Hi all,(posted 7476 days ago)What do you all think of the news that Mortgage brokers are encouraging people to lie about their incomes to get an increased mortgage figure? I'm absolutely disgusted at this (especially as one company was quite a large, supposedly reputable company). What will happen when the interest rates go up and the people can't afford the monthly payments?
In my opinion, this will be the next MIG-type scandal. Misselling by the building societies/mortgage brokers to get their sales figures and when it all goes belly up they will deny all knowledge of any wrongdoing, even though we all know it goes on all the time.
If only I could warn people currently taking out a mortgage to avoid this pitfall. They will be the ones who suffer in the longrun, not the banks/BS/brokers.
Sorry, rant over for the day. It just makes my bloodboil that they get away with this kind of stuff and act as if they are squeaky clean.
Mel