The TMB, Challenor Investments and a Mis-sold Mortgage

ILW

Cashpig74 wrote: »

I haven;t lost anything either. Its only a paper-theoretical loss until I turn the property into a cash sum.

Please do not comment anymore. You really are quite irritating.

So you have a 150k mortgage on a 100k property. No loss there then. I would imagine anyone buying up similar properties at 90k or so are laughing at the mugs that got caught.

Conrad

Cashpig74 wrote: »

YEH OK! Erm, did i mention that all this was 2006 and not 5 minutes ago?

On this very forum some of us tried to disuade would be 'investors' it was all about to end.
I started back in 2004 on housepricecrash.co.uk

We used to be told by all these investors that we were muppets as prices would just keep on rising, afterall there was a properdeee shortage, in'it:rotfl:

System

Can someone sum up what this thread is about in a few bullet points? I'm not sure I can see what the issue is.

Conrad

Cashpig74 wrote: »

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

Cashpig

I want to help you here, seriously.

Halifax today are still offering these deals, for example on new builds, where the loan is based on the valuation, not the price paid.

There is NO fraud in this.

As for why the price you agreed differs from other buyers - thats just everyday plain old business. I once bought a new built and made a loss because I overpaid, whereas other buyer drove a harder bargain and did better research than me.

I think you are using a lot of negative energy, which must add a strain on your mental health.

Just move on with your life.

The price will go back up to £150k.

As a buyer you would have been over the moon there was no deposit required. The price has fallen by £40k. So be it.

Dan_1976

Cashpig74 wrote: »

YEH OK! Erm, did i mention that all this was 2006 and not 5 minutes ago?

Did I mention the the DI came from Yorkshire to London to meet and take statements from ppl including me and a friend. We had a 5 hour meeting going thru paperwork together and there are more meetings to come.

You really a c*unt aren't you.

Sorry Cashpig, I was actually begining to feel sorry for you.

Lots of people have been scamed in this way and it is a shame, I imagine the ones at the top of the scam will get away with lordships and big pensions!

However the quote I have used has really shown you for what you are, a classless fool who got mugged off cos he cant see past the £££'s. My son may have been reading this, please go away and dont come back!!

Oh by the way your DCI mate cant be that bright, its not against the law to offer 100% mortgages!

Lots of people try to offer advice, good or bad, you chuck it back at them!

:mad:

dunstonh

Joeskeppi wrote: »

Can someone sum up what this thread is about in a few bullet points? I'm not sure I can see what the issue is.

The OP is a scud missile. Totally inaccurate and going off randomly.

He bought a property, its gone down in value and now wants to blame everyone else. He feels the lender is at fault for accepting a builders discount as a deposit and thats that its illegal for lenders to accept builders discounts/deposits/gifts as a deposit.

Cashpig74

dunstonh wrote: »

The OP is a scud missile. Totally inaccurate and going off randomly.

He bought a property, its gone down in value and now wants to blame everyone else. He feels the lender is at fault for accepting a builders discount as a deposit and thats that its illegal for lenders to accept builders discounts/deposits/gifts as a deposit.

Wrong. Sorry. I think the fraud squad some idea about what is right and what is not. Thnks for your input tho, but a theoretical discount from an over inflated price is not a deposit. I have been told in no uncertain terms that this is unlawful and I am more inclined to accept an official fraud squad answer than yours. You just want to put me down - nothing more.

And I never said it was illegal to have a 100% mortgage - pls read properly.
I said the bank do not issue BTL mortgages at 100% - 85% max - but I have a 100% mortgage - there is no 2 ways about it. It should not have been granted and it wouldn't have been had the bank acceoted the surveyors report that first came in - but it was spot on. The second one was £20,000 higher and they took that one. This is not the usual practise of a bank when lending money and I will have them investigated. They wanted this higher "value" so that they could secure the business - force it through - i have paper evidence from the brokers asking for it to be "pushed thru as urgent".... the lawyers were acting for both parties - a clear conflict of interest - is the bank 100% innocent in all this? NO of course not.

I go with what the serious fraud squad tell me, they are he experts and if you want to diss them in a heartbeat then that shows you are here to comment for no reason other than controversy.

Everyone on here seems to think that a few lines of matter-of-fact opinions is good enough to clear this all up. So you are all smarter than the case workers at the FOS then, cos they are still on the case and appointing an adjudicator this month. but I guess, they know shi*t and you all are the brains of britain.

It is unlawful to accept a theoretical discount as deposit. I have it on good authority and ESPECIALLY when those "valuations" are over inflated AND the discount was never actually given in the first place, just paperwork to conceal the truth. Bridging loan transactions that never actually took place, no financial trail whatsoever... no real money was ever used...


Please - do not respond - I am not going to waste my evening talking about this - none of you lot are any good to me and no one has offered "good advice" - other than jaynes... you are all here to cause a stir - its a common forum trait.

silvercar

Joeskeppi wrote: »

Can someone sum up what this thread is about in a few bullet points? I'm not sure I can see what the issue is.

In one line: OP wanted to make an investment without investing any money, now he realises it hasn't work and wants to blame [STRIKE]someone[/STRIKE] everyone else.

Slightly longer version:
OP bought a BTL investment. He wanted to buy on 100% mortgage with no deposit, so the seller inflated the value of the property and gave OP the difference as a vendor gifted deposit.

Now the property has fallen in value, so OP feels the bank should not have accepted a vendor gifted deposit, that the surveyor shouldn't have valued the property so high, that the solicitor should have stopped him buying the property, but OP himself did nothing wrong.

Even though OP must have signed a mortgage application valuing the property high, even though OP would have signed a transfer document at the higher price, even though OP paid stamp duty on the full price, even though OP didn't commission an independent valuation, he didn't know that the price was inflated.

Dan_1976

Cashpig you really are an idiot! your name even says it!

Dan_1976

Ps. I think you should be banned for the use of the c word!