The TMB, Challenor Investments and a Mis-sold Mortgage

Today, 7:24 PM #107 Cashpig74 vbmenu_register("postmenu_19525461", true);
MoneySaving Convert


Join Date: Nov 2008
Post Count: 69
Thanked 13 Times in 13 Posts



PS As you can see for my sig some of us like to save rather than take out borrowing to pay for things! I am saving for a new bathroom right now




Thats great Kavanne, I hope you get it. Just, be a little less judgemental please, people borrow money all the time. i personally, believe in specualte to acumulate - sometimes is works out, sometimes it doesn;t. The trading didn;t. game over.

firstly, the surveyor that did it was a bank associated surveyor and gave the exact prive that challenor suggested.

So, in other words, you relied solely on a basic valuation from someone that was not employed by you. You should have got your own suveyor. A lenders basic valuation is just that. In a rising market they would have no reason to question valuations that are within the ballpark of the required area. In a falling market they will be more pickey.

it comes down to the purchase price. the bank has not done enough checks

Why should they?

clearly, and they have given me a 100% mortgage.

Only if you lied on the application.

there was no deposit and you cannot accept a discount as deposit.

Yes they can if they accept that.

it has to be an actual cash sum proven to go towards to seller as part payment.

no it doesnt.

i made no such payment and no one else made a payment. the paper work was doctored to show things that were not the case.

who doctored the application?

the valuation was set higher to attract ppl to buy it and they got stung for a finders fee.

Yes. That is part of the scam. However, its legal status will depend on the disclosure given. However, at no point does it seem like the lender is the one that is at fault here. It would require the mortgage broker, legal team and builder to be involved and the value on land registry not correctly recorded. If you are chasing the lender then you are chasing a victim rather than the offender.

These are going to be all over the place. From my experience (and it was from a distance and I remember shaking my head and calling my broker buddy's client a so and so) but the client in the cases I saw, thought they were being clever. They were getting almost 100% mortgages on new build flats with rental calculations from another planet and iffy agreements between builders and lenders!

I am sorry but either your dim or your trying to get away with it!

Oh I see "fraudbuster" is just one of these posters that wants to gain attention by repeating other peoples posts... fool.

A fool and his money are soon parted

Meaning: Stupid people spend their money carelessly and soon become poor.
Note: fool (noun) = a silly person; someone who acts unwisely or without care | be parted (verb) = be separated

:beer:

There's a saying in life........some you win, some you lose.

Just because 1 mortgage company does certain checks does not mean that every mortgage company has to do the same checks.

In your other thread you state that & I quote "I am not stupid" and I'm not saying you are, but surely you had concerns over the fact that you were buying a property worth £180k for £150k. Why would any business sell something for almost 20% below market value? Usually it's because they couldn't sell it at the original price. After all you wouldn't expect to buy a posh cake for the same price as a bread pudding would you?

for those wondering what I'm on about

http://forums.moneysavingexpert.com/showthread.html?t=1541119


*awaits personal criticism & name calling*