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As a farmer and a property investor I can see areas I need to develop. Property Mentor has boosted my confidence to a new level and I'm looking forward to my future property deals
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Having had great concerns about becoming a Property Mentor delegate and attending the Workshop, I now feel much more confident about starting up in property investment and can see that with commitment and effort it could be a very viable business
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Learning how to research the area(s) I am interested in and how to stack the properties will give me the confidence to know I will be able to afford the deals I go for. This means I will be able to fulfil my dream to invest in property and become financially free.
Lesley Adam, March 2010 Read More Testimonials -
The Workshop covered a much wider spectrum and much more thoroughly than other courses I have attended. It has given me more confidence to invest in property
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Luke Vincent, February 2010 Read More Testimonials -
Before attending Property Mentor I had no idea of the different strategies that are available. I now have a clear strategy to start my journey to financial freedom...Yipee!!
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I've wanted to invest in property for three years. I now have the knowledge, the confidence, the tools and the Property Mentor support to succeed. My future is mapped out from today. The future is positive
Crookall, February 2010 Read More Testimonials -
A highly rewarding few days where I learnt a lot of new information and skills. I now have the confidence to go forward and take my first steps in property investing, confident that the Property Mentor team will be there to support me
Sean Stabb, February 2010 Read More Testimonials -
I was impressed with the Taster evening and the Property Mentor Workshop was excellent. It opened my mind to a whole new concept of buying property and getting maximum cashflow. Thank you.
Sarah-Jane Rootham, February 2010 Read More Testimonials -
Brilliant! Everything I was looking for to start my life. To free myself and my mind from the illusion that it is impossible and only other people do it!
Mark Williams, January 2010 Read More Testimonials -
I am confident the Workshop weekend will be the catalyst to creating financial freedom. The Property Mentor system is very simple and with a little application it will change my life
Philip Terry, January 2010 Read More Testimonials
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Hard Times Ahead For Off-Plan Property Investors
The future is looking pretty bleak for property investors/homeowners who invested in off-plan properties during 2007. Hit by falling property prices, many are no longer able to get the mortgages originally agreed by lenders and are now facing the prospect of either defaulting on their deposits or having to fulfil the short fall from their own savings.
However, this doesn’t appear to be enough for some property developers who are pursuing homeowners and taking them to court for defaulting on their agreements.
It is believed that in London alone over 300 legal claims have been made by Berkeley Homes, Ballymore and Telford Homes against homeowners who have walked away from their deposits. Unsatisfied, these property developers are pursuing them asking them to either fulfil their contracts or pay them thousands of pounds in damages.
One such case involves Steven Dowd, who after securing two 90% mortgages on 2 flats (one a £415,000 flat, the other a £375,000 flat) is now facing damages of up to £100,000 after he tried to walk away from the deal when his mortgages fell through.
Reported to have dropped 40% in value the most lenders would give him was a 75% LTV.
Yet the most interesting aspect to this story is the difference in property price falls…
Compared to the rest of London which has dropped 14%, developers such as Berkeley are reporting property price drops of up to 40%, a clear indicator that many developers overestimated their property values back in 2007.
Faced with such hardship it is not surprising that Dowd has now started a collective campaign for buyers who have been confronted with similar situations. Aimed at supporting owner-occupier buyers who are facing thousands in damages, this campaign aims to offer companies such as Berkeley 13 options to help resolve this issue.
However, it is undeniable that hard times are ahead for homeowners who have been caught up in these schemes. According to Estates Gazette, Berkeley alone signed over 3,300 contracts with homeowners, 85% of which were off-plan.
More about the author of this article
Fraser Stirling, Property Mentor Delegate
A first time buyer during the property boom of 2007, Fraser Stirling appreciates how high property prices and 20%-40% mortgage deposits can restrict your investment options. However, with the support of a proven investment system, Fraser has successfully managed to change all that and become the proud owner of multiple properties – a journey he feels Property Mentor can help other first time buyers to achieve too. Read more
To see a full list of our writers and find out more about them please visit the authors page.
How Property Mentor Can Help You
Keeping you up to date with the latest property investment news is just one of many ways that we ensure all of our investors get the most from their properties. On our FREE property courses we will show you how we made a success of investing in property, and what you need to do to replicate this success.
The strategies that we teach apply to everyone - if you are new to property you need all the advice you can get, and if you are an experienced investor you never stop learning.
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