While the costs of moving house can be expensive, with items such as
home insurance and moving fees to consider, lying on a mortgage application in order to secure credit for a new house purchase could be costly in a number of ways.
Individuals who choose to be flexible with the truth when applying for a mortgage are running the risk of facing difficulties in securing credit, it has been claimed.
External affairs director of credit report company Equifax Neil Munroe warned that people looking to secure a new mortgage by lying about their income may find themselves on a downward spiral with regard to securing credit in the future.
In downturns in particular, more fraudulent activity is noted, he said.
"You do tend to get this first party fraud occurring more and more, because people need the mortgage or need finance generally and, because of that need, are prepared to bend the truth," he said.
Mr Munroe added that he believes many people do not properly think their actions through and do not realise that their information will be independently checked.
InsureandGo offers home insurance for those who have been in their homes a long time as well as those who have moved to a new property.
