Bought Off Plan....but Cant Afford It Now!!! Please Help!!!

milliejo

you need proper legal advice asap as you are in a big mess. As you already have a house check if you have legal expenses cover on your house insurance and if so give the insurers a ring first thing on monday

mfs1959

neas wrote: »

I wonder what woulda happened if prices had kept rising .

We would be discussing with op how much he can earn on his increasing asset wouldnt we? :P

Ahhh such is irony.

Funny how everyone is so clever when they are making money - "Haven't I done so well, £900 to £9M property empire in 5 years" (as seen on a debunking TV programme). But when it goes awry - "I was misled". Never mind being an accessory to a fraudulent mortgage application - no deposit, yet good terms based on a so-called 15% deposit / discount.

mfs1959

Entertainer wrote: »

Everyone who is revelling in this guy's misery should take a good hard look at what they are saying. He's been very foolish, he knows that but he did it with positive intentions and you showing schadenfreude towards him is unedifying. It is not BTL landlords who are responsible for this housing slump. It's like saying if you've got a job you're depriving someone else of one and you should be ashamed of yourself. If the government's housing policy is so bankrupt that it has brought the market to this then blame them.

Positive intentions - he did it because he got greedy .

donkeyman18

You deserve all you have coming to you.

Amateurs speculating on property for a fast buck are one of the reasons that normal people cannot afford a family home.

Sell your home, pay the fifteen grand, rent from someone else and get a look at the misery from the other side.

neas

im not reveling... Im just sayng... I and many iothers were pressured out of this market for yeas because of the HPI.

We were forced to rent... with hpi-inflated rental prices.... so people like the OP could sit pretty with someone else paying their mortgage.

Had the OP made his decision 6 years ago... he would probably have 30+ houses by now.. full of tenants. Where would he have stopped? At which point does responsibility fall on himself?

I cannot have sympathy for an adult who made his own decision (whever conned into it or not)... when it contributed... to the greedy system that has brought not only this country but other countries to their knees.

HPI, was never sustainable, it was a pyramid scheme that stole from the babies, the unborn.... and gave to the elders...

An asset is only worth what someone is worth paying for.. we see such an effect in the stock market... where it is now 'worth' almost half it was a year ago!

amitabh1

wow!!!
Came here to get sound advice....more like abuse....lol.
Anyway first and foremost it wasnt greed that got me here. I genuinely thought i will be making an honest living and set my children for the future. I had no clue whatsoever of the housing market. sheer ignorance. all i saw was people talking about buying houses and how it can financially secure the future. At the time i dint even know what a BTL was let alone the crisis looming.I dint even kow what a bond arrangement was which i signed 2 years back....found wat it actually is last week!! Cant believe how stupid i was. but the constant thought of getting somewhere in life pushed me in all the rong directions. i have my reasons.
sorry to everyone who seem upset about all this. trust me i didnt have a clue whatsoever.
thanks to everyone who took time out to advise. thank you.

amitabh1

unite79 wrote: »

Ok and the next thing I am going to guess at Random as it may sound - You then recieved a letter from another solicitor saying they had been instructed to deal with all the work and your file had been passed across - Asking you to sign agreement - Hope you did not - but if you did not the end of the world...

no that has happened 'yet'....just the developers solicitors asking wether my mortgage has been approved or not.

scousethife

amitabh1 wrote: »

no that has happened 'yet'....just the developers solicitors asking wether my mortgage has been approved or not.

Im no fan of buy to letters but

Could you phone your mortgage company and say youve been made redundant and ask if that affects your mortgage (which it will) then you will seem to not be able to afford the flats anyway????

Possible way of getting out of it?....I'm not sure

RecoveringAlcoholic

Before making a substantial investment did you take independent professionally qualified legal and financial advice?

If not you were blinded by GREED.

.

amitabh1

scousethife wrote: »

Im no fan of buy to letters but

Could you phone your mortgage company and say youve been made redundant and ask if that affects your mortgage (which it will) then you will seem to not be able to afford the flats anyway????

Possible way of getting out of it?....I'm not sure

Im seeing a solicitor next week. Will try this out too. Thanks