Landlord awaits sentence over mortgage fraud

MissMoneypenny

"....repeatedly lied on mortgage application forms, claiming he was working for particular firms when he wasn’t. He would claim he was going to live in the properties, but would then rent them out for profit."

http://www.dailypost.co.uk/news/north-wales-news/2009/01/10/steven-dickens-faces-jail-over-690-000-mortgage-fraud-55578-22660891/

socrates

MissMoneypenny whilst I thank you for this very informative post - what exactly is it you have against BTL Landlords - a lot of your posts seem to centre around them and a lot of negativity.

You can tell me no-one else is reading this!

Would be nice if you could highlight a few unscrupulous Mortgage Advisers who have been involved in mortgage fraud. Try and Google Thamesmead and mortgage fraud makes your example look like a party in the park

MissMoneypenny

socrates wrote: »

MissMoneypenny whilst I thank you for this very informative post - what exactly is it you have against BTL Landlords - a lot of your posts seem to centre around them and a lot of negativity.

You can tell me no-one else is reading this!

As I have said before (many times) I am not anti "BTL Landlords", I am anti bad landlords

socrates wrote: »

Would be nice if you could highlight a few unscrupulous Mortgage Advisers who have been involved in mortgage fraud. Try and Google Thamesmead and mortgage fraud makes your example look like a party in the park

I think there have been some posts about those MAs who committed fraud, posted on the mortgages board.

socrates

Yes - but tell me anyway have you had a bad experience with one or are you just a frustrated wannabe BTL LL?

Hector-The-Inspector_2

As I have said before (many times) I am not anti "BTL Landlords", I am anti bad landlords

Mortgage fraud doesn't make them bad Landlords.

wisbech_lad

Hector-The-Inspector wrote: »

Mortgage fraud doesn't make them bad Landlords.

Yes it does. Because it could well make the AST void when the bank repossesses the property - leading to the tenant being turfed out.

Plus, not sure about you, but renting from a lying crook does seem to be higher risk to me. If they are willing to lie about the big stuff, how much more likely are they going to be on lying on the small stuff? (deposit returns, repairing the property, etc)

silvercar

If he imprisoned for mortgage fraud, he would not be in a good position to maintain his properties.

If these are residential mortgages the lender would turf the tenants out as to accept them would acknowledge the tenancy and make the lender responsible.

FraudBuster

Only £690k.

http://www.fsa.gov.uk/smallfirms/your_firm_type/mortgage/fraud/index.shtml

chucky

MissMoneypenny wrote: »

As I have said before (many times) I am not anti "BTL Landlords", I am anti bad landlords

moneypenny - just to add some balance maybe you should start threads on bad tenants.

i'm pretty sure that there are many more of these stories out there than those about bad landlords.

Pobby

Fraud is fraud. I`m not concerned wether or not the guy in question is a good or bad landlord. However the lender should have dug a little deeper and imo would have seen through the dodgy applications. I guess it`s a bit like the credit card people sending me pre approved cards or indeed blank cheques. Clearly they are not talking to each other.

So the guy has committed fraud and of course that`s wrong but surely the lender has a part to play. Maybe they weren`t to bothered as they were planning to sell on the debt. Now where have I heard that before?

MissMoneypenny

chucky wrote: »

moneypenny - just to add some balance maybe you should start threads on bad tenants.
i'm pretty sure that there are many more of these stories out there than those about bad landlords..

I have never had a bad tenant. The house use to be one we lived in, was in good condition and when the shower broke my plumber was able to get there the same day. In return, the tenant was good back to us. Perhaps you could start a thread on your bad tenants chucky?

Interestingly, both my EA cousin (London) and the local LA (Souht East) have told me that they have more bad LLs than they do bad tenants. Perhaps your area is different?