SMF - Just Installed!

Game over for inside Track

Started by propertyfag, April 29, 2008, 03:51:24 PM

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propertyfag

Inside Track, the company that spearheaded the buy-to-let investment boom, is to go into administration early this morning. The demise of the firm, which once promised to show customers "how you could give up work and be a property millionaire instead", comes as buy-to-let mortgages dry up amid tumbling values for British new-build flats, Spanish apartments and Florida homes.

Inside Track blames the credit crunch for its collapse as banks tighten up on buy-to-let lending, effectively ending 100% loans. Profits for the group three years ago were as high as £12m, but internal management accounts for the nine months to January 31 this year show income of just £239,000, with a £97,000 loss in January alone.

Full Article here

hopson

whilst I am truly sorry for anyone who has lost money through them - I am glad these parasitic bastards have finaly gone, the DTI should have wound them up years ago, I predicted this months ago and they ahve to take their share of the blame for over inflating the market, pushing 100% ++ mortgages and assisting with obscenely rated bridging, I reckon there will be at least 2 more join them shortly, the small fry who have dabbled will fade a way and the ethical groups will be left
Moral: choose a good developer and go direct

vwilson

FAN-FUCKING-TASTIC

... is all that I can say. These guys were nasty ba$tards. I'd like to think I'm quite a strong minded person, but their sales pitch left no tactic unexplored, and failed to respect their customer. And I did actually briefly consider spending over a grand on one of their "workshops", which was only ever a sales pitch for further services. All in all, if you went with them, they would taken nearly £10K off of you before you even had a property ... and that's almost a deposit!


V