The TMB, Challenor Investments and a Mis-sold Mortgage

ILW

Cashpig74 wrote: »

You are exactly right - if prices had gone up I would have been none the wiser. I only realised that there was a problem and prices were falling.

Other flats released onto the market 6 months after I completed on mine, were up for sale at the asking price of at least £30,000 less than mine - same size, same spec - different builder, but same plot/area.

Now that they have all fallen in price 2 years on, they are ALL valued at the same - around £110,000 supposedly... If this was the case how come mine went from £180,000 to £110,000 and all the others went from £150,000 to £110,000? Surely, it was still be reflective in the lower general market valuations..

Fact is, I was sold a property that was over "valued".

The value of any property is what some idiot (investor) is prepared to pay for it. No more No less.

Wutang_2

Cashpig74 wrote: »

Do your research. The TMB are owned by the Halifax.
.

The The Mortgage Business!!!

Its TMB not The TMB

No wonder you think you've been stitched up - you're not very bright

Mr_E_Man_2

Cashpig74 wrote: »

Do your research. The TMB are owned by the Halifax.

But they still can make errors.

So didn't you ask why your mortgage wasn't with the Halifax? If it's an unusual lender that has got to ring alarm bells, hasn't it?

ILW

Mr_E_Man wrote: »

So didn't you ask why your mortgage wasn't with the Halifax? If it's an unusual lender that has got to ring alarm bells, hasn't it?

Dont think the OP would have noticed. Blinded by the thought of an instant 30k profit, as stated in an earlier post.

Cashpig74

ILW wrote: »

The value of any property is what some idiot (investor) is prepared to pay for it. No more No less.

Yes I agree - and NOW I am asking to see the previously hidden records of what actual prive was paid ON PAPER - I believe I paid the true worth £150,000 - but the TMB (and dont refer to grammar again pls) treated it as a purchase price of £180,000 - but there is no evidence of a deposit being paid by anyone.

This is a very complex situation and its not to do with me moaning about the investment - I've had a tenant the whole time and all is good.

The fact is, the bank is saying that my £150,000 is an 85% mortgage based upon the valuation. But it should be based upon the actual purchase proce which so far all points towards £150,000 as well - so its a 100% mortgage which should never have been allowed.

Paperwork has been alterted somewhere along the line and I will find out how and where. The bank is wrong here, but not necessarily to blame for the wrong doing but nonetheless, the mortgage I have is incorrect and it will be rectified.

opinions4u

I thought other readers should read post 10 in the linky below.

http://forums.moneysavingexpert.com/showthread.html?p=19572035&posted=1#post19572035

Draw your own conclusions.

Cashpig74

read the link, then read this afterwards. if you truely neutral - then you'll understand the differnce.


*clears throat* - I never said LIE. I said find a broker that will bend the rules - ie stay within them but yet interpret them to benefit your situation.

MY MORTGAGE issue is totally different. The broker I used did not act FOR ME - he acted "for me" for sure, but he actually submitted false paperwork whch benefitted the fraudulent investment company and solicitors for under the table payments/backhanders.

Slightly different ppl

Bending the rules is simply making the most of the situation by thinking outside the box. most ppl are blind to how the rules can be interpreted so they give standard answers and get standard replies, which most of the time is not good news.

Ever heard of the situation where ppl KNOW they can afford the repayments but the bank wont give them anything like the mortgage they need on paper?

Im sure you have - so you have to use your lateral thinking skills to get what you need whilst satisfying the lenders needs.

Cashpig74

QUOTE: I have worked in financial services previously. This means I do have a good background to comment, but doesn't necessarily mean I am always right. As my wife often reminds me. Comments I make are to try and help all readers, not just the original poster. Feel free to correct me if I am 'off the pace'!

Cashpig74

If you;ve working in Finance previously, then you'll know all the options available to ppl and the ones that can be used by smarter brokers to get better results.

Its like good lawyers, and GREAT lawyers. The latter costs more money - for a reason.


You perhaps you are a washed up failed - or average at best - financial advisor?! LMAO!

Tiddler_2

So you are recommending that people use a broker who can get things done to enable them to purchase the property that they want to purchase. Correct?

Well isn't that what you have done?

So seems a little bit hypocritical to me.


I'm not trying to be patonising when I say this but purchases at under value take place every week, and the mortgage companies including TMB do allow these in accordance with their terms and conditions.

I've recently done one for a customer who is buying the property they currently live in from their landlord, at a discounted price. The lender valued the property at £x but the clients actually bought it for £x-£30k. They did not need a deposit because the lender based their decision on the CURRENT market value. The valuation being done by a professional employed by the lender or their nominated valuer.

It also happens with every purchase under the Right to Buy scheme.

I remortgaged my house a few years ago and borrowed some more money for some improvements. The mortgage company did not base the amount available on what I originally paid for the property but on its CURRENT value at the time of applying.

If the lender felt that the valuation of the property you purchased AT THE CURRENT TIME of applying was £180k, and their criteria allowed for the deposit to come from the builder/vendor then they have done nothing wrong, because they based it on CURRENT VALUE. If the builder/developer then can't sell anymore properties at the same price as they sold your's they have a choice which is to sit on the properties until some one offers them the same price as you did, or to sell them off more cheaply. The bad news if they choose this later option is that it obviously affects the value of your investment. Market forces I think they call it.



If you have been honestly duped then I feel sorry for you, but I think you saw an opportunity to buy something "worth" £180k for £150k, the market then turned and you're in a potentially loss making situation. And now looking for someone else to blame.

There are a lot of mortgage deals which have been done by these investment clubs such as Inside Track which seemed to good to be true, and it appears they were. They were just taken up by opportunists with £ signs in their eyes.

As I said before some you win some you lose (based on your other post about getting MBNA debt written off)