We all transfer money within our friendship groups to pay back everything from takeaways to vacations.
But if you have to endure the pain of saying goodbye to your hard-earned cash, at least there’s the frame of reference to provide a little bit of light relief in the process.
Many of us have added highly questionable payment references to laugh at ourselves, but a mortgage adviser has now warned if you’re hoping to get up the property ladder anytime soon.
KAG Financial has a video on it TikTok entitled, ‘How to Avoid Embarrassment When Applying for a Mortgage’ and it has been viewed nearly half a million times when viewers panicked about their previous inappropriate references.
The clip says, “Do you remember the money you transferred to your friend? We see it and so do the lender.
“Money for drugs” probably isn’t the best thing to use. (This is actually tame compared to what we’re seeing).
“Avoid joke references.”
When people asked if it could actually hurt their chances of getting a mortgage, the company replied, “For those of you who asked how far back they look – it’s usually three months, but your application is also only affected if it is something. is illegal. “
Those worried about transferring money with credentials like ‘SUGAR DADDY’ and ‘Wifey Dollaaaa’ were relieved to learn that it wouldn’t be a roadblock when looking for properties.
But if you’re considering applying for a mortgage in the future, it’s probably best to leave out all references to illegal activity, or the company will warn you to provide some clumsy explanations in the process, saying these are even real issues. can cause.
The good news is that mortgage advisers and lenders usually only look at statements from about three to six months earlier, meaning there is still time to wash out the bad ones.
Some took the advice of a board, as someone remarked to say, “Jesus, some of me are terrible.”
Another added, “And that’s why I’ll never ever get a mortgage.”