Posts Tagged ‘mis-sold mortgages’

Was your mortgage fraudulent?

Tuesday, March 2nd, 2010

It has widely been reported in the media that mortgage brokers have submitted fraudulent mortgage applications to lenders. You might have a mortgage claim.

Mortgage brokers must have adequate systems and procedures to monitor the risk of consumers or advisers submitting false applications based on false employment and earnings information.

If you suspect that your mortgage broker altered the income figures unknowingly to you, enter your details so we can complete a full mortgage audit on your behalf and check for any misselling or misrepresentations that the broker might have done on your behalf.

You must expect professional standard and levels of service from the professionals involved on the mortgage process, that is normally the case but unfortunately Gravitas Law has encountered on numerous occasions examples where the mortgage broker has not protected the client and offered suitable advice.

Tags: fraudulent mortgage, mis sold broker mortgage, mis sold mortgage, mis-sold mortgages, mortgage help
Posted in Mis sold mortages on affordability | 2 Comments »

Buy-to-let mis sold mortgages from Rooftop Mortgages

Thursday, February 25th, 2010

James held a buy to let mortgage with Rooftop Mortgages. He took the mortgage at a reasonable fixed rate. After his 2 year fixed rate period James had no remortgage options available to him – those offered required large lump sums which he did not have. Rooftop had ceased trading and would not negotiate on their fixed rates. This left James paying a total of £600 a month at 8.91%. Although he had never missed a payment rooftop was not willing to budge. James struggled and eventually his home was at risk of repossession when he failed to sustain the high payments. It was clear to James that rooftop were much more willing to see a borrower go under than place him on a reasonable interest rate that was still profitable for them.

Tags: mis sold rooftop mortgages, mis-sold mortgages, rooftop mortgages
Posted in mis-sold mortgages | 7 Comments »

Abbey recognises fast track problems

Wednesday, February 24th, 2010

As of 1st March all brokers using the abbey fast track scheme (which many use as self certification is no longer available), will be required to keep proof of all income for at least two years.

If a broker fails to to keep the evidence then they will be banned from using the service for three months. The broker must then reapply for fast track by signing a document to agree to all the terms and conditions. If there is a 2nd breach the individual broker will no longer be able to access the fast track system. Currently Abbey carries out random monthly checks on brokers who have submitted fast-track applications.

The Abbey also confirmed that from its past past experience brokers had not always kept proof of an applicants income.

Bobby Kennedy, director of Gravitas Law said, “For too long know brokers have manipulted lenders automated scoring systems and used fast track as an alternative to self certification. Applicants were granted loans that they couldn’t afford and history has shown that the level of arrears is higher on fast track cases.”

Tags: abbey, mis-sold mortgages, mortgage audit
Posted in mis-sold mortgages | 1 Comment »

£50 million pound mortgage fraud

Friday, February 19th, 2010

Two solicitors have today appeared at City of London Magistrates Court after being charged with offences in connection with a series of high value commercial mortgage frauds.

A complaint from the Cheshire Building Society led to an investigation by the Serious Fraud Office in 2006.

Mark Knights of Cheshire and Kamran Malik of Birmingham are charged with three counts of obtaining a money transfer by deception contrary to section 15A (1) Theft Act 1968.

Knights and Malik are alleged to have taken part in a series of frauds in connection with six commercial investment properties, whereby they obtained loans from banks or building societies.

The proceedings are to be transferred to Southwark Crown Court.

Each property was transferred between companies controlled by one of the defendants and his associates at highly inflated prices in a series of back to back transactions. On the basis of the grossly inflated prices, fraudulent valuations and forged leases, the defendants applied for and obtained mortgage advances totalling nearly £50m.

The mortgages were quickly defaulted on and the lenders suffered significant losses.

Tags: cheshire building society, mis-sold mortgages, mortgage fraud
Posted in Why were mortgages mis sold? | 3 Comments »

Mis Sold Mortgages

Monday, February 15th, 2010

Gravitas Law mis selling specialists

Mortgage mis-selling, mis-sold mortgages, mis-selling mortgages, mortgage claims, morgage mis-sold, mortgage mis-representation, miss-sold mortgages It does not matter what you called it or how you spell it, mortgage claims for compensation are increasing.

Consumer awareness is rising with regards to the quality of the advice they received when they took out a mortgage or a remortgage. If the mortgage was arranged by a mortgage broker, they had a duty of care to provide suitable advice.

The broker needed to assess yourneeds and circumstances and based on the information make a suitable product recommendation. The majority of mortgage brokers will put your interests first and recommend a suitable product. Gravitas Law can audit your mortgage and identify any breaches or mistakes caused by any of the professionals involved in the mortgage process.

Regardless of what you called mortgage mis-selling or mortgage mis-represenatation, if there is a possible claim Gravitas Law will identify it and suggest the best route to achieve compensation for your losses.

Good advice is not a matter of spelling or semantics but a necessity in a very complex and regulated market.

Tags: mis-sold mortgages, mortgage brokers, mortgage mis selling
Posted in Mis sold mortages on affordability | 1 Comment »