| Many
applicants for loans of all sorts think that it will help their
chances of obtaining the finance if they overstate their income,
etc.
This happens
to those applying for mortgages, remortgages, secured loans,
personal loans, etc.
It is
foolish to overstate earnings when filling in an application
form for any kind of finance as your lies will only come out
when you supply the original information.
When someone
applies for a mortgage or remortgage, for example, the mortgage
lender or broker must first complete what is known in the
trade as a Fact Find, in which the prospective borrower must
furnish information regarding his income, his financial outgoings,
etc.
It is
not only information regarding any loans, credit cards, etc.all
your other outgoings are taken into account such as how much
you spend on groceries,electricity, etc.
There
is no point in augmenting income in order to obtain the remortgage
or mortgage or to do the opposite as regards the outgoings,
and state that they are less expensive than they in fact are.
This is
because, if your application is accepted in principal on the
information supplied, definitive proof will then be requested
in the form of original wage slips to cover the last three
months in addition to three months bank statements.
The wages
will be carefully calculated, and as such, if you have increased
your income on your application, the short coming will soon
be discovered.
It is
the same if you have lied about how much you put out on groceries,
etc. because if for example. you have stated that your food
bills only cost 80 per week and the bank statements show that
150 plus per week is being paid to a supermarket, your untruth
will be discovered and your application could be declined.
Similarly,
when applying for secured loans, there is no point in not
telling the truth, the truth and nothing but the truth, as
if you lie, it will soon become apparent
If for
example, you have mortgage arrears or defaults, etc. Always
give the correct facts about your credit rating as the truth
will emerge when the lender or broker carries out a credit
check with your permission.
Telling
incorrect facts can result in your application being delined.
Therefore
the best approach when applying for a morrtgage, a remortgage
or a secured loan is to be totally honest.
|
