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Mortgage Fraud - or not?
Comments
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kingstreet wrote: »This may come across as a bit pedantic, but could you find out who the adviser actually is and find out their status. It's a bit unfair to use the term "IFA" to describe this person if they are, in fact, tied advisers for one lender or restricted to a small panel. Thanks.
That's what she described him to me as, but the pedantry is justified, I will remove references.
The people who mind don't matter, and the people who matter don't mind
Getting married 19th August 2011 to a lovely, lovely man :-)0 -
Only remove if the person isn't an IFA. If they are, leave it as it is. It's only the possibility of mis-labeling I'm concerned about. Thanks.That's what she described him to me as, but the pedantry is justified, I will remove references.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I can't say for sure he is. My professional title is protected in law as well, and I have been known to get snitty with people using it incorrectly, so I should know better really...
The people who mind don't matter, and the people who matter don't mind
Getting married 19th August 2011 to a lovely, lovely man :-)0 -
To be honest, there's so many different descriptions, titles and epithets the layman can be forgiven for trying to use a "catchall."I can't say for sure he is. My professional title is protected in law as well, and I have been known to get snitty with people using it incorrectly, so I should know better really...
For example, I'd be described as an independent and whole market mortgage broker but I'm not an IFA as I don't give advice on non-mortgage related issues.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ah well, IFA or not, it seems like the advice he gave might be sailing a little close to the wind. I've told her what I think, now she has to do her own research and make her own decisions. I'm sure her husband will have some say as well...
The people who mind don't matter, and the people who matter don't mind
Getting married 19th August 2011 to a lovely, lovely man :-)0 -
Has your friend got a Plan B in case the mortgage lender withdraws their offer after exchange of contracts but before completion of the purchase because of non disclosure?0
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SouthCoast wrote: »Has your friend got a Plan B in case the mortgage lender withdraws their offer after exchange of contracts but before completion of the purchase because of non disclosure?
Of course not. She had no idea that was even a possibility, and before I spelled it out she had no idea of the implications of such an event. The advisor had not spelled this out as a potential outcome. Surely this would mean they would be in breach of contract, forfeit their deposit and be liable for everyone's costs up and down the chain?
I can't even begin to think what a Plan B might actually consist of in those, extremely serious, circumstances. Mine would get no further than
"panic"!
The people who mind don't matter, and the people who matter don't mind
Getting married 19th August 2011 to a lovely, lovely man :-)0 -
You can also be sure that should the lender ask the question or discover the presence of the loan before completion, her adviser will deny "all knowldge" or any involvement in the matter ... and leave her well and truly out to swing ...
As I say, you can only warn her, it is up to herself if she heeds your words of advice .... or not.
Holly0 -
Apart from all the problems with the mortgage she is probably committing fraud with the bank she is getting the unsecured loan from since they normally ask the purpose of the loan - and I don't think "house deposit" is something banks give out unsecured loans for.0
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Uuugh. Hadn't even thought of that. Not sure how far down the route of application for the loan they've got.
The people who mind don't matter, and the people who matter don't mind
Getting married 19th August 2011 to a lovely, lovely man :-)0
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