Lewis Finance Mortgages

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
17/05/2008 12:16

Trawling the net the other day I came across this York based firm who are offering 70% mortgages at 8.25% on pre74 and exchange properties. They do not offer loans on land but property only. The source of funds is Turkish banks.



Now, I remember an Irish company offering similar terms in about February, and we heard that they were quickly closed down by the Irish government as they were breaking EU embargo laws or simlar.



So does anyone know of a mortgage acquired from Lewis Finance please? I am sure that a lot of contributors to this forum would be very interested if this was a legal deal and as easy as the company make-out.



cheers

guin

Speedypaul


Joined: 28/03/2008
Posts: 65

Message Posted:
18/05/2008 12:50

Tready very carefully. Ask for satisfied customers to contact, DONT hand over money first, why should you? If they can do what they say, they will benefit from your "search fees" or whatever they want to call them at time of signing. Think how easy would it be (and Im not saying this is the case here) to set up a company that demands up front fees and then declines to make an offer due to the client being unsuitable. In that scenerio where would you stand legally? In my view you would be hundreds of pounds down and nowhere to go. Read the small print. Dont be had.



If they can do what they say, why do you have to hand over money for them to make an offer?

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
18/05/2008 13:10

Thanks for joining-in SP but you appear to have come down on me like a ton of bricks for no reason.



As an experienced investor in property now in my 60th year I think I know how to see through a scam. But read my question again please.



I am doing just what you suggest - looking for satisfied customers but in an independent manner. According to the company they have issued 26 mortgages in TRNC and have 73 applications pending all for Brits. Their application fees (500 of which are refundable on failure to grant a mortgage) are neither here nor there. I lost 650 search fees on my last aborted deal on a UK house purchase when the seller withdrew for the market.



But the point is, they appear to be doing what others are not, or at least tried to do and failed in the case of the Irish company.



Does anyone know of this company please?



cheers

guin

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
18/05/2008 13:11

ERRATUM line 8



'from the market'

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
18/05/2008 13:16

If they are based in the UK and offer UK regulated mortgages they have to be registered with the FSA. So look at the register FSA.gov.uk and type in their name. You will find the names of the Directors and other details. Whilst overseas mortgages are not regulated the Firm and the individuals have to be Fit & Proper and if involved in any scams they could lose their authority to advise in the UK. If they are a reputable company (previously I worked for the FSA and now provide complaince advice) they will be pleased to talk to you. They should not of course offer you names and addresses of their clients due to Data Protection issues.

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
18/05/2008 13:27

I have checked the firms Website and it does not indicate that the company is registered with the FSA as it appears to only deal with commercial mortgages (most are unregulated by the FSA) and has a link for NC mortgages. It appears to have a link with FMA which appear to be a firm of advisers based in NC so again not governed by the FSA. So not sure that you would be able to pursue a complaint if you had one.

marik


Joined: 15/12/2007
Posts: 88

Message Posted:
18/05/2008 13:28

Hello Guinness,

Yes we know of this company and they "appear" to be genuine and we know of four or five applications pending although no money has changed hands as yet.

It has been set up through a consortium of four Turkish banks who have put the facility together, it is a unique arrangement and is full status and administered and processed through the Turkish banks London offices.

they offer 70% Term 5 - 15 years minimum loan amount £26000. the title deeds need to be available.

Hope this helps and we will keep you informed as things progress

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
18/05/2008 21:59

Thanks Gents



Rocky, thanks for delving into it a little for me. I had seen that they are more dealing with commercial mortgages but not picked-up the point about FSA. But there again, would expect that for business outside the UK it would not be relevant anyway. So it is pertinent that we have some cases to follow via......



Marik, thanks for your contribution and it is fortunate that you do have contacts who are borrowing through them. It is a great help and I look forward - as I guses do others - for more information on their progress with acquiring funds.



cheers

guin

Speedypaul


Joined: 28/03/2008
Posts: 65

Message Posted:
19/05/2008 11:22

Guiness, my appologies if I sounded a little strong. I do not have your years of experience and unfortunately found myself in the position which I was indicating ie very abusive letters from a company and no refund on deposits paid for a mortgage. I bought from Lewis Estates two years ago. I was refered by them to a UK lending company. The story goes down hill from there. My reply was a warning of what could happen if your not 100% on the ball. I would be very interested to know how you or anyone else goes on. Please let me know and good luck.

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
19/05/2008 14:20

Thanks SP apology accepted - just try and take aim next time, shooting from the hip is not very accurate !



As you can see, I am on the ball as you say, and try to keep abreast of developments, hence my comment on the Irish company and their demise. In this market one has to keep one's eye open for opportunities when they arise. I can think of some opportunties where a sale can be made if there are easier mortgages available to the buyers.



I regularly work in north Lefkosa by the way so am not remote from the market.



cheers

guin

billybob


Joined: 29/03/2008
Posts: 576

Message Posted:
20/05/2008 08:26

Hello Guys

Please forgive it if this appers silly

But are Lewis finance the UK broker not a completely seperate entity to the estate agent in TRNC known as Lewis estate agents mentioned in message 9 from speedy paul

Infinity


Joined: 10/05/2008
Posts: 24

Message Posted:
20/05/2008 10:15

It was not a case of the Irish mortgage lender being withdrawn due to EU embargo's, it was a case that certain top TRNC officials wanted a "little" cash incentive from the lender to let them operate in the TRNC, not sure if its called a bung, a bribe, a goodwill gesture e.t.c gets confusing over here as to which monies they receive are for what! but quite rightly the lender gave them the middle finger salute and went elsewhere to trade their wares, the new lenders are indeed the Turkish Banks mentioned in the lenders brochure and even the TRNC dignitaries ain't going to ask them for a cash incentive.



I strongly advise that you speak to Scott from FMA financial services based in Alsancak

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
20/05/2008 11:30

Thanks gents



BB - I am told that they have no local affiliations, but thanks for the strong hint, I can check-out any relationship with that agent.



Infinity - Thanks for that, I can imagine the scenario you describe. But the story I heard was that there was a tip off from the EU to the Irish gov't and they acted against that broker to the point of putting them out of business. But no matter, my main thrust is to find contacts who may have borrowed from these people. Thanks for your advice on Scott @ FMA, I follow that up as soon as I can.



Cheers all



guin

Speedypaul


Joined: 28/03/2008
Posts: 65

Message Posted:
20/05/2008 20:52

Hi BB Lewis Estates was bought out last year (or a deal reached) by Medina Estates. Both owners have a long working relationship. I belive Stewart Lewis now runs Lewis Finance from York. Both companies are separate but appear to enjoy mutual business. The deal they are offering has been talked about for at least the last two years. Indeed in September 2006 I had a conversation with Legal & Commercial (UK) plc, who despite what was being circulated at the time, confirmed that no N. Cyprus mortgages were available. Of course things change with time. I look forward to reading others findings. Regards. SP

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
21/05/2008 10:58

Thanks SP, a useful contribution. An IFA friend is looking at the UK info and my local TC contacts are seeing what they can find locally.



Keep it coming folks !



cheers

guin

Alison


Joined: 21/05/2008
Posts: 49

Message Posted:
21/05/2008 12:58

Hello all

This is my first post on this site although i have been following it for a while now, but i was just on the point of going to talk about one of these morgages with FMA to buy an apartment but i am getting worried now, do you think i should wait off a while or is it safe they seem to want about £950 fees for setting the thing up

I would like your views please as i dont have a clue really

guinness


Joined: 10/03/2008
Posts: 224

Message Posted:
22/05/2008 11:37

Alison I appreciate your problem, though I am not looking for a mortgage myself.



Perhaps you should start a new thread with a suitable subject line and others who have not been following my very specific thread will join in ?



Best of luck



guin