We’re not even going to bother with an intro sentence on this one.
The answer? Never, ever. Fudging figures or other information on a mortgage application is a mistake that costs a person more than they may initially realise.
Sometimes, we like to read through online forums to see what people are worrying about in the mortgage sector.
As well as simply talking to people (which we do a lot of!) it’s a good way for us to stay on the pulse of what matters to borrowers.
Recently, we noticed a popular thread on the prospect of fudging a mortgage application in order to secure finance. This struck a chord with us, so we did some research.
According to a survey conducted by UBS in 2016, 28% of people said their home loan application was not 100% factually correct. (The survey took in 1,228 respondents.)
There’s a reason why a mortgage broker needs to fill out a lot of paperwork when applying for a mortgage on your behalf.
Your broker needs to prove to the lender in question that you have the capacity to pay off the loan, within the time frame stated.
This means providing information about your earning capacity, as well as profits, liabilities, assets and other data relating to your ability to repay the loan according to the contract’s terms.
No lender has exactly the same loan criteria. Some put a greater emphasis on specific requirements, which is why a good mortgage broker is very useful.
But let’s get back to the issue at hand.
We compare hundreds of different competing loan products, and pinpoint one that matches your budget and life circumstances. We also help you supply all the necessary information, and handle the paperwork on your behalf.
Contact us to discuss your next loan.