No Show Motgages Do they exist?

ziggy000_2

Hi, my friend has been told they have a No Show Mortgage. They say it is a mortgage where they did not have to produce income details. I find this implausable. Does any one out there know if these mortgages exist?

Many thanks
Ziggy

merlinthehappypig

ziggy000 wrote: »

Hi, my friend has been told they have a No Show Mortgage. They say it is a mortgage where they did not have to produce income details. I find this implausable. Does any one out there know if these mortgages exist?

Many thanks
Ziggy

Yes they do. See my post in the self certifcation scandal thread from about ten minutes ago.

Pobby

Think they used to be called``self certificated`` mortgages.Often no refered to as ``lie-to-buy``.There are cases documented where brokers have told lenders to lie regarding thier incomes to obtain the loan.

dunstonh

Got to love your wording Pobby. Whilst lie-to-buy is a good phrase, the blame is not just on the brokers (who are at fault) but the consumer that is willing to lie to get that mortgage and will do anything to get it. There are plenty of DIY self certs where no advice has been sought or given which are full of lies.

Personally, I think self serts should be abolished and all mortgages should be assessed on proven data and if you cannot afford it then you cannot get it.

Pobby

dunstonh wrote: »

Got to love your wording Pobby. Whilst lie-to-buy is a good phrase, the blame is not just on the brokers (who are at fault) but the consumer that is willing to lie to get that mortgage and will do anything to get it. There are plenty of DIY self certs where no advice has been sought or given which are full of lies.

Personally, I think self serts should be abolished and all mortgages should be assessed on proven data and if you cannot afford it then you cannot get it.

I really thought that this practise was abolished in the late 80s/early 90s when people were getting into trouble with their mortgages.I can remember the hoops we had to jump through in the 70s to get a mortgage.Then the process was far more regulated.

petermb_2

Self- Cert mortgages were created solely for the self employed person. Virtually every self employed man I have met in the last 20 years wanted to show £10,000 profit so he paid little tax but then wanted to buy a £200,000 house because he could afford the repayments. Self Cert allowee him to do this.

The fact that the industry then allowed this product to drift into the employed market was the big mistake. It was always going to be abused but now, even more so.

Conrad

First National today offer; 90% SC, to first time buyers with bad credit who can 'claim' they started a business 1 day ago!!!!!!!!

And no there is no such thing as a no - show deal apart from with 2 tiny lenders that charge 12% and lend on equity only.
All other SC deals still need the applicant to provide a plausible application and to self declare an income level.

Madjock

1st National are offering 85% and if i recall correctly, theyve withdrawn all self cert for employed applicants.