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Hi,
I was introduced to a property agent and a broker at a property show in London in 2014.
The first flat I bought was a doddle and is still making me a small monthly amount.
The second property however has been a nightmare. I was told by the agent (Ward and Co.) that I had to move quickly and that their broker would arrange bridging finance.
I was worried about this but the agent reassured me that exit finance would be in place byt the time that the bridging finance was drawn down. That was in March 2015. It is now nearly two years and despite my best efforts I cannot remortgage as worryingly the apartment doesn't seem to be worth anything like what I paid for it! It was valued at £80k when I bought it in 2015. It is now apparently only worth £60k.
The bridging loan is with Lancashire Mortgages, rebranded now as "Together".
I complained about the fees and the renewal penalty fee but I was told that the internal complaint had found no wrong-doing.
I am totally trapped and feel that somewhere between the agent, broker, lender and valuer that I have been totally conned and I'm desperate and rapidly losing money.
I have begun to explore whether the FCA or Ombudsman would be able to assist me, but the letter from Lancashire states that they are not regulated and hence cannot be bought to task by these organisations.
I woulkd consider a class action if I can find enough people to bring a joint case against Lancashire/Cheshire for compensation and to free me of this horrendous loan.
Please can anyone help me further with this??
I was introduced to a property agent and a broker at a property show in London in 2014.
The first flat I bought was a doddle and is still making me a small monthly amount.
The second property however has been a nightmare. I was told by the agent (Ward and Co.) that I had to move quickly and that their broker would arrange bridging finance.
I was worried about this but the agent reassured me that exit finance would be in place byt the time that the bridging finance was drawn down. That was in March 2015. It is now nearly two years and despite my best efforts I cannot remortgage as worryingly the apartment doesn't seem to be worth anything like what I paid for it! It was valued at £80k when I bought it in 2015. It is now apparently only worth £60k.
The bridging loan is with Lancashire Mortgages, rebranded now as "Together".
I complained about the fees and the renewal penalty fee but I was told that the internal complaint had found no wrong-doing.
I am totally trapped and feel that somewhere between the agent, broker, lender and valuer that I have been totally conned and I'm desperate and rapidly losing money.
I have begun to explore whether the FCA or Ombudsman would be able to assist me, but the letter from Lancashire states that they are not regulated and hence cannot be bought to task by these organisations.
I woulkd consider a class action if I can find enough people to bring a joint case against Lancashire/Cheshire for compensation and to free me of this horrendous loan.
Please can anyone help me further with this??
