I have recently been offered a chance to buy a 3 bed 2 bath new build from George Wimpey in CARDIFF at 15 % discount due to them selling off the last few units before the financial year end. Full Value confirmed at £275,ooo with discount pp=£233,750 All legal and sd paid. 85% mtg Buy to let on the full value £275,000 therefore no money down( save for £2500 finders fee), but shortfall of rental over mtg of £200-300 /mth.Other option of 90% mtg meaning a 5% cash back of £13750 which would cover shortfall for approx 2 years. Sounds a good deal and almost too good to be true- anyone got any experience of buying from developer in this way?

I have also looked at this area but having done some diligence with rental agents and local contacts discovered an over supply situation on the bay. Also the Wimpey development is not in a great location but the fact they are key ready and also another developer is pumping them out at 17-18% discount should tell you everything you need to know. Cash flow negative to £200 is NOT the way to go there is plenty of better investments out there.