Victor_Broom Posted July 13, 2009 Share Posted July 13, 2009 http://www.livecharts.co.uk/share_prices/n...on_the_increase Homebuyers keen to snap up cheap property Law-breaking includes providing wrong salary details, failure to declare a credit card balance or loan that affects the assessment of applicant's ability to afford the loan. Oooh deary me. Quote Link to comment Share on other sites More sharing options...
papag Posted July 13, 2009 Share Posted July 13, 2009 (edited) http://www.livecharts.co.uk/share_prices/n...on_the_increaseOooh deary me. Calling Eric Edited July 13, 2009 by papag Quote Link to comment Share on other sites More sharing options...
cypher007 Posted July 13, 2009 Share Posted July 13, 2009 http://www.livecharts.co.uk/share_prices/n...on_the_increaseOooh deary me. i have experienced mortgage fraud myself first hand, and to my knowledge it is still ongoing. it seems to be some estate agents are quite clever at it, here's how it works: seller sells house for £114995 but will accept £110000 buyer wants house on 100% mortgage estate agent tells them to put on the mortgage application that the seller is giving a 5% giffted deposit estate agent tells the seller they will get £110700 and puts up the price on rightmove to £116000 estate agent tells the mortgage company the buyer is paying £116000, when really there only paying £110700 theres was no end of this sort of thing going on in the last few years. it has also distorted the sold price data on the land registry database. i noticed some houses were selling for the asking price, which i thought was wierd, now i know why. Quote Link to comment Share on other sites More sharing options...
grizzly bear Posted July 13, 2009 Share Posted July 13, 2009 i have experienced mortgage fraud myself first hand, and to my knowledge it is still ongoing. it seems to be some estate agents are quite clever at it, here's how it works:seller sells house for £114995 but will accept £110000 buyer wants house on 100% mortgage estate agent tells them to put on the mortgage application that the seller is giving a 5% giffted deposit estate agent tells the seller they will get £110700 and puts up the price on rightmove to £116000 estate agent tells the mortgage company the buyer is paying £116000, when really there only paying £110700 theres was no end of this sort of thing going on in the last few years. it has also distorted the sold price data on the land registry database. i noticed some houses were selling for the asking price, which i thought was wierd, now i know why. gifted deposits and stamp duty paid by seller should be outlawed grrr Quote Link to comment Share on other sites More sharing options...
Victor_Broom Posted July 13, 2009 Author Share Posted July 13, 2009 There will be some pain if people are doing this to get a 'cheap property'. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 13, 2009 Share Posted July 13, 2009 gifted deposits and stamp duty paid by seller should be outlawed grrr It is against the law. A long time ago I know someone who got a criminal conviction for such a thing. I think it was for "obtaining a pecuniary advantage by deception" or something weird. "White collar" crime, its hardly prosecuted. You life will be made a misery if you sneak out of Tesco's with a tin of beans without paying for them though Quote Link to comment Share on other sites More sharing options...
cypher007 Posted July 14, 2009 Share Posted July 14, 2009 (edited) It is against the law. A long time ago I know someone who got a criminal conviction for such a thing.I think it was for "obtaining a pecuniary advantage by deception" or something weird. "White collar" crime, its hardly prosecuted. You life will be made a misery if you sneak out of Tesco's with a tin of beans without paying for them though why dont the mortgage companies notice this sort of thing? Edited July 14, 2009 by cypher007 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.