http://news.bbc.co.uk/1/hi/business/3478635.stm wonder how much it happens here in US? Ive heard of appriasers overstating for refi purposes in US but what about mortgages?
Nothing unusual...zero income is ok as long as 25% down payment on new purchase or equity in case of refi. Been done for years.
I suspect that those who are able to spell "Britain" are more succesful with it than those who are not . . .
in the Uk most people (something like 70%+) are on short term variable rate mortgages, many interest only vs 90%+ in the US with long term fixed rate mortgages. BoE just raised rates for the second time.