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Fewer Brits Lying About Mortgages

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Fewer - LOL well that is a result then another fine job done by the FSA.

http://www.myfinances.co.uk/property/obtai...36;15090346.htm

Fewer Brits lying about mortgages

Monday, 14 Nov 2005 17:14 The FSA has found less evidence of Britons lying on self-certification mortgages

Fewer Britons are being encouraged to lie about their income to secure a larger mortgage, a government watchdog has said.

The Financial Services Authority (FSA) reveals today that lenders are strengthening their systems and controls on self-certified mortgages to prevent people getting into unsustainable debt.

"We welcome the improvements made by lenders in the area of self-certification. But in the light of competitive pressures, tighter margins and rising arrears levels, we expect lenders to remain vigilant and to ensure that their systems and controls are regularly reviewed," said Clive Briault, FSA managing director of retail markets.

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Fewer - LOL well that is a result then another fine job done by the FSA.

http://www.myfinances.co.uk/property/obtai...36;15090346.htm

Fewer Brits lying about mortgages

Monday, 14 Nov 2005 17:14 The FSA has found less evidence of Britons lying on self-certification mortgages

Fewer Britons are being encouraged to lie about their income to secure a larger mortgage, a government watchdog has said.

The Financial Services Authority (FSA) reveals today that lenders are strengthening their systems and controls on self-certified mortgages to prevent people getting into unsustainable debt.

"We welcome the improvements made by lenders in the area of self-certification. But in the light of competitive pressures, tighter margins and rising arrears levels, we expect lenders to remain vigilant and to ensure that their systems and controls are regularly reviewed," said Clive Briault, FSA managing director of retail markets.

OM, that is the most ludicrous and spineless bit of research and conclusion that I've ever heard. It just goes to show what a farcical and impotent bunch the FSA are. God save our country.

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STABLE DOOR - HORSE - BOLTED

STABLE DOOR - HORSE STILL BOLTING - STABLE MANAGER LOOKING ON

I think we know where the money is coming from for the renewed pickup in mortgage applications this autumn and how the borrower's fianacnes have magically been able to catch up - they haven't.

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Guest Charlie The Tramp
Fewer Britons are being encouraged to lie about their income to secure a larger mortgage, a government watchdog has said.

Obtaining a pecuniary advantage by deception does not go down well in The Bankruptcy Court.

Those who have made a false declaration and end up in trouble will find their discharge will not be one year, and can be up to 15 years I believe.

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The Financial Services Authority (FSA) reveals today that lenders are strengthening their systems and controls on self-certified mortgages to prevent people getting into unsustainable debt.

Oh what fine upstanding citizens those lenders are (self-interested V**** B*****s)

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My first thought on reading this was: suppose it's true that prospective mortgagees are lying less. Why would this be? Is it perhaps that they're just less inclined to overstretch themselves, because they think property is going down anyway?

frugalista

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Someone i work with the other day told me they had got a mortgage for X, i asked how he managed that cause we are all paid the same, he just stood thier with a big grin on his face and said proudly "I self cert'd" as if it was some special club that you should take pride in belonging to.

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Hello all :)

Quality...

I have reached the point of not caring..

the report only suggests to me that it is such common knowledge the lenders don't have to suggest it..

but they are not making any checks either..

In a changing market perhaps they don't want borrowers who fail to turn round and say..

"But the guy at the brookers told me to..."

Anyway.. if you have to lie to borrow.. then you are borrowing too much..

I can borrow 5 times I am told.. a legitimate mortgage..

Wouldn't cross my mind to do so..

How much are they borrowing..

Well....

Times...

are...

a changing..

Have fun paying that bad boy back.. enjoy that for 25 years..

that is all the punishment I need to see them get.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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