The property boom is well underway now.

Graham_Devon

Conrad wrote: »

Graham, I never lie or fiddle. Here are my recent clients;

+ Miss utterly average, non to clever clothes shop supervisor on £19.5k buying 3 bed house in Kent for £94k. Deposit of 15%. Will turn the house into 2 flats and be left with a gross yield on total outlay of circa 10%.

+ Mr & Mrs self employed - salesman and hairdresser. 90%. Possibly borrowing some deposit on 0 card (shock horror - like I and mates did when young - we all survived - honest). Loan is £243k. 2 yr tracker 5.49% - well aware rates will rise but mindfull 99% of owners keep thier homes.

+ Police inspector £60k pa borrowing 85% at 3.99% from Accord. Recently divorced.

+ FTB accounts assistant - 90% offered by Scots Widows on a 2 yr fixed. Recently took a loan that happens to be 10% of property price - lender well aware but she signed a letter saying loan is for home improvements and parents supplying the deposit. I point out affordability and budgeting - she is perfectly happy to proceed. £15k income buying in Lancs.

+ Political speech writer - yes very middle class I'll grant you and inherited a £900k house recently:eek: Borrowing £200k to buy a development property to make money.

+ Builder with past credit probs following serious injury. Buying £430k home. Modest earnings but will do up home in 2 years and make it worth c£700k. Can always sell up if needs must. Had to put in Mums name (73) as a B2L. Lender is perfectly happy to lend to her even though she has no earnings. Sensible people - done things similar in past.


Majority of my clients have some challenging issues hence why they pay me juicey fees.

Fantastic.

If this is what you call a boom with avengance, i..e people basically using other means to lie and secure the money in order to buy, then I'm glad I don't agree with you.

This isn't a pop at you, but is this serious mortgage advice? Sounds to me you are happy to let anything through as long as you get the fee's. Is this generally how other "mortgage advisors" work?

How far will you personally go to secure a mortgage for someone even though you know they are lying? For example, you have stated that one of your customers has a loan, but the loan is based on improvements. You know she isn't using it for this, but you are happy to back her up so she gets her mortgage?

JayScottGreenspan

Conrad wrote: »

+ Mr & Mrs self employed - salesman and hairdresser. 90%. Possibly borrowing some deposit on 0 card (shock horror - like I and mates did when young - we all survived - honest). Loan is £243k. 2 yr tracker 5.49% - well aware rates will rise but mindfull 99% of owners keep thier homes.

If all buyers were self employed salesmen and hairdressers, and all buyers borrowed their deposit on a credit card, and all buyers bought when the next move in interest rates will be up...
what percentage of owners would keep their homes then?

Bonia77

To be honest I'm quite surpised that someone is bragging about participating in a mortgage fraud.

If I were in his/her situation, I would keep quite :cool:

twadge_face

Bonia77 wrote: »

To be honest I'm quite surpised that someone is bragging about participating in a mortgage fraud.

If I were in his/her situation, I would keep quite :cool:

I'm surprised the OP (Conrad) is open about ENCOURAGING mortgage fraud.

Doesn't this board have something in its Terms & Conditions about criminal activity?

Fraud IS criminal activity you know.

ruggedtoast

Conrad. do you possess a pork pie hat and sheep skin jacket by any chance?

Anyway - I digress; lovely jubbly loadsa money boom time is back etc...

Yakubu22

Can anyone lend me £15,000? I know a dead cert running the 3.15 @ Haydock. The odds are 4/6 -it can't lose (trust me, I'm on the internet)!

...will pay you back out of my guaranteed winnings

Conrad

lvader wrote: »

First time buyers are down 40-50% since 2007, there has been a bit of an increase lately due to stamp duty changes. We are still a long long way from a boom in the property market.

The 73 year old case has been accepted just now. It's for her FTB son. She did as B2L with a dependant relative as the tenant. In thier minds its his home. Mortgage in her name as couldn't be done in his. Don't for a second read too much into official stats on FTB's - they are half baked.

Conrad

Yakubu22 wrote: »

Can anyone lend me £15,000? I know a dead cert running the 3.15 @ Haydock. The odds are 4/6 -it can't lose (trust me, I'm on the internet)!

...will pay you back out of my guaranteed winnings

Well there's less than 1% chance of repo - not bad odds. Almost everyone fares well out of property long term and it gives them a shelter!

twadge_face

Conrad wrote: »

The 73 year old case has been accepted just now. It's for her FTB son. She did as B2L with a dependant relative as the tenant. In thier minds its his home. Mortgage in her name as couldn't be done in his. Don't for a second read too much into official stats on FTB's - they are half baked.

Not unlike your reasoning.

Conrad

ruggedtoast wrote: »

Anyway - I digress; lovely jubbly loadsa money boom time is back etc...

It seems to be. I was honest the last 2 years that business was well donw, I have no reason to start exagerating now.

ANOTHER ANGLE - People who can't borrow are asking people like me to buy the home with them. I had this one in today;

£50k property bought at auction
Cannot raise finance fast enouhg as wasted 2 weeks already - in any event no lender will lend to him
Needs 25k
Wife wont let him use thier £300k home
Target property worth £75k if decorated - £15 k total costs I reckon inc selling fees

If I buy property by providing the £25k in cash (not mortgage) I take a cut of the sale price and there will be a legal agreement property must be marketed within 3 months or my percentage of profit goes up.

I've had to dip into savings 4 months in the last 2 years, so Im pertty shocked how quickly things are tunring about:A