urgent help

simran001

Hey

I really need some advice about a mortgage i have. It was through a family contact, i filled in my details to say i was interested in a new built flat. A few weeks later the mortgage was approved and the papers were sent for me to sign. I called up the estate agent and told them i only wanted details to see if i could afford the flat.

the mortgage was £1200 a month. At this time i was not working so i told them a cant afford this but they said you will get £1000 rent a month and we will give you £200 a month, so you dont need to pay anything for 2 years.

so thinking that would work i decided to continue with the deal. But when the property did go on rent it was for only £800.

now i am struggling to pay this, is there anything that can be done as i can not understand how i managed to get a mortgage for £250,000 when i didnt even have a job.

please help.

feisty1

Quote i can not understand how i managed to get a mortgage for £250,000 when i didnt even have a job. Quote

DID YOU ASK THAT QUESTION AT THE TIME 2YRS AGO?

minimike2

This wasnt done by a guy with the initials M.R was it?

hoggums

If this post is true I have no sympathy for your utter idiocy.

Best thing is to declare yourself bankrupt, you obviously have no money sense - being a bankrupt will mean it's impossible to get yourself in a mess like this again.

feisty1

hoggums wrote: »

If this post is true I have no sympathy for your utter idiocy. Best thing is to declare yourself bankrupt, you obviously have no money sense - being a bankrupt will mean it's impossible to get yourself in a mess like this again.

PLS NOTE THIS IS NOT ADVICE

REMARKS REGARDING BANKRUPTCY SHOULD BE IGNORED

minimike2

hoggums wrote: »

If this post is true I have no sympathy for your utter idiocy.

Best thing is to declare yourself bankrupt, you obviously have no money sense - being a bankrupt will mean it's impossible to get yourself in a mess like this again.

Thats a bit harsh.

lisyloo

Well I have my doubts but at the risk of wasting a few minutes, I'm going to assume this person is genuine

i can not understand how i managed to get a mortgage for £250,000 when i didnt even have a job.

Rental properties are based on rental income and treated as a business.
They are not like homes where it's based on your personal income.

I don't think there is any case for mis-selling, because it's your duty to ensure the business is sound and not the estate agents or mortgage company.

When you say "it was through" a family contract, what exactly do you mean?
Do you mean it was a guarantor mortgage where a family member has signed up too?

feisty1

lisyloo vbmenu_register("postmenu_15264885", true); quote "I don't think there is any case for mis-selling,"

and what is this based on??????????????????

lisyloo

My rationale is as follows:

The guy is renting a house out not buying a home, so this is a business.
It's not anyone else's responsibility to make sure that the business proposition is sound.
The lender will make sure the lending decision is sound but that's based on the fact that the loan is secured on the property with an appropriate deposit so that they can recover their money, they aren't responsible for due dillengence on the actual business itself.

The estate agent is not usually anything to do with the mortgage.
Some estate agencies have brokers in-house but the estate agent is not liable for the lending decision.
If the estate agent says "Yeah, you'll £1K a month for that no probs" in casual conversation then that's not something you can hold them to.
I'll be quite happy to eat my hat if they signed something to say that in writing, but I'd be amazed if they did.
It's up to the OP to do some due dillegence on their business and check out rental incomes in the area, not just believe what someone with a massive vested interest says.

So essentially my view is that estate agents selling houses and brokers selling mortgage are not responsible for making sure someone can run a sound business.

If you know different then it would be greatly helpful if you can point us to the relevant legislation that make lenders or estate agents responsible for their customers businesses.

I'm always happy to be educated, but I'd frankly be totally amazed if the estate agent is liable for what he said about rental income.

feisty1

brokers selling mortgage are not responsible ?????????????

lisyloo

feisty1 wrote: »

brokers selling mortgage are not responsible ?????????????

For what?????

They are not responsible for world poverty and hunger - No.

Perhaps you'd like to contribute something rather than asking half a question?

For example can you tell us why you think they are responsible for checking out all the risks associated with someone business? or provide links to regulation, guidelines, legislation etc.

I have given you my opinion, why don't you tell us yours.

Or more importantly help the OP.
I'm willing to admit if I'm wrong, but we're all here to help the OP aren't we? and all you've done so far is try to pick some holes rather than help him/her.
The question I've quoted above doesn't evene define what you are referring to in terms of responsibility.

Icelandic banks? childhood obesity? world hunger?
Yes I'm being silly, but it's an incomplete question.