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Brock_and_Roll wrote: »....as oposed to before the bust when a very well known lender lent my wife and I 650k on a bridging loan. They told us they would check my wife's earnings as she is self employed - fine by us as we had all the proof needed. This "check" consisted of some dumbass ringing each of us up in turn asking "Do you earn X per annum?" On saying yes he announced our loan was approved! Just to make sure the broker tipped us off 5 mins before each call and "recommended" how we should answer. Simples!
Sounds dishonest and may be possibly criminal (fraud act).:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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Sounds dishonest and may be possibly criminal (fraud act).
Maybe but the banks should have undertaken their checks and not relied on a phone call to the customer. The banks must have known (human nature) that not everyone would be truthful....they just saw the opportunity to earn more bucks....then it backfired and...oh no we pay the price not the fools who didn't do the checks in the first place. In any responsible local government/civil service post (nurse, social worker, police) if the checks were undertaken in an inadequate manner then we would be fired and banned from working again in the field. But hey now we are the ones suffering from the poor practice of big businesses. Okay moan over!!!0
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