Everyday we see people who have invested abroad on projects that haven’t been built, failed during development or perhaps the builder/developer has completely vanished.
Now you can go after the companies that were in charge of the bricks and mortar, but what about if you mortgaged your home to do so? And the mortgage was specifically taken out for that purpose? You could be at risk of losing your home and all because you trusted someone who was supposed to know what was best.
We have clients who were advised on all the avenues for the purchase of a home abroad. It’s a fantastic service. You turn up, speak to an “adviser” they show you plans for a beautiful property. It’s ok, they’ll tell you. Perhaps it’ll even cost you nothing as they will pay you first year of mortgage repayments, and once it’s built they will ensure you are ready to take part in their guaranteed rental scheme.
Wow, marvellous! A home in the sun and it’ll cost us nothing but a bit of time to organise the mortgage!
Oh wait, they can help with that too… It’s a great investment and you’re able to do it by simply remortgaging you home.
It’s never that simple.
Who’s advising you about this investment? Who’s advising you about which mortgage you should take?
It’s usually the same person who is making a hefty commission for you to say yes, so do they truly have your best interests at heart?
It’s such a comment turn of events that many of our existing clients are now looking towards action in the UK against the companies that introduced them to the development.
Were they regulated? Were they actually qualified to give you advice?
We are all guilty of ignoring that nagging feeling in your stomach. Did I leave the gas on? Whatever it is, when we are already sold on the idea, we convince ourselves.
Now whether or not you return home to a house that’s been reduced to ashes, the process is the same. “I shouldn’t buy that new car, the old one is fine. But the mpg is much better on the new one, the additional money I pay out monthly will balance it all out”
You make the decision it’s ok, “It’s easier not to drive all the way home to check the gas”, “I’ll save money in the long run with less petrol bills”, “It’s easier to deal with everything through the one company”…
It’s all part of the buying process. We are our own best salespeople.
But buying depends on the facts. If you are told the mpg of the car is likely to be 60mpg at worst and it turns out you’re barely getting 20mpg even though you’re doing everything you can to ensure you get the best mpg, then the facts must be wrong.
If you’re confident you’re dealing with an accredited financial adviser, then you believe you have done what’s necessary to get the right facts.
But it’s not right. You were mis-advised. You were mis-sold. You were ripped off.
Now for our clients, we’ve looked into it extensively and are confident that we are working with partners who can make a claim from the very beginning.
Normal people, looking for a place in the sun, should not be punished and be at risk of losing their home because they followed the instruction of someone who was claiming to be qualified to give you advice.
ALWAYS check with the appropriate regulation authority that they are who they say they are.
ALWAYS ask to speak to people about their previous successes.
And if you’re buying abroad. Visit the area. Visit the development. If you think you should do something to convince yourself, do it. Don’t convince yourself out of it!
There are some fantastic properties out there that are already standing and are at a great price. You may not need a mortgage!
Just make sure you’re not one of the people who are now wishing that they had just believed their own mind when they thought for a second that it sounded too good to be true.
If it sounds too good to be true, it probably is.
CPC Worldwide Ltd
Targeting the people who targeted you…
If you have questions about our no win, no fee financial mis-selling service, get in touch by email: firstname.lastname@example.org or use the contact form below.