This scheme allows mortgage providers to check income details of mortgage applicants directly with HMRC. However, the scheme is only supposed to used when the mortgage provider has inadequate evidence of the applicant’s declared income, and they suspect mortgage fraud. When a taxpayer’s details are requested under the mortgage verification scheme, HMRC will mark that taxpayer’s file for further investigation.

Please beware that if your mortgage application is tested using the mortgage verification scheme, this will significantly increase your risk rating with HMRC, and may lead to a tax investigation.

CLICK HERE - Council of Mortgage Lenders announces verification scheme

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