price.
Countdown said:
As far as I can see you EITHER get a cashback OR you leave the money with them and watch it grow (up to 100% of purchase price). My guess would be
just avoid at all costs.- They charge the vendor a hefty premium for advertising/selling property
- Part of the premium is given back to the buyer OR it is invested and over 7 years it grows to 10%-100% of the original purcahse price.
thing is, if anyone has a limited company they could say "give me £100k and i guarantee to give you back £120k in one year". If my massive gamble I take with your 100k pays off then you get your 120k back. if I put your 100k on red but black comes up then I as the company owner have £0 so you cant have your money back!! the limited company folds and the guarantee is useless.
Don't really think they offer a mortgage, what they are saying is that if you buy say a £200k house through an agent who deals with this 'cashbax' lot then you pay £200k then the estate agent will pay cashbax say £20,000 as a fee for selling it through them and then 'cashbax' will "invest" that money so that it will be worth £200k after 7 years!! All sounds very good, but how are cashbax going to generate those returns? I have looked on the moneysavingexpert forum and the suggestion there is that cashbax invest these funds in forex markets and generate 3-4% a month etc etc etc. I'm not so sure to be honest. For the estate agent it means that they sell a house but it has cost them £20k to sell it, for cashbax they have a pot of money from the estate agent to do whatever they wish with for up to 7 years, for the punter, he has a chance of getting a small amount back up to the 6th year or the whole amount back in year 7, but the punter has probably paid over the odds for this in the first place. If cashbax disappears after 6 years then where do get your money from? Also if you look at the '100% diamond' cashback properties a lot of them are stuff in Bulgaria!! I mean jesus christ how dodgy does the whole thing look to the naked eye?
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