New research has found that Brits are not being completely honest about their circumstances when applying for a mortgage.
According to a poll of more than 2,000 by www.VoucherCodesPro.co.uk, one in five Brits admit that they have lied on a mortgage application.
When asked why they had lied, 72%, stated they were scared they wouldn’t meet the criteria and therefore not be applicable for a mortgage. The most commonly lied about issues emerged as lifestyle commitments (such as gym membership) (68%), bonuses/overtime payments at work (34%) and previous addresses (14%).
George Charles from www.VoucherCodesPro.co.uk, said: “Applying for something as important and long-term as a mortgage is increasingly becoming more and more of a huge task. The criteria has changed and unfortunately not everyone who feels they are in a good position to buy a property is an eligible candidate to the bank if their credit history and other financial commitments don’t look great. Whilst frustrating, this does not mean it’s okay to lie about anything on your application.
“If you are caught, which is an almost guaranteed certainty, you can get yourself into a lot of trouble. I really would recommend having a talk with your bank if you feel as if your application is going to get rejected and just ask them for advice on how to turn things around.”
When asked if they had ever lied to their bank about their personal circumstances, 12% stated they had intentionally lied, 52% told researchers they had unintentionally when they did not fully understand the bank’s questions and the remaining 38% had not.
Of the respondents who admitted to being dishonest if they realised that they were committing fraud, 87% did not think it would matter if it was a white lie.
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