***If you have a mortgage then this is for you***

[TaffR]

Lancashire Mortgage Corporation is the commercial lending division of the Blemain Group. We provide commercial mortgages, land finance, development finance and bridging finance.

[TaffR]

if you are in the north west or north east.....contact this person and ask..

laleta.buctkuar@blemaingr oup.co.uk

[TaffR]

Updated:

Sub Prime Mortgages & Repossessions - How it Really Works

[groovycaz]

H TaffR, no it was a mortgage, I bought an old building in 2000 which had been empty for a couple of years and wrecked, and as I live in a former mining village where at the time half the street was boarded up and empty no-one would fund us as it was semi commercial and uninhabital it was only £15000 so we paid half and got a small mortgage from the lancashire mort corp, through a broker for the other £7500, my solicitor made enquires (after I wrote to Blemain who fobbed me off with lies and said it was a secured loan) and he said it was defo in mortgage to the lanc mort corp, I paid 32 payments of £122.29 then wanted to redeem to a lower rate, i never missed a payment and to redeem i had to pay ££9,650.30 to Prime Business Loans, my solicitor wrote and asked if lancashire and prime were one and the same company but did not get a reply, I paid it as they would not release the deeds otherwise? I think it culd be a ficticious company cause no ones heard of them all the letters were from the lanc mort corp ive not got one letter from prime...Gc

[groovycaz]

Oh and i got a letter from Howard Laddin saying that despite their undertakings not to use the rule of 78 when calculating my redemption figure, in my case they were within their rights to use the rule of 78 and did so?

[TaffR]

I am intrigued to say the least and already appreciated that holding back the deeds may have been the case.

any chance of scanning the letters and posting (of course omitting personal details) any company or registration no's such as FSA etc on letters?

I know anything they do will not be straightforward and in most cloacked in sculldaggery.

Very interesting!

Originally Posted by groovycaz

H TaffR, no it was a mortgage, I bought an old building in 2000 which had been empty for a couple of years and wrecked, and as I live in a former mining village where at the time half the street was boarded up and empty no-one would fund us as it was semi commercial and uninhabital it was only £15000 so we paid half and got a small mortgage from the lancashire mort corp, through a broker for the other £7500, my solicitor made enquires (after I wrote to Blemain who fobbed me off with lies and said it was a secured loan) and he said it was defo in mortgage to the lanc mort corp, I paid 32 payments of £122.29 then wanted to redeem to a lower rate, i never missed a payment and to redeem i had to pay ££9,650.30 to Prime Business Loans, my solicitor wrote and asked if lancashire and prime were one and the same company but did not get a reply, I paid it as they would not release the deeds otherwise? I think it culd be a ficticious company cause no ones heard of them all the letters were from the lanc mort corp ive not got one letter from prime...Gc

[groovycaz]

Il get my Hubby to load them up this afternoon on photobucket and post, see what you think..Gc

[JonCris]

Where the hell are all the other pages

[TaffR]

This has to go back to the previous owner of the property. If it was semi commercial, my thinking is somewhere along the line a repayment is being to a business type loan. What did the deeds say and who was the previous owner? Could it be that during the time you had a mortgage on this property that there was still another outstanding loan on it? This one is intriguing.

They say it is a secured loan and you say it is a mortgage. I have had this discussion/debate with many subprime lenders.

So here is a question.

What are the fundermental differences between a mortgage and a secured loan? A mortgage is a loan secured on a property. A secured loan is a loan 'secured' on a property (normally a 2nd charge)?

Are they serviced differently?
2nd charges (secured loans) are not regulated in the same way?

Can you take out a secured loan to purchase a property? Isn't this then a mortgage loan?

If the borrower finally finds out that the mortgage company is an SPV, where the contract cannot be modified or changed, there is no assistance to help and no mortgage advisors employed and as such has no resemblance to a traditional mortgage lender and your obligation is 'pay or be damned' then doesn't this convert the loan from a mortgage to a secured loan considering that lenders of secured loans do not have any obligations to have any of the above? It is a debt and hence the role of the 'lender'Grrr! is that is debt collection agency only?

Prime Business Loans suggests that a business loan (maybe a secured loan) was taking out on the property at som time?

Commercial properties normally cannot have a residential mortgage applied unless the property has been desginated or converted as residential too. The answer to this has to be in the deeds themselves.

Did they provided you with a business loan for a commercial property?

Originally Posted by groovycaz

H TaffR, no it was a mortgage, I bought an old building in 2000 which had been empty for a couple of years and wrecked, and as I live in a former mining village where at the time half the street was boarded up and empty no-one would fund us as it was semi commercial and uninhabital it was only £15000 so we paid half and got a small mortgage from the lancashire mort corp, through a broker for the other £7500, my solicitor made enquires (after I wrote to Blemain who fobbed me off with lies and said it was a secured loan) and he said it was defo in mortgage to the lanc mort corp, I paid 32 payments of £122.29 then wanted to redeem to a lower rate, i never missed a payment and to redeem i had to pay ££9,650.30 to Prime Business Loans, my solicitor wrote and asked if lancashire and prime were one and the same company but did not get a reply, I paid it as they would not release the deeds otherwise? I think it culd be a ficticious company cause no ones heard of them all the letters were from the lanc mort corp ive not got one letter from prime...Gc

[Bona]

Seems all back to normal this morning

[BeauBrummie]

Originally Posted by Bona

Seems all back to normal this morning

Agreed Bona, but something odd DID happen and not just with this thread but others that Taffr had posted to.

So is there an explanantion to this from the powers that be !!!!

BB

[Bona]

Not bothered its back and I hope Taffr will be backsoon best left soonest mended

[BeauBrummie]

Originally Posted by Bona

Not bothered its back and I hope Taffr will be backsoon best left soonest mended

Agreed Bona !!

BB

[Bona]

Glad to see you back TaffR tried to PM you but it wouldnt work

[manchester1]

Groovycaz, I think that you might have purchased your property with a secured loan. Blenheim lend smaller amounts ie less then 25k under their secured loan set up.

Manchester1

[groovycaz]

Hi all, here are the first 5 of my docs from Blemain.

[groovycaz]

and here are the rest, i dont think its a secured loan, my solicitor said it was defo a mortgage..Gc