From This is Money:
Philip George had suffered a divorce and was unhappy. To rebuild his life he hoped to make a fortune through property.
That was 2006. Today all his money has gone, debts are mounting and bankruptcy looms.
First he lost tens of thousands of pounds in a Bulgarian property swindle. A further £7,000 disappeared in a property-related insurance scam.
Philip was greedy and naive, probably. Unlucky, certainly. But his most ruinous venture was the Manchester flat on which he is losing £1,000 a month and where his mortgage is £100,000 greater than the property’s value.
To buy this property, a two-bedroom flat in a vast, canal-side development called Spinningfields, Philip committed mortgage fraud, though he says it didn’t seem like it at the time.
– Do buy-to-let losers deserve sympathy?The flat – built by Westbury, now part of Persimmon – was listed for sale at £356,976. But the two property companies who advised Philip to buy the place, one called JAWS M…
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