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  • Mortgages & Finance

    Be Consistent On What You Declare On Your Finance Applications...

    Hi Guys
    As brokers we have always been aware of a shadowy organisation somewhere in the middle of nowhere that compares all your mortgage applications to see if the info declared is consistent.
    I did come across this site a while ago and then lost the info. I wanted to post the details on here so forum members could have a look, not because they are inconsistent in their apps, but because its an interesting read.
    >>>>LINK<<<<
    I did have a client who fell foul of the Hunter System and he thought I was making it up. He had been to other brokers and came to me after 4 attempts.
    The lender, Bristol And West, came back to me and told me that my client had already been to 4 other brokers and submitted apps through them. They also informed me that they use an agency that looks into apps and along with Credit Referencing they decide whether to lend or not.
    Have a look. Makes interesting reading
    Regards
    Wasim
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    Hi Wasim,
    Interesting!! Thank you for bringing this to the attention of the tribe.
    I had a friend who's broken submitted an application for him and added £30K to his income without telling him. A while later, he went to another broker who submitted an application for him at his correct salary, but the lender found the other application and noticed the descrepency and refused to do the business! The second broker was very upset that false information had been given and felt it reflected badly on him.
    So ... moral of the story is ....READ your mortgage applications in full before signing and check everything that has been stated about your financial situation is accurate, to avoid coming unstuck further down the line!
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    Very good point Vanessa. People need to be personally responsible for loan applications. Read before signing. Know what is on the app and why it is being reported in the way it is listed on the app.
    John Corey
    https://www.ChelseaPrivateEquity.com/blog
    Follow me on Twitter -> https://www.twitter.com/john_corey
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    This is an interesting read and something that I have been aware of for some time.
    In conversations I've had with finance people there appears to be a consensus of opinion that the Hunter system works on a six month rotation i.e., if the applicant was to re-submit an application containing vastly different information after six months had passed then it would not come to the attention of the lenders.
    Out of interest, has anyone else heard of this before or is it one of those urban myths?
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    Marcus said:
    Out of interest, has anyone else heard of this before or is it one of those urban myths?
    I have no idea what the facts are.
    I would expect the system has to have a way to age off the info. People have changes in their circumstances. Incomes can go up or down and the change can be significant. Someone who switches careers, goes from part time to full time or some other change. Hence there must be a way to document true changes and have the system deal with it.
    Granted some systems are really, really dumb or off the mark for corner cases.
    John Corey
    https://www.ChelseaPrivateEquity.com/blog
    Follow me on Twitter -> https://www.twitter.com/john_corey
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.