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?
- Scottish independence - what happens to HMRC? 995 56
- Are HMRC cutting out Agents in tax investigations? 230 2
- Dental practice incorpration 102 1
- Audit rules 147 4
- Stopping trading and de-registering for VAT 219 5
- Disengaging a client who uses our office as a registered office address 802 20
- Go Cardless 254 8
- business entertaining deductibility 114 1
- Self assessment tax arrears 114 2
- R & D 100 3
- Shareholder/Directors termination payments 69 1
- Childcare vouchers and final month payroll Qs 106 2
- Can anybody help withe the RTI end of year process? 147 3
- Payroll software with annual pay period? 138 1
- New Business Registration 209 5
- Hosted email exchange 128 4
- Excel formula for UK corporation tax including losses 145 1
- G P life time allowance 113 3
- Why will HMRC not code out my client's £1,730 underpayment for 12/13 369 11
- Bringing money to Uk 214 3
- Xtuple 500
- Qtac payroll for bureau 333
- Confused - Professional Association a Mutual trader, or not? 277
- Industrial & Provident Societies 275
- Mehjoo 219
- Data transfer from Sage Line 50 to VT Transaction+ 216
- New strategic report 169
- Domain name sale and limited company 156
- South African Government Pension 153
- CIS schemes 147