chem1st Posted December 23, 2011 Share Posted December 23, 2011 http://www.dailymail.co.uk/news/article-2075394/No-liar-loans-self-certified-mortgages-banned.html Self-certified mortgages, which saw more than a million people receive home loans without proving their income, are to be withdrawn. Lenders will impose tougher tests on borrowers to ensure they can make their repayments, the Financial Services Authority is to announce on Monday, reports the Daily Telegraph. More than half of all new mortgages taken out between 2007 and the first quarter of 2010 were provided without a customer having to prove their income. People will no longer be able to write down on a form 'income = loadsamoney' and get a massive loan in the form of a mortgage. People will have to actually prove how much money they earn in order to get a mortgage. Link to comment Share on other sites More sharing options...
truman Posted December 23, 2011 Share Posted December 23, 2011 I've read the article but must have missed the "multi million pound" bit..where is it? Link to comment Share on other sites More sharing options...
chem1st Posted December 23, 2011 Author Share Posted December 23, 2011 I've read the article but must have missed the "multi million pound" bit..where is it? Read it as you wish... There are millions of these self cert mortgages denominated in pound. By writing down 'income=1million", you could get a mortgage for a 3million pound property. Link to comment Share on other sites More sharing options...
truman Posted December 23, 2011 Share Posted December 23, 2011 Read it as you wish... There are millions of these self cert mortgages denominated in pound. By writing down 'income=1million", you could get a mortgage for a 3million pound property. So the answer is you made that bit up...just like the headlines in the papers... Link to comment Share on other sites More sharing options...
chem1st Posted December 23, 2011 Author Share Posted December 23, 2011 So the answer is you made that bit up...just like the headlines in the papers... The rules of SF do not allow posting of rehashed news. Posting news items without adding anything is a bit pointless to be fair though. The bits of my post that aren't quoted I writ myself with keyboard innit. The bit I quoted in the 'quote' box is from the story. Pretty soon somebody who is prepared to lie about income to obtain a multi-million pound mortgage will have to prove their income. So I feel I have reported accurately. Do you feel that, that is not the case? Link to comment Share on other sites More sharing options...
truman Posted December 23, 2011 Share Posted December 23, 2011 The rules of SF do not allow posting of rehashed news. Posting news items without adding anything is a bit pointless to be fair though. The bits of my post that aren't quoted I writ myself with keyboard innit. The bit I quoted in the 'quote' box is from the story. Pretty soon somebody who is prepared to lie about income to obtain a multi-million pound mortgage will have to prove their income. So I feel I have reported accurately. Do you feel that, that is not the case? It's the case for any size mortgage..even a small one... Link to comment Share on other sites More sharing options...
chem1st Posted December 23, 2011 Author Share Posted December 23, 2011 It's the case for any size mortgage..even a small one... No point in lying about your income to get a self certified mortgage that charges a higher rate of interest for a property you could afford using a cheaper (lower interest) traditional (proof of income) mortgage... Link to comment Share on other sites More sharing options...
Nagel Posted December 23, 2011 Share Posted December 23, 2011 I didn't know these self certified mortgages existed. When I had mortgages I always had to prove my income and really that's how it should be. Lending large sums of money to someone who cant afford it is immoral. Link to comment Share on other sites More sharing options...
truman Posted December 23, 2011 Share Posted December 23, 2011 No point in lying about your income to get a self certified mortgage that charges a higher rate of interest for a property you could afford using a cheaper (lower interest) traditional (proof of income) mortgage... There is if you can't raise one by telling the truth..and you want one.. Link to comment Share on other sites More sharing options...
truman Posted December 23, 2011 Share Posted December 23, 2011 I didn't know these self certified mortgages existed. When I had mortgages I always had to prove my income and really that's how it should be. Lending large sums of money to someone who cant afford it is immoral. No blame on the mortgagee then? Link to comment Share on other sites More sharing options...
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