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?
- FILING COMPANY ACCOUNTS 983 29
- Accounts submitted to a the charities comission 56 1
- Project being run jointly 189 3
- Buying Microsoft's Surface Pro 3 298 4
- Companies House 586 9
- Dress code 361 12
- French Excise Duty - Help Please! 119 1
- not self employed since March 2011 now received a penalty for late tax return for year 2012-13 318 11
- Where to start to get any of jobs in Finance and Accounting Industry 721 9
- How much did you pay for your website 1,424 25
- What would you do in this situation? 602 13
- Help Required 384 10
- directors control and tax problems 250 5
- Fastest Software 796 13
- What's in a name ? 359 5
- Straightforward email correspondence or PDF letter attached to blank email? 279 4
- What quality paper do you use for correspondence? 462 15
- Bulk Invoicing 186 6
- Travel and Substinance expenses while abroad 171 3
- Self Employed Self Assessment: Capital Allowance and Car Lease/HP 255 2
- CTA study material 712
- Anyone have clients that use Pay4Later to offer customers credit? 434
- Employment related securities question 273
- AIM Stocks and IHT 251
- Tax Relief for overseas employees 207
- Raiders of the Lost Tax File 203
- Recommendations for Ross Martin Tax consultancy 2014 203
- Trust for Employee 194
- Expat pension contributions? 194
- Quickbooks losing VAT return data 164