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For All Those That Still Have Faith In The Banking System

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When you see a case like this I think there are several potenital conclusions that can be made (amongst many others).

1) The banks don't have a clue what the are doing or don't give a damn.

2) FTB stats are highly dubious, a lone case? I doubt it.

3) Credit reference checks/self cert/income checks - the system doesn't work.

4) The housing market has and is being increasingly dominated by speculators, crooks and fraudulently acquired money.


Landlord facing Crown hearing

CONWY county’s biggest private landlord was accused on Monday of obtaining more than £2.4 million from banks and building societies by deception.

He is alleged to have swindled lenders by pretending he was a first-time buyer, had no other mortgages and intended to use properties as his home. The offences, which start in 1991, also allege that he claimed he had no county court judgements against him and gave a false employment history.

He has accommodated more than 100 families in Conwy county.

Edited by OnlyMe

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One wonders what's gone wrong here. If he has over 100 properties then even if they are only valued at 40K each that would be £4m -- comfortably in excess of the mortgage total quoted. Maybe there are other mortgages or loans not included in the court case? Will be interesting to see if he goes bankrupt.

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  • 301 Brexit, House prices and Summer 2020

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