Sometimes when people decide that they require any sort of home loan, whether it is a mortgage, remortgage or secured loan, they feel that they will speed up the process, and be approved more readily if they embellish the truth.
This is far from being the case, as when it comes to applying for a loan of any kind, telling the truth is always the best option, as telling lies will only make the process slower.
When applying for a mortgage to buy a property, whether it is a first time buy or for moving house, the applicant must first of all fill in an application form that will ask about income, outgoings in credit cards, loans, etc.
The applicant has to also complete details of the weekly monthly expenditure on groceries, heating, electricity, etc.
Often homeowners seek to remortgage at the end of their tie in mortgage period. Remortgages are the changing from one mortgage provider to another usually to achieve a better interest rate . At other times the homeowner wants to obtain additional funds that he can use for most purposes. As it is the same really as the original mortgage, the same questions are asked in the application form.
When applying for secured loans, an application form must also be completed and the same questions as for remortgages and mortgages are asked
If an applicant has augmented his income, thinking that it will enable him to be accepted for the finance, the correct income will be obvious as soon as the underwriter looks at the wage information.
It should be clear that there is nothing to be gained by being economical with the truth when applying for secured loans, remortgages and mortgages.
The motto is that there is no point in not stating the true facts when applying for secured loans, mortgages and remortgages.
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