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Simon Taylor

Offshore Purveyor Of Liar Loans Can't Cope With Demand.

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"A lender offering controversial self-certification mortgages – a type of home loan banned by the City regulator – claims more than 4,000 potential borrowers have registered their interest following its launch on 18 January."

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Flippant: And how many of those are now sitting very uncomfortably when the site was supposed to be back yesterday and yet, clearly, isn't.

More importantly ...

I wonder what the legal fees should be for validating an offshore mortgage as suitable for proceeding with a house purchase. I wonder how quickly you can get the money into the country from an offshore source on the day of the house purchase ... or do they have (or plan) some sort of escrow in each country in which they plan on doing 'business'.

Also: what are the legal details involved if I have a mortgage held by a corporate in another country if I decide to stop paying them?

And if I am nuts enough to host financial services across currency boundaries, how do I manage for exchange rate risk ...?

A number of mortgagees in the UK have been accused (unfairly?) of not being able to understand future value, present value, interest and the difference between nominal and "real" amounts. How, on earth, can we expect folks to understand the risks of doing these things across currency boundaries?

OK, I know, most of that risk should be help by the mortgage provider ... but if I were them I would write a clause(s) into the mortgage agreement that covers me (the provider) in the case of significant exchange rate fluctuations ... how would the FCA respond to such unknown-ridden clauses that ... even if they had jurisdiction (and they don't) since they don't license the mortgage provider.

1 word springs to mind: Minefield.

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I, for one, would want to be sure that the purchaser of my home was NOT about to screw me over by not being able to get the funds into the country to pay for the house on the right day ... potentially breaking or invalidating the whole chain and leaving everyone with their lives in moving vans sitting outside homes they can't afford because someone in the chain has broken the funding fiasco that is buying houses in this country anyway.

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I, for one, would want to be sure that the purchaser of my home was NOT about to screw me over by not being able to get the funds into the country to pay for the house on the right day ... potentially breaking or invalidating the whole chain and leaving everyone with their lives in moving vans sitting outside homes they can't afford because someone in the chain has broken the funding fiasco that is buying houses in this country anyway.

You never would be sure, many things could go wrong the buyer might even die.

The purchaser has to pay interest if he is late completing, people do from time to time complete late as it's cheaper than a bridging loan in many cases, if its just a couple of weeks.

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You never would be sure, many things could go wrong the buyer might even die.

The purchaser has to pay interest if he is late completing, people do from time to time complete late as it's cheaper than a bridging loan in many cases, if its just a couple of weeks.

IF the buyer can only get a self-cert, offshore mortgage, I doubt he'll be paying anything...

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If the mortgage is banned by the regulator, couldn't the people who've taken them out just refuse to repay the loan and go to the Regulator saying they have been victims?

A good way to get a free house?

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