Friday, May 07, 2010
BTL blame game
Moneymarketing: Investors face huge buy-to-let losses after valuation errors
Buy-to-let investors who are facing huge losses say a panel surveyor used by their Government-backed lenders over-valued their properties - in some cases by almost double. The lenders which mortgaged the six properties in question - BM Solutions and Bank of Scotland, now part of Lloyds Banking Group, and Mortgage Express, part of Bradford & Bingley, say they are not responsible for the valuations. These were all carried out by the same surveyor, a firm on their approved panels, this week’s Money Marketing reveals.
Posted by jack c @ 09:10 AM (528 views) Add Comment
3 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. This comment has been removed as it was found to be in breach of our Blog Policies.
2. p. doff said...
LOL. And I bet the panel surveyor concerned was incredibly busy during the mortgage selling frenzy as serious scrutiny was discouraged and the banks were more than happy to push work in the direction of those valuers known to have a 'rubber stamp' approach.
As for the 'investors', many were complicit in the scam - false tenancy documents, inflated estimated rents and bogus purported selling prices were the order of the day. Of course, there were suckers too - the usual lambs to the slaughter, totally out of their depth. Sitting starry eyed at some 'property conference' they had paid £1500 to sit through, only to be fleeced for another £6000 for a list of 'below market value' properties that some developer had been unable to shift for the previous 18 months.
3. jack c said...
@p. doff - spot on comments - the only thing I would add is that this is much more widespread than the report suggests.