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  • Landlords in Distress

    Nova FInancial

    Hi, had anyone experience with Nova Financial ?

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    I have no personal dealings with them, but spoken to someone who bought an off plan development with them at market value and when questioned, Nova Financial told him, there is always a reason why property are sold below market value (so avoid BMV deals), and justifying buying at or above market value prices from the developers because they are "hand picked good quality" developments.

    Just remember that they work for the developers and paid by them, not for and by you. 

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    There is another Topic about Nova Financial - they seem to be a Property Buying Club as well as Mortgage Advisers. At the time I mentioned that this kind of set-up has a built in conflict of interest.

    The conflict arises out of being tied to the profits of the sale to you (and others).
    Instead of being tied to he best client outcome of the Financial Advice.

    For instance - perhaps a good adviser would warn  you not to put a deposit down until case has an AIP or at least Offered.
    Whereas a property club - will want you to put down deposit to secure the "deal" of multiple people buying a property(s) at a perceived discount.

    How did you manage to lose £5,000?

    If you think they are at fault. Have you tied asking for their complaints policy, following the procedure and then getting a decision from the FSCS. You may get a good resolution prior to going to FSCS as they are an AR that means a 3rd party (connected but not part of the company) will (typically) assess the complaint.

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    _________________________________________________________________________


    We have decided to go for one property with Nova.

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    Hi Danpav.

    I've just come across your thread. I'm sorry to hear that it didn't work out for you. I was also looking at investing but decided against it in the end.

    The main thing that put me off was the year for my funds to be tied up when I've got a deal that should be paying 20%. Then the figures were going to a 4% return after 3 years of rent guarantee. If I wasn't in a rush to move things along with property then I may have looked to do it for possible capital appreciation but know it would have been a risk with things that the excellent people in this thread mentioned.

    I sincerely hope things work out for you with everything.

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