14Dec, 2011

Mortgage Applications

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Mortgage lenders have set up a formal agreement with HMRC to cross check borrowers income declared on their mortgage applications. The Mortgage Verification Scheme (MVS) was launched on 1 September and lenders will now be required to provide details of income shown on borrower’s applications. The MVS will enable lenders to compare data on mortgage applications with tax returns. There may be legitimate reasons for differences between information shown on a tax return to that on a mortgage application. It is recommended that before submitting a mortgage application that you […]