Sunday, Aug 10, 2008
Applegarth's BTL on the side
News of the world: Northern Rock chief's mistress, the 5 mortgages and the secret £1m property empire
THE secret mistress of ex-Northern Rock boss Adam Applegarth bought FIVE homes in THREE years using loans from the bank to build a property empire now worth more than £1 MILLION.
Slim brunette Amanda Smithson was granted a succession of mortgages to fund the deals between May 2003 and July 2006—while she was a Rock employee on just £30,000 a year and Mr Applegarth was chief executive.
Posted by sold out @ 12:18 PM (1332 views) Add Comment
21 Comments
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1. wiltshire said...
I wonder if she's had any letters yet from National Rock suggesting she might be better off with a mortgage elsewhere? Might be a bit tricky for her to find another lender. Ha, ha, ha.
2. str 2007 said...
Intersting to see how this unfolds.
And how long it will be before the mistress is in negative equity or indeed getting margin calls or perhaps being asked to take her business elsewhere like alot of NR customers.
Still can't blame her for making the most of her assets !
3. Will said...
I wonder if she now faces the sack -- or whatever
4. alan said...
I wonder who checked the paperwork?
I'm sure this story isn't over, yet. When she runs out of readies, you can be sure she will be selling her story.
Look for a follow-up next week....
5. Eternal Sceptic said...
30kx6=180k. Property portfolio 1 million. ??????
6. paul said...
I think it says everything - no accusations of impropriety for legal reasons, but Northern Rock reeks of mismanagement and sailing very close to the legal rocks.
7. peter_2008 said...
I am sure if she goes to negative equity, the Gment will nationalise her properties and shelter her until the economics recovers!!
8. Stevie Dee said...
Great headline - Sold Out!!! Just the one mistress? I'm surprised he has not got more mistresses. What about down south!!!
9. nooneo said...
paul @ 5
"Northern Rock reeks of mismanagement and sailing very close to the legal rocks."
They look more like some dodgy mafia driven money laundering scheme than a bank! - Don't expect the FSA to do anything about the past management of anything else for that matter!
10. plato said...
Time for Inspector Clousaeu.
11. Mrb said...
She bought a bunch of overpriced flats mostly around 2005, peak season for apartments. Can't see why she is made out to be successful? The type of property she bought is plummeting in value.
12. nooneo said...
Most people have singularly failed to realise that the s*it is still on it's way to the fan, it hasn't actaully hit it yet!
The media is full of people supposedly pulling out of sales - Why on earth would you be wanting to buy anything in a falling market - Don't these people read newspapers/websites or watch the telly.
Oh well, good thing it'll all be over by christmas!
What's that sound - Oh it's several million people sticking their heads back in the sand!
13. paul said...
nooneo,
I have noticed that the property sections in the media have gone ever so quiet in recent weeks. So has Noshbag Smith.
14. Stevie Dee said...
lol... I wonder what the conversation was in bed this morning.. Mrs Applegarth must have went off her Northern Rocker! You never know, they could be doing the North East "Swinger" circuit too. Supposedly it's all the rage!!!
15. nooneo said...
paul @ 13
"I have noticed that the property sections in the media have gone ever so quiet in recent weeks."
The level of "property porn" that has infected the media over the last 10 years is staggering!! Every major newspaper has a property section, pumping out all manner of BS about the housing market, ramping it up to the current POP ! The amount of property porn on TV is also staggering. There are literally hundreds if not thousands involved in making the 'most' out of the property boom.
Remember people, virtually to a man (or woman, let's not forget our darling posh sloanie!) they all said "THERE WILL NOT BE A HOUSE PRICE CRASH" - Bandying about the same old rhetoric "sound fundementals, low interest rates, low unemployment" - What they forgot to tell people about easy credit, obtaining mortgages fraudulant, the british greed for an easy buck, property pyramid selling, no first time buyers.....
I will be amazed if some of these journalists/property experts/ bullsh*tters don't personally get the blame and have the public get personal when the start looking for the idiots that helped them into negative equity/ bankruptcy!
In the words of Dad's Army
"You're name vill also go on the list"
"Don't tell him Allsopp"
16. icarus said...
Note that this is from The News of the World and this story and is on the same webpage as the story of the woman who has 200 orgasms a day (one every five minutes during waking hours)..
17. Stevie Dee said...
#16, she's obviously single and happy then!
18. Markus said...
1 Million? Good heavens! We're talking billions here. Many many many billions of Pounds that have been borrowed on houses that unfortunately failed to grow extra bedrooms despite all the optimism of those who bought them without saving a penny before the purchase. This is not a story worth this website! Leave it for the tabloids to deal with the peanuts!
19. Vacheron said...
Wow. Very surprised to see this as we actually rented the (No 2) "UPMARKET mews house, bought for £193,500 in September, 2005" from her last year. She moved back in when we moved out in December 2006.
I believe she was living in the apartment (No 1) before that.
Incidentally, the slightly larger end link mews houses in the same block of 16 are now trying to sell for OIRO 190K with no takers at present.
No complaints with her as a landlady though, she seemed very nice, but we did wonder how you could let out a furnished townhouse bought for £193,500 for £750pcm and still manage to turn a profit! :)
20. Vacheron said...
Wow. Very surprised to see this as we actually rented the (No 2) "UPMARKET mews house, bought for £193,500 in September, 2005" from her last year. She moved back in when we moved out in December 2006.
I believe she was living in the apartment (No 1) before that.
Incidentally, the slightly larger end link mews houses in the same block of 16 are now trying to sell for OIRO 190K with no takers at present.
No complaints with her as a landlady though, she seemed very nice, but we did wonder how you could let out a furnished townhouse bought for £193,500 for £750pcm and still manage to turn a profit! :)
21. Sonny P said...
Comment 20 is very interesting isn't it? It suggests she wasn't paying more than 3% interest on the mortgage - maybe a low rate deal open to everyone, or maybe a personal special deal/Director's rate?? If there was any serious investigation of these people then that would be one thing to look at.