Sunday, February 17, 2008
Buy to Let now available on prison cells
A serving prisoner has been able to obtain multiple buy-to-let mortgages from a well-known crisis-ridden mortgage bank despite using the prison as his official address, it can be revealed. The man, who is believed to be a mortgage broker directly regulated by the FSA, but is also affiliated to one of Britain's best-known IFA firms, applied on nine separate occasions for mortgages from the troubled bank and on each occasion was given a loan. Buy-to-let mortgages are not regulated by the FSA as they are considered to be commercial arrangements. The City of London police will be publishing a report on mortgage fraud at the end of February.