Self Certification scandal

ds1980

everyone does it get over it.

Its people like surveoyers whom should be punished because they make it up as they go along.

first hand example - house remortgage - first survey house valuation £150k from a bona fide surveoyer on behalf of the woolwich.

Rates fell could get better deal so pulled out and went to the skipton who send another surveyor valuation £100k but £130k done up!!!

Ive just spent £10k doing up a house that needed hell of a lot more doing to it than the remortgaged place!!! £30k renovations ?!?!??!? They make it up as they go as far as im concerned until there is a hard and fast rule about how much a house is worth this will always carry on.

Your telling me there's someone out there who's set to make some quick cash by giving someone a mortgage there going to do it regardless of rules etc as it is extremely difficult to prove as the initial questioning is all verbal hence no proof.



I can understand a difference of £30-£50k on a million pound property but not for a £100k house!! Its riduculous.

dunstonh

I'm still listening to it and its at the point where the estate agent worker has lost money as the rent no longer covers the mortgage and now wants to pull out but that involves making a loss due to drop in property value and charges. Everyone was blamed in that example ranging from lenders, builders and surveyors. One person not blamed was the borrower.

I tell you what though, anyone considering buy to let with no experience should listen to this from about 20 mins onwards as it highlights all the pitfalls that inexperienced landlords can suffer. Its enough to put off any mortgage buy to let being considered.

toonfish

So, I guess is the next target for the ambulance chasers?

Be interesting if the claimants get prosecuted for mortgage fraud as they will inevitably have signed the application form and probably a self-cert declaration as well.

Ad

Anyone I know and anyone they know has gone down the self certification route. Telling pork pies all the way of course.

The UK housing market is one gaint pyramid.

dunstonh

Yes, Cartel are one of the dodgy claims companies.

They are not authorised and are acting against the claims management regulation. Others to avoid are Morgan Green and Tekram Goldberg (also acting without authorisation and outside of regulation).

Sarahsaver

ds1980 wrote: »

Your telling me there's someone out there who's set to make some quick cash by giving someone a mortgage there going to do it regardless of rules etc as it is extremely difficult to prove as the initial questioning is all verbal hence no proof.

There is proof if the interview was recorded like the one I did.
It was legit, (me recording it that is) it was for the FSA.

toonfish

Sarahsaver wrote: »

There is proof if the interview was recorded like the one I did.
It was legit, (me recording it that is) it was for the FSA.

what did you originally ask of the broker for this mystery shopping exercise, and how did the FSA expect you to progress the interview.

I have nothing against mystery shopping to expose fraudulent advisers, but would be interested to know how the guidance for the shopper works.

Sarahsaver

Can't give any more details but I certainly did not ask any leading questions, the IFA led the discussion.

toonfish

Sarahsaver wrote: »

Can't give any more details but I certainly did not ask any leading questions, the IFA led the discussion.

Fair enough - don't know the ins and outs obviously but anyone leading their clients up the "inflate your income" path is asking for trouble.

Personally I can't see how you can do it wothout the complicity of the client who should then be held equally responsible.

Sarahsaver

Yep see your point but if someone was desparate and the IFA 'elaborated on the truth' how many clients are going to say 'you cannot lend me that much - you are lying!'