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?
- Auto enrolment confusion 1,824 41
- Coming off flat rate VAT 141 1
- Sage Instant Accounts Complete De-install problem 199 6
- Auto Enrolment - Help each other by sharing known problems 730 14
- Self employed and HMRC Worldwide Subsistence Rates 809 1
- HP agreement in Directors name but payments under company 479 10
- Real time 204 2
- Withdrawal of a quote 430 7
- Opt To Tax Refund 261 3
- Paid staff their normal salary instead of SMP 252 2
- Pay rise - how to enter in Moneysoft 236 5
- New (non resident) client not filed in 20 years 615 15
- When to top-up pensions? 202 2
- Support / ticketing software 340 11
- Are Tax Agents designed out of online systems? 337 3
- Imported goods and VAT 158 1
- Annual Return for company for whom director/shareholder has died 445 15
- Divorcing husband, both 50% owners of a Ltd business 600 11
- Stamp Duty 206 3
- Entrepreneur - want to submit accounts by myself 1,876 22
- Interest paid - do new rules affect Tax Credits? 473
- Market Invoice (P2P invoice discounting) tax treatment 290
- DTA tie-breaker issue 281
- CGT for NOn UK residents 245
- Tax Implicatins on a Directors Loan 220
- Apprenticeship Levy 219
- What are the tax implications of overseas sales through a UK based company? 213
- Just checking re PSA 198
- Capital Gains personal representatives 196
- Mandating Rental income or dividend income to a company 179