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- Hi, just wondered if there is any way of purchasing a property with very little funds as a deposit. I know there is a below market value option, but what if you can't get the minimum 25% or anywhere near discount in order to cover the deposit?
- How is the current financial situation affecting the property development finance thing? - can developers still get money?
- how do i acquire funding to renovate an unclaimed property?
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- Does anyone know if Commercial properties need a Home Information Packs - how about semi-commercial
- Hi, just wondered if there is any way of purchasing a property with very little funds as a deposit. I know there is a below market value option, but what if you can't get the minimum 25% or anywhere near discount in order to cover the deposit?
- how do i acquire funding to renovate an unclaimed property?
- How is the current financial situation affecting the property development finance thing? - can developers still get money?
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Who regulates commercial mortgage companies?
@Rosemary Hamilton McGinty: in terms of enforceable regulation you would probably say that the OFT (Office of Fair Trading) but even that is doubtful.
There is no national governing body (such as the FSA) regulating commercial lending.
The Financial Services Act 2002 which introduced regulation for residential mortgages does not cover Buy to Let mortgages or Commercial Mortgages.
The Consumer Credit Act 1974 is limited to regulating loans under £25,000
The Consumer Credit Act 2004 removed the limit but then excludes loans for business purposes (and in any case loans secured by way of a 1st charge on land are excluded from CCA protection).
not a very good state of affairs is it?