urgent help

abaxas

Sorry, but this has to be a windup.

If not, we need to punish this !!!!er. BURN HIM!

_Andy_

2-1 the OP never replies. It's a wind up post.

lisyloo

Well if they are genuine then they won't be impressed with what they've seen.

They've had mostly abuse.
One well meaning amateur, who may or may correct but is dicsussing relevant issues
and one professional who seems to want to pick holes and win arguments rather than help.

grogdog

i also am assuming this is a wind up , but if not the broker would be in trouble,

1. where did someone not working get the 15% deposit needed for btl
2 based on 250k mortgage payments would be in the region of 1250pm but as op stated rent anticipated was 1kpm ,no lender would have lent on this based on rent alone.
3 so if the op needed income + rent then something was obviously not done right(if you know what i mean)

Super_Ted_2

This is 99% certain to be a wind up but just in case:
.
There is nothing I can say to you that the market will not teach you much more effectlively in the near term.
.
Cheers :beer: to the credit contraction for the shakeout of malivestment it will inevitably bring.
.
ST

koexelek

grogdog wrote: »

i also am assuming this is a wind up , but if not the broker would be in trouble,

1. where did someone not working get the 15% deposit needed for btl

Perhaps the broker paid it for him ?

........using Monopoly money

Cannon_Fodder

Either a family member was employed/associated with the MB/EA and wanted a bonus/introduction fee...believing all the hype about "prices only ever go up"...

Or this is a wind up.

On the basis that "urgent help" was being sought, but no further response in 3 hours, I go for the latter.

simran001

well thanx for all the feed back.

this is not a wind up. basically the estate agent paid the 5% deposit i didnt have to pay anything up front, which is why i went ahead with the deal.

is there anything i can do now. I want to sell it but as the prices have gone down i will lose out alot.

feisty1

was the advisor attached to the estate agents?
what lender are u with?
did u have a mortgaged residential property at the time
so r us aying it went ahead with a 5% builders deposit

Ian_Griffiths_Halifax

So with a 5% deposit you must have got a residential mortgage. Somebody somewhere has lied.

I would get onto your lender if I were you and tell them that you were led to believe you had a Buy to Let mortgage and you've since been told that this isn't the case. They can then investigate whether fraud has been committed.

You could also speak to your broker who arranged it as they MUST have known your financial situation as you MUST have given (or they have provided to the lender) some employers details or Self Employment details and your Accountants details.

Ask the lender for a copy of your application form to see what information they were told and see if this is the information you gave the broker.

This broker may have been a friend of the family/friend of a friend or whatever, but he's no friend of yours.

By the way, I don't believe a word of it and think the thread is a wind up. All the same, if by some remarkable chance this is true, then do the above.