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Response to lying about income to get a mortgage

from fairer financial world (fairerfinancialworld@hotmail.com)
Well it proves that even in these days of tighter regulation that even high street lender mortgage advisors dont provide best advice.

The lenders have blood on their hands in this. I cannot think of any justifyable reason why Birmingham Midshires would give a 95% Self Cert mortgage to a salaried person other than to give borrowers the opportunity to 'make the application fit'

When Self Cert products were released the intended market was for the self employed. Simply put, the lenders knew that self employed hide as much of their income as possible from the taxman and therefore on paper earn much less than they really take home. An employed person has no reason to self certify!

Regarding MIG how many lenders have previously denied that their staff simply told people to hand the keys in and everything would be ok - this now seems very credible!

(posted 7455 days ago)

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