Liar Loans Reborn

dktreesea

stator wrote: »

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

Are investing in it or aren't? If the UK banks are investing in it, I'd be worried that the taxpayer may yet again have to bail them out.

DiggerUK

dktreesea wrote: »

Are investing in it are aren't? If the UK banks are investing in it, I'd be worried that the taxpayer may yet again have to bail them out.

With p2p, crowdfunding etc., not being covered by the Financial Services Compensation Scheme, then us tax payers won't be getting our faces ripped off again.
The Financial Conduct Authority are no threat to any financial operation, providing they inform those investing that they could get their faces ripped off.

How much of a danger p2p, crowdfunding, shadow banking are to the worlds economies is unknown. For me all those loans should be called liar loans, otherwise they could be obtained from 'regular banks'..._

Generali

Conrad wrote: »

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.

It comes under the EU passporting rules: if you can sell financial services in your 'home' country then you can sell them across the EU.

Generally it's a great idea although, as you can see, there is a way to go to make the rules into an ideal state.

DiggerUK

Generali wrote: »

.........Generally it's a great idea although, as you can see, there is a way to go to make the rules into an ideal state.

Can rules ever be ideal, if they were, the legal eagles would have to resort to selling the Big Issue..._

dktreesea

DiggerUK wrote: »

With p2p, crowdfunding etc., not being covered by the Financial Services Compensation Scheme, then us tax payers won't be getting our faces ripped off again.
The Financial Conduct Authority are no threat to any financial operation, providing they inform those investing that they could get their faces ripped off.

How much of a danger p2p, crowdfunding, shadow banking are to the worlds economies is unknown. For me all those loans should be called liar loans, otherwise they could be obtained from 'regular banks'..._

For the self employed, self cert mortgages are a godsend, because banks want to look at the last three years of earnings whereas self cert focuses on affordability going forward. So you could be paying out £700 a month in rent, working from home, so claiming some back, but the bank won't loan you whatever an equivalent mortgage would be for £700 a month.

dktreesea

DiggerUK wrote: »

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

Their site is now completely offline. Just an email address and a telephone number. Makes then look like a dodgy operator.


If they are based in the Czech Republic, will the loan documents be in Czech? even if in English, I would be concerned that there is no protection from the UK authorities if something goes wrong during the loan period.

mwpt

dktreesea wrote: »

Ther site is now completely offline. Just an email address and a telephone number. Makes then look like a dodgy operator.


If they are based in the Czech Republic, will the loan documents be in Czech? even if in English, I would be concerned that there is no protection from the UK authorities if something goes wrong during the loan period.

Listen, just hand over your money and watch the good times roll. Ok?

dktreesea

mwpt wrote: »

Listen, just hand over your money and watch the good times roll. Ok?

Yes, their application fees. What happens if they don't approve the loan, or approve it but then don't come up with the dosh, you having handed over the £1k application fee?


The only way I would ever pay an application fee is if it were added onto the mortgage once the mortgage has gone through. As in after I have the keys to my mansion.

Generali

Interestingly they still seem to be offline:

https://www.selfcert.co.uk/

dktreesea

Generali wrote: »

Interestingly they still seem to be offline:

https://www.selfcert.co.uk/

Doesn't exactly look professional, does it!