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Extremely difficult to lie on a mortgage application now days .

Its more about lending at a higher LTV and income ratio for those people who qualify

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10 minutes ago, Peter Hun said:

Extremely difficult to lie on a mortgage application now days .

Its more about lending at a higher LTV and income ratio for those people who qualify

Yep so not really liar loans like the old days 

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44 minutes ago, Peter Hun said:

Extremely difficult to lie on a mortgage application now days .

Its more about lending at a higher LTV and income ratio for those people who qualify

So really only a snapshot in time.... qualify today. ;)

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What you need to apply for a mortgage

Start collecting all the documents you will need for the mortgage application process. This might include:

  • utility bills
  • proof of benefits received
  • P60 form from your employer
  • your last three months’ payslips
  • passport or driving license (to prove your identity)
  • bank statements of your current account for the last three to six month
  • statement of two to three years’ accounts from an accountant if self-employed
  • tax return form SA302 if you have earnings from more than one source or are self-employed
  • self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements.

Be accurate. Make sure the information on the application form matches the documents you supply.

For example, don’t round up your salary if the amount on the payslips differ from this figure.

Provide details of the address of the property, the estate agent and your solicitor.

These are the basics – some lenders might ask for more paperwork.

Bear in mind lenders might have different criteria around income and outgoings.

Ask your lender or independent mortgage adviser what else you might need.

Please note, printouts of online statements of your current account and utility bills might not be acceptable.

You will either need hard copies or to have copies certified by your solicitor, your bank or your utility provider.

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1 hour ago, Peter Hun said:

Extremely difficult to lie on a mortgage application now days .

Its more about lending at a higher LTV and income ratio for those people who qualify

It's like night and day. 

From the key Mortgage Market Review consultation paper, CP10/16 Responsible lending, from back in July 2010

Quote

To ensure that lenders base this assessment on accurate information, we propose that lenders must verify income for all mortgage applications. This proposal effectively bans self-certification and fast-track mortgages where income is not verified. We are not proposing to be prescriptive about the type of evidence that lenders can use to verify income, but the evidence must be from a source independent of the consumer and should be sufficient to enable the lender to assess the risks posed by the consumer’s individual circumstances.

(Emphasis added.)

For reference, '"fast-track mortgages" were described by the FSA as "an accelerated process for processing mortgage applications deemed lower-risk, where at the lender’s discretion evidence of income may not be required"

Even if the banks start to offer slightly higher loan-to-value mortgages it's a totally inconsequential loosening of mortgage lending practices compared to the tightening between 2008 and 2014 which was forced on the banks by the regulators.

High-LTV, self-certified interest-only loans were the really crazy lending. Shifting from a late 1980s market dominated by income-verified lending link to a repayment plan (often an endowment policy) to the market of 2003-2008 was credit being loosened to a catastrophic extent.

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3 hours ago, Peter Hun said:

What you need to apply for a mortgage

Start collecting all the documents you will need for the mortgage application process. This might include:

  • utility bills
  • proof of benefits received
  • P60 form from your employer
  • your last three months’ payslips
  • passport or driving license (to prove your identity)
  • bank statements of your current account for the last three to six month
  • statement of two to three years’ accounts from an accountant if self-employed
  • tax return form SA302 if you have earnings from more than one source or are self-employed
  • self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements.

Be accurate. Make sure the information on the application form matches the documents you supply.

For example, don’t round up your salary if the amount on the payslips differ from this figure.

Provide details of the address of the property, the estate agent and your solicitor.

These are the basics – some lenders might ask for more paperwork.

Bear in mind lenders might have different criteria around income and outgoings.

Ask your lender or independent mortgage adviser what else you might need.

Please note, printouts of online statements of your current account and utility bills might not be acceptable.

You will either need hard copies or to have copies certified by your solicitor, your bank or your utility provider.

Don't do this - what will Eric have to post about? He's only got one line. 

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9 hours ago, Peter Hun said:

What you need to apply for a mortgage

Please note, printouts of online statements of your current account and utility bills might not be acceptable.

 

That's interesting. I still have paper statements for all my bank accounts, but it's really hard word keeping them. Virtually every time I log in I get a very hard sell to go "paperless". they never offer to buy me a printer, the ink, or paper - but they want to make it incredibly easy to "go paperless" which in many cases is a one-way trip, and can never go back to paper bills.

No banks, no. You'll send me paper statements, and you'll like it. I'm paying for them and I want them. You make enough money out of me already.

 

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  • 150 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% +
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      • Even
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      • up 5%



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