payslips being used for mortgage applications
Fake payslips are being sold online
and this is giving mortgage borrowers a chance to say they are
earning more than what they actually earn when applying for a
You can buy a P60 payslip online for £10, completing the
data is strictly up to the borrower; they can put down false
figures to complete a high mortgage.
Recently Britain’s credit status has closed up, borrowers
owe over £1 trillion in mortgages, loans, overdrafts and
There are many lenders who offer mortgages up to five times a
person’s salary. However they choose not to always check
this information with employers.
The firm who forward the payslip cannot conclude if a borrower
is being honest or not, simply because tax officials and employers
are restricted by the Data Protection Act.
Wageslips4u.co.uk an Internet based company said: 'Sometimes
for valid reasons, such as a burglary or fire or flood, clients
are unable to produce these documents.'
Maurice Cheng, chief executive said: 'we know that consumer bad
debt is rising and we suspect this must be one of the main contributory
'It's so easy now to fake your earnings when applying for mortgages or loans and yet there seem to be no rules against these websites.'
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