Credit: @kagfinancialmortgages/TikTok
Mortgage Advisor Warns Not To Put Joke References When Sending Money
A mortgage advisor has warned people not to put joke references when sending money.
It’s probably something we’ve all done at some point.
When it comes to transferring money to our family or friends, many of us have added questionable references to give ourselves a laugh.
But one mortgage expert has now warned that if you’re hoping to get on the property ladder anytime soon, it’s a bad idea.
People are now realising that it might be time to stop transferring “bribe money” to their mates.
Getting a mortgage is already a difficult process, so viewers are concerned that they have been making it harder for themselves.
Issues when applying for a mortgage
For many people, getting a mortgage is the biggest financial step they’ll ever take.
In theory it’s simple: you find a home, borrow the money to buy it, and pay the loan back over time.
In practice, however, the process can come with a number of hurdles that make it far more complicated than it first appears.
One of the biggest issues people face is saving up for the deposit, as most lenders require buyers to put down between 5–20% of the property’s price.
With house prices now reaching higher levels than ever before, saving this amount can take people years and years.
For first-time buyers in particular, balancing rent, bills, and everyday expenses while trying to build up savings can make reaching a deposit feel like an impossible process.
Another challenge is the affordability checks carried out by lenders.
Banks don’t just look at how much you earn; they also analyse your spending habits to see whether you can realistically keep up with monthly repayments.
Regular expenses, existing loans, and even smaller payments can all affect how much you’re allowed to borrow.
Credit history can also cause problems. Missed payments, outstanding debts, or a limited credit record may make lenders cautious about offering a mortgage.
On top of this, interest rates and strict lending criteria can reduce borrowing power, meaning some buyers may find they can’t access the amount they need for the home they want.
Mortgage offers advice to ‘avoid embarrassment’
Mortgage advisor KAG Financial have taken to TikTok and uploaded a video titled: “How to avoid embarrassment when applying for a mortgage.”
Many viewers are now panicking, thinking about the inappropriate things they have used as references when sending money in the past.
In the video, the expert warns people against using joke references when sending money to their friends, as the lenders will be able to see them during the mortgage process.
The advisor says: “Remember the money you transferred to your pal? We see it and so does the lender.
“‘Money for drugs’ is probably not the best thing to use. (This is actually tame compared to what we see).
“Avoid joke references.”
These references, according to experts, could actually hurt your chances of being able to get a mortgage.
Viewers are regretting sending “bribe money”
One person comments: “I send myself money. And say things like… Bribe money. Hush money. Never even considered this!”
Another adds: “Jesus, some of mine are horrific.”
However, the good news is that mortgage advisors and lenders usually only look at statements from about three to six months before applying, which means there is still time to remove any ‘questionable’ references.
It is worth keeping in mind that if you’re considering applying for a mortgage in the future, it’s best to cut out any references to illegal activity or improper jokes to avoid any awkward explaining during the process.
While the use of inappropriate references is not only limited to transferring money within your friend circle.
It can also affect your professional life, as employers and recruiters often conduct a social media search on candidates.
It’s important to make sure that any content you post online, especially references to money transfers, is appropriate.
While it might seem harmless to add a little bit of humour to the reference box when transferring money, it’s crucial to remember that it could harm your chances of securing a mortgage or even a new job.
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