Expense Account, Mint
Home loan seekers in the UK may now have to reveal their expenditure on food and drink, alcohol and tobacco. In a consultation paper titled Mortgage Market Reviewreleased this week, UK’s market watchdog, the Financial Services Authority (FSA), signalled it is looking to tighten the mortgage rules significantly. One, of the key causes that aggravated the financial crisis was “liar loans” or loans to people who self-certified their income in the absence of a salary statement—typically those who were either self-employed or unemployed.