Becoming a Mortgage Advisor - Any advice?

shameless-about-money

MortgageMamma wrote: »

No, their actual income was 22k but wanted to declare income of 48k for mortgage purposes. I don't do a lot of self cert for this very reason. Someone will call me paranoid for that

There is so much deception going on it amazes me. I do some debt counselling work and the number of people who are going bankrupt but panic over loans they have taken out where they lied about their income or lied about the purpose of the loan, etc.

Do these people not realise that it can get them into very serious trouble? They must ignore that fact at the time they do it and only give thought to it when someone will actually go and look at their application forms.

Genuine self-cert will not be a problem, it will be the ones trying to circumnavigate the system that are the problem.

dunstonh

With experience, you will be able to ask questions and clarify points to see whether it is a genuine income or not. When you are less experienced, you dont want to take any chances.

Remember, you will never be criticised for raising the enquiry.

There is so much deception going on it amazes me. I do some debt counselling work and the number of people who are going bankrupt but panic over loans they have taken out where they lied about their income or lied about the purpose of the loan, etc.

And to read this forum at times you could get the impression consumers are all angels.

jamesd

When it comes to altering documents there is a well accepted way of preventing it: include a cryptographic hash. Change even one letter and the hash won't match the document, proving that it has been altered. Since it's readily doable to feed a page or three through a printer a second or third time such signing can be helpful. Not really easy to retype the whole thing to prove it on the paper version but if you keep digital originals it's easy enough. It's unlikely to be difficult for networks to do this, since the technical tools are readily available.

shameless-about-money

Ah yes, the little problem of "experience"!!

It will come in time and with practice!

Mr_helpful

MortgageMamma wrote: »

No, their actual income was 22k but wanted to declare income of 48k for mortgage purposes. I don't do a lot of self cert for this very reason. Someone will call me paranoid for that

There is one good thing about this sort of client. they never make a claim or complaint against you in case you drop them in it with the IR.

shameless-about-money

Mr H. I had a conversation with a MA about six weeks ago who said that when the client wanted a self-cert and could prove that he earned £125K per year, although the tax man didn't know, he actually charged them £2.5K for doing the work since it would cost the client a lot more than that if he had to pay tax on the amount that had not been declared!

Obviously not compliant but some MA's do do it!

toonfish

shameless-about-money wrote: »

Mr H. I had a conversation with a MA about six weeks ago who said that when the client wanted a self-cert and could prove that he earned £125K per year, although the tax man didn't know, he actually charged them £2.5K for doing the work since it would cost the client a lot more than that if he had to pay tax on the amount that had not been declared!

Obviously not compliant but some MA's do do it!

perhaps he will send you a postcard from Dartmoor

Mr_helpful

Shameless
I am one of the nice guys who has never charged a fee in his life

shameless-about-money

On a self-cert how far back would the Lender want bank statements?

toonfish

shameless-about-money wrote: »

On a self-cert how far back would the Lender want bank statements?

don't normally want any