Sunday, February 17, 2008

Buy to Let now available on prison cells

Prisoner gets "approval" for 9 mortgages

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.

Posted by jack c @ 01:55 PM (669 views)
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4 thoughts on “Buy to Let now available on prison cells

  • Eric Pebble: “I rest my case, m’lud”.

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  • planning4acrash says:

    After a drop and plateau, http://www.propertysnake.co.uk has risen 20,000 properties to 110,000! Looks like the shine of the IR cuts have come off for the time being.

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  • I don’t see anything wrong with this. Provided the prisoner has good collateral (i.e. the bank can repossess his main house if the BTL deals turn sour), then there’s nothing wrong with it going ahead. The prisoner might only be serving a short sentence – the article doesn’t say. He might have been about to buy the properties in question before he was arrested, and didn’t want to reneg on his part of the deal. The story is far too short on facts and far to quick to draw conclusions (e.g. “barefaced scam”). Lazy journalism.

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  • When a crim, wants to get a mortgage now (BTL).. makes you wonder. Crim’s, crim’s, crim’s, corruption starts at the top.

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