The Times - Six tips to beat the mortgage inquisition
Applying for a mortgage got much tougher last month, with the introduction of new rules that mean lenders will routinely ask nosy questions. If you are applying for a mortgage:
Do not fib - It might be tempting to underestimate your spending when you apply, but mortgage experts say that you’re more likely than ever to get caught, which could lead to you being turned down or worse.
Aaron Strutt, of Trinity Financial, says: "You need to be realistic when declaring your spending. If you state that your water bills or council tax is lower than it really is the lender is likely to check or already know about it.
Some lenders may work out the bills if you are moving into a new property to make sure they are affordable. They are increasingly using data from the Office for National Statistics, so have a good idea of what applicants should be paying."
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May 7, 2014
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