Liar Loans Reborn

mwpt

cells wrote: »

this is good news

Good news for owners of multiple properties. Let the good times roll. :grointhrust:

cells

by no means is this anything but a marginal product, they are not going to take over the mortgage books of the lenders with tens or hundreds of billions in loans. but maybee they can help a few hundred people into home ownership assuming they are legit

carslet

mwpt wrote: »

Good news for owners of multiple properties. Let the good times roll. :grointhrust:

:T agree great news

paddyrg

Internet investors - well ratesetter rates are around 4.5% for 5 year loans, and they're typical P2P lenders. Maybe it's just god old fashioned laundering?

antrobus

What I can tell you is that the man behind the venture is one Graeme Wingate from Barnsley. The DT described him as "a businessman who trades in web addresses", and he appears to trade under the name of GreyWing, a business that is involved in "buying branded domain names and building businesses on them before bringing them to market" (http://www.greywing.uk/)

There appears to be a history of busineses that start and then stop, and nothing much that indicates where he got his money from. If he has any at all.:)

DiggerUK

dktreesea wrote: »

Still not quite live yet.
http://selfcert.co.uk/

Do you think this character knows we are waiting for the show to open?..._

DiggerUK

antrobus wrote: »

.........(http://www.greywing.uk/)
There appears to be a history of busineses that start and then stop, and nothing much that indicates where he got his money from. If he has any at all.:)

Guess who is using one of those domain names, to launch a "crowdfunding site, genesis.co.uk, which will offer mortgage products later this year"..._

https://www.mortgagestrategy.co.uk/self-cert-mortgages-return-as-new-lender-opens/

Conrad

I don't have a link but lender reps always told me self cert books had lower delinquency than full status books, which was generally put down to the large deposits usually required.


It's lazy to suggest this need is taken up by liars. My own books show a much lower profit / income than is the reality of my earnings, for all sorts of reasons to include a Directors loan account.


Then you have a mass of older folk that perhaps following a divorce find themselves needing a mortgage but are denied thanks to a restricted term and knock-on affordability constraint. Stats show the vast majority of people sustain a mortgage so I welcome a return to a but more trust on a borrowers part.

Conrad

I am surprised a firm can supposedly get around UK FCA rules, as customer protection and duty of care I would have thought would apply to all UK citizens arranging a mortgage.

stator

As long as the UK banks aren't investing in it, who cares?
If they go bankrupt it won't affect us.