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    • dunstonh
    • By dunstonh 13th Jan 13, 9:58 AM
    • 98,597 Posts
    • 66,995 Thanks
    dunstonh
    • #2
    • 13th Jan 13, 9:58 AM
    • #2
    • 13th Jan 13, 9:58 AM
    They are not offering deposit savings rates. No FSCS protection. No FSA regulation.

    If they were FSA regulated then the website would be full of breaches. As they are not FSA regulated, they can more or less say what they like.

    100% of your capital is at risk. This is an unregulated invesmtent. To even compare it with cash savings is disingenuous
    Last edited by dunstonh; 13-01-2013 at 10:01 AM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • srcandas
    • By srcandas 13th Jan 13, 10:40 AM
    • 1,209 Posts
    • 626 Thanks
    srcandas
    • #3
    • 13th Jan 13, 10:40 AM
    • #3
    • 13th Jan 13, 10:40 AM
    Has anyone heard of Harewood Associates? They are offering high interset monthly saver rates. Are they legit??????
    Originally posted by Moneyquerie
    Nothing wrong with the core business model. It's one frequently used by semi retired builder/plumber/electrician who help with the renovation. And I like such people as they improve the UK housing stock - sort of recycling. Also a good way to build up a BFL portfolio.

    As a core client they say they buy the property on your behalf so you have some security.

    But as Dunston says in different words "Who are these people and why should I trust them?" Of course that is true of even high st banks but at least you have the protection Dunston pointed out

    But why do they need cash and why pay 20% for it? Are they changing what they claim is a very successful business model? Have they been so convinced that the model works that they have borrowed to fund inside investment and are now sitting on a poor property portfolio?

    If it seems to good to be true ..................

    And finally: Why does the good reference for them try to download a trojan horse?
    Last edited by srcandas; 13-01-2013 at 10:52 AM.
    I believe past performance is a good guide to future performance
  • innovate
    • #4
    • 13th Jan 13, 10:57 AM
    • #4
    • 13th Jan 13, 10:57 AM
    ...and why does someone specifically sign up to MSE to ask about them?
    • dunstonh
    • By dunstonh 13th Jan 13, 11:07 AM
    • 98,597 Posts
    • 66,995 Thanks
    dunstonh
    • #5
    • 13th Jan 13, 11:07 AM
    • #5
    • 13th Jan 13, 11:07 AM
    As a core client they say they buy the property on your behalf so you have some security.
    Although we dont know what happens if Harewood fail. How is the ownership of the property held legally?

    If it is held against property, as it suggests, then rental yields are not running at 20%. So, if you are getting 20%, where is the rest of the money coming from? Is it doing a madoff and using other investors money to pay you?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • srcandas
    • By srcandas 13th Jan 13, 11:11 AM
    • 1,209 Posts
    • 626 Thanks
    srcandas
    • #6
    • 13th Jan 13, 11:11 AM
    • #6
    • 13th Jan 13, 11:11 AM
    ...and why does someone specifically sign up to MSE to ask about them?
    Originally posted by innovate
    You're so suspicious innovate!!! We all posted our first post once

    And if you are right it hasn't worked has it. Which is what's nice about this place
    I believe past performance is a good guide to future performance
    • srcandas
    • By srcandas 13th Jan 13, 11:19 AM
    • 1,209 Posts
    • 626 Thanks
    srcandas
    • #7
    • 13th Jan 13, 11:19 AM
    • #7
    • 13th Jan 13, 11:19 AM
    Although we dont know what happens if Harewood fail. How is the ownership of the property held legally?

    If it is held against property, as it suggests, then rental yields are not running at 20%. So, if you are getting 20%, where is the rest of the money coming from? Is it doing a madoff and using other investors money to pay you?
    Originally posted by dunstonh
    The profit comes from the increased value of the renovated property. I don't believe they promote renting per se.

    I've seen this model work but as with all property: location, location, location. And in the cases I know the investor can do most of the renovation so costs are minimised
    I believe past performance is a good guide to future performance
    • dunstonh
    • By dunstonh 13th Jan 13, 11:37 AM
    • 98,597 Posts
    • 66,995 Thanks
    dunstonh
    • #8
    • 13th Jan 13, 11:37 AM
    • #8
    • 13th Jan 13, 11:37 AM
    The profit comes from the increased value of the renovated property. I don't believe they promote renting per se.
    So it really is a speculative commercial arrangement.

    I've seen this model work but as with all property: location, location, location. And in the cases I know the investor can do most of the renovation so costs are minimised
    The model can certainly work and work well for builders, those with good DIY skills and getting the right property and location. However, that is very different from savings accounts which is how they position it. Every now and then, even the most successful developer will make a mistake and lose money. So, who suffers the loss in that case? Are you funds pooled with others or is each property in isolation? With all the experts they say they have and use, are they charged explicitly when used or a pooled rate? They also pay commissions to introducers as well. How many people are taking a cut of this? It keeps throwing up questions which are not answered on the website.

    This is a million miles away from what the OP called high interest monthly saver rates. It is a commercial arrangement with capital at risk.

    The website says guaranteed returns are available which offer a safe investment and is an ideal alternative to a high interest savings account. That doesnt sound like property development. It goes on to say:
    Investments are secured on Harewood residential properties. Total borrowings on any property will never exceed 70% of the property value. The valuation of the property is undertaken by an RICS qualified valuer based on an open market valuation. You can be assured that your investment is safe and secure. Interest is paid into your account monthly Whether you have a busy career or enjoying retirement, you can carry on with life knowing that your savings are producing a healthy income, month after month. Again that doesnt sound like property development. Interest comes from income generated. What are they doing that is generating over 20% returns (as they have to earn their cut) that is so safe that they can call it guaranteed?

    It looks like they are using investors money to buy properties rather than borrow from a bank. They are then using the gains on the development side to provide a 20% income return. So, the development needs at least 20% gains net of costs, tax etc and they need to keep doing it to keep paying the 20% a year. If they stop doing it the whole thing collapses (a 40% capital gain can pay two years at 20%. What happens if there is no replacement gains. They need to pay the 20% a year). Plus, whilst they borrow only upto 70% on a property, they can easily end up with far greater liabilities elsewhere. The creditors (or savers if we go by their marketing) giving them money for example.
    Last edited by dunstonh; 13-01-2013 at 11:51 AM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • srcandas
    • By srcandas 13th Jan 13, 12:12 PM
    • 1,209 Posts
    • 626 Thanks
    srcandas
    • #9
    • 13th Jan 13, 12:12 PM
    • #9
    • 13th Jan 13, 12:12 PM
    It looks like they are using investors money to buy properties rather than borrow from a bank.
    Originally posted by dunstonh
    Or as clients are hard to find they need to group client's money to maintain turnover. Sensible approach if risks are fully explained and balanced by possible returns. [borrowing from the bank? Dunston I'm surprised at you ].

    But it could be interpreted as the final rolling of the dice for a failing business.

    ps If you're seeing this HA a response might help.
    I believe past performance is a good guide to future performance
    • Sceptic001
    • By Sceptic001 13th Jan 13, 1:07 PM
    • 1,099 Posts
    • 853 Thanks
    Sceptic001
    Their home page says "As seen in Mail on Sunday, Estates Gazette, Lancashire Life" but I searched these websites and got no results for "Harewood Associates".

    Maybe I will give it a miss...
    • srcandas
    • By srcandas 13th Jan 13, 1:19 PM
    • 1,209 Posts
    • 626 Thanks
    srcandas
    Their home page says "As seen in Mail on Sunday, Estates Gazette, Lancashire Life" but I searched these websites and got no results for "Harewood Associates".

    Maybe I will give it a miss...
    Originally posted by Sceptic001
    Had you found it recommended in the Mail on Sunday I for sure would give it a miss
    I believe past performance is a good guide to future performance
    • dunstonh
    • By dunstonh 13th Jan 13, 2:10 PM
    • 98,597 Posts
    • 66,995 Thanks
    dunstonh
    They could put "as seen on Moneysavingexpert" now. Doesnt mean its a good article/coverage.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • DaveW96
    They had a full page ad in the Sunday Mail on Jan 21st. Shares in new residential developments giving "between 20% and 30% per annum". Basically buy site, develop properties, sell, share 75% of profits (25% to HA).
    • jimjames
    • By jimjames 25th Mar 14, 4:36 PM
    • 13,234 Posts
    • 12,297 Thanks
    jimjames
    [TEXT DELETED BY FORUM TEAM]

    Sorry to hear that but did you read the info below on their website or documentation? Did you understand what you were agreeing to? If [TEXT DELETED BY FORUM TEAM] then you may well have had a lucky escape. Many other such schemes on here lose 100%.

    They are not offering deposit savings rates. No FSCS protection. No FSA regulation.

    If they were FSA regulated then the website would be full of breaches. As they are not FSA regulated, they can more or less say what they like.

    100% of your capital is at risk. This is an unregulated invesmtent. To even compare it with cash savings is disingenuous
    Originally posted by dunstonh
    Last edited by MSE Investigator; 22-04-2014 at 9:32 AM. Reason: pending investigation
    Remember the saying: if it looks too good to be true it almost certainly is.
    • EdGasket
    • By EdGasket 23rd Apr 14, 10:57 AM
    • 3,456 Posts
    • 1,446 Thanks
    EdGasket
    LOL more spam!
    • jimjames
    • By jimjames 23rd Apr 14, 11:42 AM
    • 13,234 Posts
    • 12,297 Thanks
    jimjames
    Are Harewood associates investment scam?
    LOL more spam!
    Originally posted by EdGasket
    And it looks like Harewood Associates are getting MSE to remove certain text from posts - my previous has been edited presumably on legal request from Harewood.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Reaper
    • By Reaper 23rd Apr 14, 12:18 PM
    • 6,535 Posts
    • 4,890 Thanks
    Reaper
    And it looks like Harewood Associates are getting MSE to remove certain text from posts - my previous has been edited presumably on legal request from Harewood.
    Originally posted by jimjames
    Yes, text deleted yesterday and 2 new posters today saying unprompted how wonderful Harewood Associates are. I guess Harewood just found this thread and leapt into action. One day firms will realise how counter-productive spamming and threatening is. Here's a tip Harewood - if you think you have been misrepresented and have a strong case then get permission to post here and defend yourselves properly.
    • alanq
    • By alanq 23rd Apr 14, 12:24 PM
    • 4,154 Posts
    • 2,732 Thanks
    alanq
    A few weeks ago a poster claiming to be from Harewood (unauthorised) started a thread about its wonderful offerings. I added a link from there to this thread so that readers would see the other side of the story. That thread disappeared soon after, presumably because its OP was not an authorised company representative.
  • tomp51
    Harewood Associates
    Anyone on this forum had any dealings with Harewood Associates?

    I have, and I think I may have been burned!
    Lent then 10 grand almost a year ago, and haven't heard a word from them since.
    Has anyone had dealings with a Peter Keily from this company?

    I'd be happy to hear from you if you have any info on his company or on their development at Hapsford Hall Barns in Cheshire.

    Latest development. 6th October 2014.
    I am happy to report that since this blog was posted, I have been contacted by Harewood Associates.
    They have apologised for not having contacted me prior, on the premise that they send out a quarterly report to all investors. It appears that after a review of the mailing list, My name and two others had not been added to this list, hence the omission of reporting.
    I have accepted the apology, and have accepted their invitation to view the site, later this week.
    Progress on the works is progressing, and the final trades are completing second fix at the moment.
    I was also informed the all but one of the homes have been sold.
    I am a lot more comfortable with the situation now.
    Thanks to Money Saving Expert.
    Last edited by tomp51; 06-10-2014 at 10:22 AM. Reason: New development
    • slawitmum
    • By slawitmum 7th May 15, 2:26 PM
    • 4 Posts
    • 0 Thanks
    slawitmum
    Any updates?
    Hi tomp51, We'd be really interested to hear another update on this. Has the investment provided the returns expected? Cheers

    Anyone on this forum had any dealings with Harewood Associates?

    I have, and I think I may have been burned!
    Lent then 10 grand almost a year ago, and haven't heard a word from them since.
    Has anyone had dealings with a Peter Keily from this company?

    I'd be happy to hear from you if you have any info on his company or on their development at Hapsford Hall Barns in Cheshire.

    Latest development. 6th October 2014.
    I am happy to report that since this blog was posted, I have been contacted by Harewood Associates.
    They have apologised for not having contacted me prior, on the premise that they send out a quarterly report to all investors. It appears that after a review of the mailing list, My name and two others had not been added to this list, hence the omission of reporting.
    I have accepted the apology, and have accepted their invitation to view the site, later this week.
    Progress on the works is progressing, and the final trades are completing second fix at the moment.
    I was also informed the all but one of the homes have been sold.
    I am a lot more comfortable with the situation now.
    Thanks to Money Saving Expert.
    Originally posted by tomp51
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