lie for a loan

[goldheart]

If I apply for a loan at Ocean Fianance but lie on the application form that I am a home owner, will they bother to check? A couple of friends have said they probably wouldnt check, some companies just take your word for it. Yes ... I know it is illegal, I can make payments no problem so there would be no reason for them to find out once it had been agreed. I have v. poor credit from my past behaviour and I cannot get a loan now and am desperate. Its just a simple question - so please no sarcastic comments!!

[Loosehead]

If it is a secured loan then they'll try and put a charge on the property so they would soon find out and I've got a feeling, from there adds anyway that they do only secured loans. At any rate they'll find out about your past credit rating regardless.

[Sammy Snake]

<P>Ocean Finance do provide loans to people with poor credit ratings, CCJ's etc.&nbsp; Have a look at their website: http://www.oceanfinance.co.uk/

[goldheart]

only to homeowners though!

Thanks all the same!

[Loosehead]

Do not despair Goldheart. I don't wish to sound like a nanny here but what is so desparate? I mean if you do get a loan the rate will be high, they'll probably add a punative "arrangement fee" and possibly an indemnity premium. All that with interest charged. How much do you need, how much can you afford per month? You say you can afford the repayments, so imagine that you are paying a loan now, get yourself a High interest savings account and save what you can each month. I know it's not what you want to hear in this "Have it now" world but trust me you'll feel great when you actually buy whatever it is. Also in the mean time your credit history is getting older! Good Luck

[Clanad]

Obviously, I'm not of laws in the UK, but in the US, lying on an application for a loan is considered fraud and will get you something in return, usually 1 to 3, years that is... I'd be exceptionally cautious in pursuing this course...

[spammylou]

it's fraud in this country too, and if you have got poor credit anyway i doubt hugely you'll get further credit.  I know that data protection act prevents them from ringing your "mortgage lender" and asking them if you have a mortgage, so I don't know how they check - maybe against land registry or something like that. I can't imagine they will just not bother, can you imagine how many people would fleece them otherwise!! Goldheart, why you so desperate, what is it you need so much?

[erimus1]

They will do a search on the property that you own, and then, as per your consent on the application form - put a class G land charge in it (monetary interest) - Just for your information though - You could bend the truth slightly and say that you owned a property abroad when they ask - No way of them finding out, and they will probably just refuse you as they have no security then.
Good luck.

[pjm007]

I think in any case when trying to obtain a secured loan, the broker would more than likely arrange for a survey to be done on the house, and as Loosehead says your credit rating will definitely stay with you. I wouldn't risk being done for fraud over a loan. Try looking elsewhere for an un-secured loan.
Good luck !

[Oneeyedvic]

As a lender, I know that as a matter of course, we now (only available recently) do a land registry search. This will give us details of who owns the house and any charges that are registered on the land. It will also give us the cost price of the house if bought in the last 5 years.

This information costs us �2.00 and is something we like to do to stop people (such as yourself) commiting fraud. We will also often ask for an original mortgage statement as part of any acceptance.

[goldheart]

Thanks all, I think I know the answer, was just curious!

Ta

[Scarlett]

Have you tried Cahoot? From what I can see you don't have to be a homeowner. Apply online and see what happens!