12:51 07 October 2013
Mortgage payments are some of the largest debts you have in your life, and there are many scammers out there wanting to trap you. Here is how to make yourself aware.
Numerous mortgage scams and frauds have been reported in the United Kingdom in the past few years. It appears that many people were not happy about the way brokers and other lenders sold their mortgage services.
Since 2002, when the scams were on a historic high, the UK Government has shown great seriousness to get involved and has issued new legislation and regulations to ensure that mortgages are not mis-sold to clients who can't actually afford them or don't need all of the insurances they come with. However, there are still some brokers who bend the rules.
Here are some of the most important things you need to avoid when getting in line for a mortgage loan:
There are certain ways you can make sure that the mortgage you want to get is not a scam. First of all, try and see if the mortgage really fits your need, if it’s the best product for you and if you can manage to pay for it in the future.
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