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  • Mortgages & Finance

    Is my Mortgage Broker legit?

    I have recently been put into contact with a Mortgage Broker, by a friend. She successfully got a mortgage with him, she’s a self employed hairdresser, so can’t 100% prove her income on paper. She suggested I use him, as I’m in a similar situation with proof of income.

    After speaking with him, he told me he can get me a mortgage of up to £500k and would arrange a system for me to have money going through my bank, to show earnings in relation to the mortgage application.

    His fee for this would be £6500 with £1500 paid ‘upfront’ and the rest paid to him once the lender had agreed the mortgage. Does this sound like a risky deal?..

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    £6500 fee !!??

    No, it doesn't sound a risky deal, it sounds blatantly illegal.

    You can look him up here > https://register.fca.org.uk/

    You can whistleblow him here >  https://www.fca.org.uk/consumers/report-scam-unauthorised-firm

    For a fair price, for a legally arranged mortgage, contact the recommended mortgage broker team, at https://www.PropertyTribesFinancialServices.com

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    """"She successfully got a mortgage with him, she’s a self employed hairdresser, so can’t 100% prove her income on paper."""""


    That should have waved a red flag straight away: Of course she can prove her income, simply provide copies of last 3 years tax returns: Unless, of course.....

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    How does the handling of the case sound to you? Fraud written all over it.

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    Hi Greenleaf,

    The comments made here are correct, and apologies for the assumption, but it may be that you haven't had much experience with mortgages, and when you have a recommended broker telling you that they can get something for you, it can be tempting to believe them. "arranging a system for you to have money going through your bank, to show earnings for a mortgage application" however is mortgage fraud and has very serious implications for you. Do not be taken in by this person.

    I'm afraid the old saying of 'if it sounds too good to be true' is certainly the case here

    If you need a conversation to find out how mortgage applications really look at your income and what you will need to provide, or can realistically access in terms of borrowing I'm happy to help. Initial advice is FREE of charge. If you are looking at residential borrowing for a home for you to live in there are schemes out there to help you get on the ladder in a legitimate way.

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    Jenny Reeves

    Property Tribes Financial services

    You can contact me via Direct Message, or 07581 794922 or call the team on 01206 654444 for personalised quote and advice


    This sounds very similar to a scheme promoted by a property guru on youtube as to how to have the residence of your dreams.

    You find someone to buddy up with you and you give them, say, £5K of your savings that they then pay back to you as a "salary".

    At the end of the month, you return the £5K to them as their "salary", and then the activity is repeated the next month.

    This is supposed to trick the lender into thinking you have a regular income of £5K.

    However, it is fraudulent because:

    1.  It is not "earned income" and is the same money being recycled each month.

    2.  You are not able to service a mortgage from this fake income.

    3.  You went with intent to deceive the lender about your earnings and obtain more money than your actual earnings would support, otherwise known as FRAUD!

    I would immediately report this broker to the FCA.

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    In common with all of the other responses, NO - your 'broker' is not legit. You risk a fraud charge, as does your so-called broker.

    How else is your 'broker' proposing to verify your 'income', as supplying just bank statements is unlikely to be enough? Forged payslips/P60/SA302? I'm almost tempted to ask if you're serious or just having a joke with us?!

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