Equifax: Do not lie about finances on mortgage application
www.moneynews.co.uk > Mortgages > Equifax: Do not lie about finances on mortgage application
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Equifax: Do not lie about finances on mortgage application
Wed 15th Jul 2009
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This is according to credit checking organisation Equifax, whose external affairs director Neil Munroe has outlined the potential pitfalls of lying when it comes to taking out a mortgage.
"In past downturns there has been an increase in fraud reports – not only in mortgages, but in other credit as well," he explained.
Mr Munroe added that in times of desperation people may not think a process through fully, but assured that being liberal with the truth will put applicants on "a downward spiral for getting further credit".
According to figures from KPMG in February, the value of mortgage fraud in the UK stood at £36 million - a significant rise since the £3.7 million recorded in February 2007.
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