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In theory
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supermassive
Posts: 464 Forumite
In order to raise the extra 5k deposit needed to get a better mortgage rate (obviously with the loan interest being less than the mortgage interest and therefore making it all more affordable)..
Couldn't I apply to a lender that uses, for example, only Equifax... and then apply for a mortgage and not mention the loan, using a company that only uses call credit?
Am I missing something here?
Couldn't I apply to a lender that uses, for example, only Equifax... and then apply for a mortgage and not mention the loan, using a company that only uses call credit?
Am I missing something here?
I can't add up.
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Comments
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Yes - you have just described mortgage fraud.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Oh haha Well desperate times etc.I can't add up.0
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On what planet is the interest rate on an unsecured loan lower than a mortgage rate?
Even a HTB - MG 95% product is available at 4%. Are there really unsecured loans below that?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 -
Some offering 3.6% although not worth the risk really!0
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kingstreet wrote: »On what planet is the interest rate on an unsecured loan lower than a mortgage rate?
Even a HTB - MG 95% product is available at 4%. Are there really unsecured loans below that?
Yes, try your favourite comparison site.0 -
Landofwood wrote: »Yes, try your favourite comparison site.
Although assuming OP is not already a homeowner he is probably significantly less likely to qualify for the best loan rates available.0 -
Landofwood wrote: »Yes, try your favourite comparison site.
How many people obtain these rates?0 -
Thrugelmir wrote: »How many people obtain these rates?
No idea, you?
I was just helping kingstreet find out which planet he's on.0 -
Landofwood wrote: »No idea, you?
I was just helping kingstreet find out which planet he's on.
Having read many of Kingstreet's posts over time I would say most definately planet Earth. Often new posters arrive from Uranus with alien concepts.0 -
The lender only needs to provide the 3.6% rate to one borrower, then they can promote it.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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