Mis-sold buy-to-let mortgages

ILW

Can you not rent them out and more than cover the mortgages?

Leon_W

I am not trying to be obtuse lizbet21 but you are now telling a different story.

You have gone from not seeing any paperwork until after the purchase had gone through to, "when I remember signing paperwork". It's a pretty black and white situation. There was either paperwork before purchase or there wasn't.

And here's the rub. You are asking people to give you advice on this situation which would vary greatly due to your inconsistencies.

If it's scenario 1 ie: no paperwork, then obviously something was seriously amiss and you should complain to the solicitors, brokers, company that sold the property to you, police, serious fraud office etc etc and take them through the proper legal channels.

If it's scenario 2 ie: everyone listed above can produce the required paperwork, all signed by yourself (however obtained) then it will be extremely difficult to prove anything at all.


And yes, there were PLENTY of property investment companies with some extremely dodgy sales practises ( Inside Track anyone ?) so I don't doubt that you might have been had, but they were also very adept at covering their own !!!!!!.

As someone mentioned in this thread above, it is always a case of buyer beware in these situations because IT IS NOT REGULATED, so unless you employ some pretty slick legals I really can't see you getting anywhere to be honest.

Thrugelmir

lizbet21 wrote: »

To Thugelmir - I had full trust in the broker who assured me it was all ok. The broker also spoke about rental amounts etc, they they and their friends had bought and did well etc.

Firstly I do sympathsise with your position and the financial mess you are in.

However you were not a consumer. You were buying a business venture. One you thought would make you lots of money. So on that level, accept to yourself that you were nieve and move on.

When you received the "completed paperwork", did you then read it ?

Out of interest what timeframe have these events taken place over?

lizbet21

To ILW - The rent does not cover the mortgage
To Leon W - Sorry, maybe I'm not being clear. When I say I never saw any paperwork, I'm talking about surveys which would show the estimated value of property against what I'm meant to be borrowing. The final mortgage offer. I was shown a database initially showing what I'd borrow against what I'd purchase but this was not the same. Basically I had signed up to the deal then the details changed in the process! I received a whole pile of paperwork weeks after the transactions had gone through with everything in.

To Thrugelmir - This happened 3 months ago. I received the paper work last month. The solicitors are no longer there and the brokers are stating that the package was fair and just and that I'm struggling because of the 'current climate'. The 'current climate' was never mentioned before purchase! I was advised that it was all good as they were quite cheap and that the rent would cover the mortgage etc etc.

Well the jist I am getting from people is that there is nothing I can do, but I still feel agrreaved that this broker can just get away with mis-informing people..

MPH80

The final mortgage offer. I was shown a database initially showing what I'd borrow against what I'd purchase but this was not the same. Basically I had signed up to the deal then the details changed in the process!

So the document you signed applying for the mortgage had none of the details on?

I'm talking about surveys which would show the estimated value of property against what I'm meant to be borrowing.

So what did the survey say?

lizbet21

To MPH80 - No, it had the property address but not the figures. I think they said something like they could get a better deal so wanted to try that also.

The survey estimated one of the properties LESS than the actual mortgage. All of them were quite negative in the sense of re-sale, build quality and area they were in. This document would have been extrmely important to view before sale.

ILW

How much are you in for?

surreybased

Hi,

I know it fels like people are being tough on you and questioning you hard but you will get some sensible advice here.

Seems you ave been involved in a scam (or sharp practice) and I would have thought the solicitor should have acted in your interests. It seems there is no formal recourse however you can do something to stop this happening again by going public.

Have you gone through the paperwork and confirmed that you have indeed signed contracts?

ILW

To be honest, I doubt if the OP has been scammed (in the legal sense anyway). They have just been talked into buying a poor investment. Probably blinded by the thought of all that lovely free money. In the end the flats do exist and the OP does own them. It just appears that the returns are below what was hoped for. They are not the first and will not be the last. It is possible the investment may come good if she can keep up the payments in the short to medium term.

rl290

Sorry, but this is simply too confusing. I would like to help, but we need to know exactly what you did see, exactly what you did sign, exactly what changed, and exactly what turned up after the purchase...
If, for example, you signed for one type/amount of mortgage and received another one, then fraud has been committed and you need to chat to a solicitor.

R