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CHAPTER 9

THE FINANCIAL ANALYSIS OF CASE 2
EXPOSING FRAUD

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In the previous Chapter we analysed the Case 1 Mortgage Quotation. This Quotation was for a couple who paid income tax at a Standard Rate of 29% and was the Mortgage Quotation presented to me at my pre-contract meeting with First National. It formed the basis of the advice given by the First National Senior Official and, with that advice, of my decision to choose an Endowment Mortgage.

But, you will recall that at that meeting (see Section 1.2: The Experts’ Advice and Representations) the First National Senior Official said that, with my salary, I would be paying tax at a Higher Rate of 52%, and that this would make the Endowment Mortgage even more attractive to me. This Chapter, therefore, analyses a Mortgage Quotation where the Borrowers are on a Higher Rate of income tax.


NOTE !
The entirety of this Chapter replicates, in the context of the Case 2 Mortgage Quotation, all (including the ‘Untouchable!’ Section) that has already been exposed in Chapter 8 with regard to the Case 1 Mortgage Quotation. Chapter 9 can therefore be referenced, as a separate entity, without any cross-correlation with Chapter 8. It’s primary purpose, however, is to expose the Untruth of the representation that, for couples paying a Higher Rate of income tax, the Endowment Mortgage is even more attractive than it is for couples paying a Standard Rate of income tax.



9.1

The Case 2 Mortgage Quotation Format

9.2

Case 2: Endowment Mortgage Analysis

9.3

Case 2: Repayment Mortgage Analysis

9.4

Case 2: Financial Chicanery

9.5

Case 2: The Early Repayment Term —— More Chicanery

9.6

UNTOUCHABLE! : The Financial Analysis of Case 2

 

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