We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage Fraud - or not?
Comments
-
It's very simple.
If the question is asked in any way, shape or form, and is answered dishonestly, it's fraud.
Obtaining money by telling fibs is fraud.
Potential outcomes:
1) Gets away with it, no problems.
2) Gets away with it, discovers why lender wouldn't have advanced the funds when sliding in to arrears and towards repossession.
3) Declined the mortgage.
4) Declined the mortgage and a CIFAS record stops any credit being obtained in future.
5) Gets the mortgage, is noted afterwards and a CIFAS record is built.
6) Criminal prosecution.0 -
There seems to be something around £7500 over which they ask more questions (for loans) and so forth. I came up against that twice. Borrow £7400 and they don't care.
Some folk know what they are getting into and others don't. If the former, then likely ok, if the latter then watch out !0 -
why doesnt she just get it off her parents as a 'gift' and get a loan to pay them back in a year or so.Be Alert..........Britain needs lerts.0
-
paddedjohn wrote: »why doesnt she just get it off her parents as a 'gift' and get a loan to pay them back in a year or so.
This is what I suggested would be a better way. I just didn't know if what the advisor had said was dodgy or if it was really OK. My gut instinct said it was wrong, looks like I was right...
The people who mind don't matter, and the people who matter don't mind
Getting married 19th August 2011 to a lovely, lovely man :-)0 -
I think you're right. If I was being charitable to the adviser concerned, the best I could come up with for his advice is "a bit off colour," to be honest.This is what I suggested would be a better way. I just didn't know if what the advisor had said was dodgy or if it was really OK. My gut instinct said it was wrong, looks like I was right...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The financial adviser would benefit from reading this 46 page report about mortgage fraud that was published by the FSA last month.
http://www.fsa.gov.uk/pubs/other/mortgage_fraud.pdf0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards