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BTL Lenders and unfair charges

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Comments

  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    clutton wrote: »
    how about a £15000 ERC - yes £15k ?? now that would make your eyes water on a BTL product - which i did not buy !!!!!

    Ouch. On what sized loan?

    Presumably it's a way of preying on people that are used to consumer levels of protection.
  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    it was to have been a property worth £207k and with a quick purchase and a fast onward sale
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    clutton wrote: »
    it was to have been a property worth £207k and with a quick purchase and a fast onward sale

    The profit's in the small print!
  • toonfish
    toonfish Posts: 1,260 Forumite
    it's not regulated so they can charge what they like - £125 seems reasonable to me anyway
    I am a Mortgage Adviser
    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.



  • kennyboy66_2
    kennyboy66_2 Posts: 2,598 Forumite
    toonfish wrote: »
    it's not regulated so they can charge what they like

    Really. Hey why not push the boat out and up the charge to £3k.

    Being an unregulated product has nothing to do with obligations under UCTA 1977 which cover business to business transactions.

    Olly300 has the most sensible advice. Hardly worth going through small claims court.
    US housing: it's not a bubble

     Moneyweek, December 2005
  • scrummy_mummy_2
    scrummy_mummy_2 Posts: 386 Forumite
    Thanks guys...have calmed down now and realised it's not worth my effort getting all het up about £125 odd quid, and will find a special place to deal with the emotional trauma of the priciples of the issue!
    I do have to recommend a contact I got through the Fool though....Adam Griffiths, Mortgage and Protection advisor at London and Country mortgages
    (01225 341361) has just found me a BTL lifetime tracker with the Woolwich at base plus 0.49%!!! and no fees/legal fees.....it's better than my residential mortgage! and in these 'troubled' times I think is great! My current lender was only prepared to offer me base plus 0.99% on the same terms!
    Am going to ask him to look at my residential mortgage now too!
    The only thing to do with good advice is to pass it on. It is never of any use to oneself. (Oscar Wilde);)
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