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Mortgage Miss selling?
pricedout_1
Posts: 146 Forumite
IF the market heads south (as it appears to be doing now) should the banks be held to account? This is hinted at in the following thisismoney article ...
http://www.thisismoney.co.uk/mortgages/buy-to-let/article.html?in_article_id=421582&in_page_id=56&ct=5
You could say it's the BofE fault for lowering interest rates too low, creating the platform of cheap money. Should they also be held to account?
In the end, it looks like banks (taking mortgage market share away from building societies) competing against each other for market share that should be investigated fo miss selling huge mortgage debt. (Just speaking to a friend the other day who only needed a 90K mortgage but the bank tried to flog him 200K ?!?)
http://www.thisismoney.co.uk/mortgages/buy-to-let/article.html?in_article_id=421582&in_page_id=56&ct=5
You could say it's the BofE fault for lowering interest rates too low, creating the platform of cheap money. Should they also be held to account?
In the end, it looks like banks (taking mortgage market share away from building societies) competing against each other for market share that should be investigated fo miss selling huge mortgage debt. (Just speaking to a friend the other day who only needed a 90K mortgage but the bank tried to flog him 200K ?!?)
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This country was made great by entrepreneurs like the new breed of BTL landlords. Look at the way the economy is booming due to HPI on the back of this. They are the risk takers at the forefront of a new financial paradigm & they deserve everything the get.
Anyway as Mr. M, South East says:
They have nothing to worry about, do they?Most buy-to-let investors are in it for the long term, often as an investment to support their pension savings, so may just ride out any storm."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
I bet the tech boom was also seen as a new financial paradigm and look what happened to that :eek: . Many people lost out as they were strung along by the entrepreneurs.
You say most BTL are in it for the long term. But if they think that their pensions are under severe risk from a correction then surely they will indeed sell
What exactly is the "new financial paradigm"? A nation of high risk corporate and consumer debt?0 -
If they bank calculated they could have 200 grand and they signed saying yes I want 200 grand hows the miss selling?
Surely it miss buying!
Personally I like Miss Moldova
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Anyone .......0
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It is miss selling because they are being sold a financial product over and above what they asked for....0
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hughgallagher wrote: »I bet the tech boom was also seen as a new financial paradigm and look what happened to that :eek: . Many people lost out as they were strung along by the entrepreneurs.
You say most BTL are in it for the long term. But if they think that their pensions are under severe risk from a correction then surely they will indeed sell
What exactly is the "new financial paradigm"? A nation of high risk corporate and consumer debt?
I didn't say they were in for the long term, Mr M from the South East did, though I've heard it often enough on these boards.
If they're in it for the long term then they'll be prepared for rises & falls in prices & rates; for long voids; for major repairs & refurbishments; for tenants doing a runner - none of these will be a surprise to this new breed of enlightened entrepreneurs, who just like the builders of the British Empire will turn this country once again into Great Britian <put Land of Hope & Glory on iTunes> We may not have any heavy industry left; we may not have any light industry left; our service industries may be offshored; our countryside may become nothing more than retirement villages & dormitory towns; our towns & cities may become ghettos of rented accommodation; but we can all become rich just by following where these great pioneers are leading us - by buying & letting property. I say we should salute these great men and women, truly they are a most remarkable breed."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
I’ve often wondered if there are any unmarried female members of the Selling family that work in Financial services.
If so, would they be Miss Selling ???
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hughgallagher wrote: »IF the market heads south (as it appears to be doing now)
Have any hard evidence for this? (except for those tiresome posts by phlash and that entirely irrelevant propertysnake website)0 -
If they bank calculated they could have 200 grand and they signed saying yes I want 200 grand hows the miss selling?
Surely it miss buying!
Personally I like Miss Moldova
:smileyhea"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
hughgallagher wrote: »It is miss selling because they are being sold a financial product over and above what they asked for....
Sorry I don't agree because it depends on what question was asked by your friend. If s/he said 'how much can I borrow?' and the bank said £200k, then that is not misselling its an answer to a question. In my experience that is the way the question is asked. Mortgages are secured loans, so why would a bank offer to lend someone £200k when they only needed £90k? Ok, we don't know the answers to too many questions about your friends case i.e house value.
Go to any lenders website and put in your income details and it will tell you how much that lender will lend you, irrespective of hoqw much you want to borrow or how much your house is worth. How is that misselling?0
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