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?
- Goodwill ammortisation 208 2
- Overpayment relief claim 84 4
- How to prepare and Finalize Vat company accounts 202 9
- Related Parties Note 359 7
- Concerned about RTI 2014 2,504 63
- Sage 50 Accounts - Opening Bank Account Balance Posted to Nominal 9998 Suspense Account 495 28
- Charity reserves 103 2
- SAGE con 122 1
- Aggressive HMRC 1,441 16
- New HMRC phone answering method ... 474 8
- Test purchases in VAT enquiries 114 1
- Aweb Fantasy Practice 1,233 19
- do I have to pay NI? 252 4
- Where can I get Quickbooks help 94 3
- rates of pay query 138 1
- Flat rate vat error 406 8
- Can you recognize revenue on asset sold and bought back at a later stage? 93 2
- How to format a stock book 393 2
- Can you get tax deduction for legal fees on sale of debtors 266 8
- Investment property company accounts template 262 1
- Desperately seeking Susan, Sam or anyone with any other name 994
- Experience with Islamic investor following Sharia-compliant rules? 539
- Darwinpay Partnership Assessment 356
- Tax efficient holding company structure 284
- S464A Charge to tax: conferring benefit & BIK 268
- auto enrolment - calculation of first pension deduction 209
- Charge out rates in London? 201
- Personal consumption by landlord 177
- Pension contributions higher rate extension? 176
- Interest on Loan to a Company 168