'Get rich quick' costs

BTL get rich quick schemes could lead to £2 billion in problem loans at the government owned Bradford and Bingley.

The result of 'Get Rich Schemes' and BMV property clubs many of he loans were created using the Mortgage Express same day mortgage option.

Bradford and Bingleys solicitors alleges that solicitors were "in breach" of their professional duty by not reporting that borrowers were remortaging property within six months of ownership, as stipulated in the Council of Mortgage Lenders handbook. It has also alleged that the Law Society's guidance on property fraud was ignored, reports the Investors Chronicle.

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