Rent to buy - Quartech

M

Marie_2019

Registered User
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Hi,

Has anyone ever done a rent to buy scheme to buy a house?
Or anyone ever heard of or used a company called Quartech?

A broker has told me about them, apparently I would need to put up 40%. The company would buy the rest of the house.

The property would be mine now to move into with the option to buy the company interest out in 3 years.

The company would rent it to me for the first 3 years.

After 3 years I could buy their interest out with either a mortgage from an Irish lender - or, if I have other assets, sell shares/properties.

Alternatively I could sell the property and a) get the 40% I put into it back and b) receive any uplift in equity, i.e. if the value rises in the intervening period me, not the company, would be entitled to this. All the comapny, Quartech, would be entitled to at that point is the money they put into it in 2019 and nothing more.

There would be no mortgage - they'd take an equity stake in the property.

Would love to hear people’s thoughts?
I have a bad credit history that’s why i can go the traditional route.

Thanks
 
"Quartech is not subject to authorisation or supervision by the Central Bank of Ireland or any other regulatory or supervisory authority and as a result is not covered by the Central Bank of Ireland’s requirements to protect consumers"

I seen that, and I seen enough.

Get professional advice
 
First of all be careful, this is something new and you can be certain there is more in it for the promoters than for the customers.

Getting legal advice about this is a good idea, but any legal advice you get will be limited in value. The concept is new there is no precedent. The promoters lawyers have no doubt spent a long time putting this together, you are hardly going to get counsel's opinion on the contract.

That said, it may provide a route to home ownership to people who might otherwise not be able to manage it.

If the value of the property goes up, will they try to frustrate your right to buy.

As they actually own the property they will be able to repossess more easily than a bank.

Having said all that they seem to be getting 7.5% on their investment with a high level of security, so their model doesn't have to involve exploiting the customer.
 
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Hi All , has anyone any information or experience in using the Quartech rent to buy scheme ? I am considering using them but i would be more comfortable if i knew how other people found them to deal with , thanks in advance
 
lightning5.4 said:
I am considering using them but i would be more comfortable if i knew how other people found them to deal with
Click to expand...

Be very wary of making any investment decision based on a sense of comfort gained from the thoughts of a few anonymous posters on a website, even this one!
 
Just came across this thread so want to make sure i am reading it correctly.

House A is worth €250,000

Day 1
I pay a 5% deposit so €12,500
I lend the company 10% so €25,000 at x% (the 10% can be increased, you decided the interest but less lent and higher interest means higher rent)

Ongoing
You pay a monthly rent
They pay you interest on the loan (this is subject to tax)

End of 3/5 years
I can buy the house at 250,000 less 15% above so net 212,500

I am not sure if i see the above as a good deal. You are still paying rent and trying to save at the same time. My understanding of rent to buy is part o of the rent is ringfenced as your deposit when you go to buy the house.
 
Hi Guys thanks for your input ,
Marie_2019 said:
Hi,

Has anyone ever done a rent to buy scheme to buy a house?
Or anyone ever heard of or used a company called Quartech?

A broker has told me about them, apparently I would need to put up 40%. The company would buy the rest of the house.

The property would be mine now to move into with the option to buy the company interest out in 3 years.

The company would rent it to me for the first 3 years.

After 3 years I could buy their interest out with either a mortgage from an Irish lender - or, if I have other assets, sell shares/properties.

Alternatively I could sell the property and a) get the 40% I put into it back and b) receive any uplift in equity, i.e. if the value rises in the intervening period me, not the company, would be entitled to this. All the comapny, Quartech, would be entitled to at that point is the money they put into it in 2019 and nothing more.

There would be no mortgage - they'd take an equity stake in the property.

Would love to hear people’s thoughts?
I have a bad credit history that’s why i can go the traditional route.

Thanks
Click to expand...
hi Marie , did you explore this further ?
 
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