'No income declaration' mortgage

abc

I found this article about a 'no income declaration' mortgage from County Mortgages.

http://www.findaproperty.com/story.aspx?storyid=5912

Does this or any other 'no income declaration' mortgage still exist or has FSA regulation killed them all off?

homer_j_3

are you confusing no income delcaration for sef-certification?

edited to add:

The basis of self certs are that you cant prove your income, this product seems different in the way you don't even have to say what you earn or declare that you earn x amount.

On this basis, i don't think this is a self cert, which is what has been under so much scrutiny by the FSA.

Sorry if my first reply sounded a bit short.

Ian_W

Can't add a lot to what homer said but note that the countymortgages.com website no longer appears to exist, which doesn't seem to healthy a sign for the company itself, especially when a Google search only reveals pages from 2004 or earlier. Perhaps one of the advisers will notice this post and may know whether they are still operating or not.

Wouldn't have thought a no-income declaration mortgage would have offered anything but high rates anyway due to the risks involved to the lender.

homer_j_3

Not an Adviser (well qualified but not selling)

I cant find them on the Council of Mortgage Lenders directory and never heard of them

Barney088

This is a true mortgage but it has been pulled a year or so ago, if not longer. It was with GMAC I think. I seem to remember that the deal was only a remortgage that allowed you to borrow a certain ammount more than this. They assumed that if yoy could pay that mortgage then you "should" be able to pay the next mortgage.

County are a company that are now called C2 Financial and are a packager based on the south coast, I've done business with them at some point in the past and are a decent set of chaps in my experience.

Hope that helps

emmaHarris_2

What is a packager? What do they do exactly?