Misleading mortgage information is useless say experts
People giving false information to get a mortgage will not be successful, experts reveal.
This is due to the fact that restrictions on lending are now mainly concerned about the size of the deposit put down, comments Andy Pratt, chief operating officer of Alexander Hall mortgage advisers.
He also states that false information about income levels would make no difference to lenders and carrying out a valuation on a property will find out the true price of it.
"There is nothing that you can ultimately do to pull the wool over the eyes of the lender," Mr Pratt warned.
KPMG recently revealed that mortgage fraud in 2008 was worth £36 million compared to 2007 which was £3.7 million.
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