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FSA warns consumers over illegal self-cert

The Financial Services Authority has warned consumers not to inflate their income to get a self-certification mortgage as they risk getting a criminal record.

The FSA’s new mortgage website explains to consumers that they could be committing fraud, as well as being left with a loan they cannot afford, if they overstate their salary.

To help consumers work out how much they can afford, the new site offers a range of budget and mortgage calculators. It also offers independent mortgage tables to help people shop around and get a better deal.

Today’s warning was issued after recent FSA work with mortgage brokers who sell self certification mortgages showed that some brokers were ready to help borrowers inflate their income to obtain a mortgage.

However there was no evidence that this was a widespread practice.

To help ensure they get the right mortgage, the FSA is also urging consumers to make sure they disclose all financial incomings and outgoings to their broker to enable a correct assessment of how much they can afford.


BM Solutions launches self-cert range

BM Solutions today launches a range of self-cert products. The range offers a variety of deals, including competitive rates, cash backs and remortgage products. It includes a two year tracker at 5.09%, a five year tracker at 5.09% and 1,000 cashback, and a remortgage at 5.35% fixed until March 1 2007 with refunded valuation and […]

xit2’s HIP technology is ready

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Intermediaries will punish poor service

Lenders should know what brokers want by now. After all, surveys of brokers’ views give remarkably consistent answers. But some lenders are still failing to provide brokers with anything like the level of service they expect.

Key worker homes empty despite long waiting lists

Houses built as affordable homes for nurses and teachers are standing empty despite lengthy waiting lists, the government has admitted. Yvette Cooper, housing minister, said in a written statement to the House of Commons that more than a third of the homes built as part of New Labour’s Key Worker Living scheme are standing empty […]


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