Who Else Has Been Hit by an Investment Property Fraud?
In the first few years of this century, everybody was being advised, even by governments, that the pension strategy in place was not going to be able to cope, as the population effect of the ‘Baby Boomer’ years meant more and more people would be drawing pensions, and probably all living longer as well! So, what did they do – they actively encouraged everybody to go out and invest in property. Not just a home, but as an investment. Not only that, the banks made it even easier by coming out with the ‘Buy to Let’ mortgage, so that all of a sudden, even though you may have struggled to get a 70% mortgage on your home based on borrowing up to three times your annual salary, now you could go and buy as many investment properties as you liked – as long as each investment ‘stood on its own feet’ in terms of rental incomes more than covering the amounts borrowed. No account was made of your ability to ‘afford’ these investments. Everybody stood to gain – the government, the banks, the solicito
