Overstating Income in Britian to get bigger house

[rawman74]

http://news.bbc.co.uk/1/hi/business/3478635.stm

wonder how much it happens here in US? Ive heard of appriasers overstating for refi purposes in US but what about mortgages?

 

[IndexTrader]

Nothing unusual...zero income is ok as long as 25% down payment on new purchase or equity in case of refi.
Been done for years.

Quote from rawman74:

http://news.bbc.co.uk/1/hi/business/3478635.stm

wonder how much it happens here in US? Ive heard of appriasers overstating for refi purposes in US but what about mortgages?

 

[dbphoenix]

I suspect that those who are able to spell "Britain" are more succesful with it than those who are not . . .

 

[Mvic]

in the Uk most people (something like 70%+) are on short term variable rate mortgages, many interest only vs 90%+ in the US with long term fixed rate mortgages. BoE just raised rates for the second time.