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Poll - Lying to get a loan
Generali
Posts: 36,411 Forumite
Whaddya reckon? Mortgage fraud or bending the rules?
Which option(s) of the below reflect your opinion on mortgage applications: 121 votes
It's ok to exaggerate your income on a self cert mortgage
12%
15 votes
It's ok to exaggerate possible rental income on a BTL mortgage
6%
8 votes
It's ok to use a self cert mortgage to get a BTL without telling the lender
4%
6 votes
It's not aceptable to lie on a mortgage application
76%
92 votes
0
Comments
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Ever heard of karma?
For the perfect reason not to lie
see here.........
http://forums.moneysavingexpert.com/showthread.html?t=3736980 -
Besides the fraud issue if you exaggerate your income when that rainy day comes ,and it comes to us all some time or later, that exaggerated income is not going to cover all your bills and that's when problems start to spiral out of control.Never buy what you can't afford and live within your means."As we know, there are known knowns. There are things we know we know. We also know there are known unknowns. That is to say we know there are some things we do not know. But there are also unknown unknowns; The ones we don't know we don't know."
Donald Rumsfeld0 -
I can't vote on this one because its such a tough question.
Lying may eventually get you into financial trouble so on the one hand it's not worth it. I can see why people do it though if they are sure they will be able to afford repayments when their lender doesn't agree or because they're self employed.
It's a tough one.Debt 2007 £17k
Current Debt approx £7.5k
Target - to pay off all debts by 2020 :A0 -
Surely the only person that will be harmed by the above is the person borrowing, so it's fine to lie as long as you don't want sympathy when things go wrong!Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0
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Surely the only person that will be harmed by the above is the person borrowing, so it's fine to lie as long as you don't want sympathy when things go wrong!
What about shareholders in the banks (your and my pensions) and other customers of the banks that have to pay higher interest charges to make up losses?0 -
Surely the only person that will be harmed by the above is the person borrowing, so it's fine to lie as long as you don't want sympathy when things go wrong!
Wrong. It is fraud. Simple and plain. If caught it carries a sentence of up to 10 years in prison for both the client and the adviser (if they knew).
It is blatantly obtaining money by deception and, as such, should be treated in that way.
Put the boot on the other foot, someone borrows £1000 from you and says 'I will promise to pay it back next month from my wages'. You then later find out that the guy is not working and has no income, cannot pay the debt back to you but sees that he has done you no wrong.
Who has been wronged now?0 -
It would be wrong. I also can't see the point of doing it anyway as it would mean you were taking on a commitment you couldn't afford.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
I thought self cert was because you could not produce proof of earnings by way of pay slips. I do know of some people who are self employed and because they have had a good month think that every month will be the same and take on debts they cannot afford. That is why the tax people let you even out what you earn over the whole year. Some businesses are seasonal don’t forget.0
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I've heard anecdotally of people using self cert to lie so they can borrow extra. It's become something of a scandal in the US as the crash there gathers steam.0
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