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  • Landlords in Distress

    Nova FInancial - very poor

    Hi, had anyone experience with Nova Financial ?

    They made me lose over 5 grand. Very poor customer service, low ethics.

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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.


    _________________________________________________________________________


    Nova have advised us to invest in the last apartment in a huge and almost completed double-development, where the previous applicant was unable to get financing. And although at first my mortgage application was rejected by the bank because of the property, Nova confidently pushed us to pay and exchange stating that a good mortgage deal can be achieved by their recommended mortgage advisers.

    We’ve realised later than none of the high street lenders had any appetite for the property (most probable they have already achieved their quota), and the mortgage advisers recommended by Nova finally provided a 6% quote which meant a negative cash from rent. It’s like being promised a Mercedes but got a pushbike instead. We said thank you but no thank you.

    It took Nova 6 months to get my deposit back, except £5,000 they claim as retained by developer. Nova had found another customer, however missed to protect myself. Nova had made their profits, and do not admit any responsibility. So it’s myself, the customer who followed their advice, who now make the losses (£5,000 lost deposit and £561 solicitors fees).

    I had exchanges of emails with their managing director Paul Mahoney, who confirms Nova takes no responsibility for their actions.

    They claim they do not deal with that developer, implicitly admitting they were dealing with wrong partners, however is me the customer who pay for their mistakes and I find that unacceptable.

    As you say, they may be driven by closing the deal and get their profit for each property, rather than looking for the interest of the customers.

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