Same day remortgage 'hangover'

In this recent article in the FT it seems that buy-to-let companies are getting tough on the solicitors that 'supposedly' represented them when they advanced loans on overvalued buy-to-lets at the height of the boom.

Bradford & Bingley now nationalised is alleging that the law firms that were advising them and in theory protecting their security; actually failed in following the anti fraud guidelines relating to same day remortgaging.

The result is that many of these lenders are now facing huge losses on their buy-to-let portfolios if the properties were sold at their current values.

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