Should self-certified mortgages be banned?
The FSA is reported to be planning to require all mortgage lenders to obtain evidence of the income of persons applying for mortgages in future.
Apparently at present over 40% of new mortgages are advanced based on self-certified figures of income.
I have to say that amongst my 'clients' (normally individuals facing criminal charges) it is very common to see that they have obtained a mortgage based on income figures which are inconsistent with the income shown on their tax returns (if indeed they have made any tax returns).
Is self-certification almost an invitation to lie about your income? Or is it a necessary option for dealing with genuine applicants with fluctuating income or unusual circumstances?
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