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New Mortgage with no job
Options

gotnodoshhelp
Posts: 2 Newbie

Hi all.
About 20 years ago I got a new mortgage when I had no job but up to 25% deposit. I used a mortgage advisor now retired or dead and all I had to do was sign a form declaring I could make monthly payment, irrespective of no income or proof of how I would make payments.
Do this provision still exist ? I have been told a few months ago it doesn't but who knows. And if it doesn't is that a Government/legal decision or a banking policy ?
Regards
Graham
About 20 years ago I got a new mortgage when I had no job but up to 25% deposit. I used a mortgage advisor now retired or dead and all I had to do was sign a form declaring I could make monthly payment, irrespective of no income or proof of how I would make payments.
Do this provision still exist ? I have been told a few months ago it doesn't but who knows. And if it doesn't is that a Government/legal decision or a banking policy ?
Regards
Graham
0
Comments
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Post the GFC. The lending market was reviewed. No such market longer exists.1
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gotnodoshhelp said:Hi all.
About 20 years ago I got a new mortgage when I had no job but up to 25% deposit. I used a mortgage advisor now retired or dead and all I had to do was sign a form declaring I could make monthly payment, irrespective of no income or proof of how I would make payments.
Do this provision still exist ? I have been told a few months ago it doesn't but who knows. And if it doesn't is that a Government/legal decision or a banking policy ?
Regards
Graham
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Im not asking you to incriminate yourself here...
These stopped before I became a broker so I never did any but I always wonder how people with no provable income were so confident they could pay a mortgage...
Assuming nothing dodgy how did you manage it? Im just curious to see if there were any circumstances that were not iffy.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2 -
ACG said:Im not asking you to incriminate yourself here...
These stopped before I became a broker so I never did any but I always wonder how people with no provable income were so confident they could pay a mortgage...
Assuming nothing dodgy how did you manage it? Im just curious to see if there were any circumstances that were not iffy.
Many of these mortgages that were labelled as (self cert) were 'Fast Track' where the Lender did not request sight of income proof for cases with 75% equity and good credit history.
Come the mortgage market review in 2012, the authorities cut these options from the market ensuring that income had to be declared to HMRC for it to be useful in supporting a mortgage application.
Less about mortgage risk and more about taxation.
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
amnblog said:ACG said:Im not asking you to incriminate yourself here...
These stopped before I became a broker so I never did any but I always wonder how people with no provable income were so confident they could pay a mortgage...
Assuming nothing dodgy how did you manage it? Im just curious to see if there were any circumstances that were not iffy.
Many of these mortgages that were labelled as (self cert) were 'Fast Track' where the Lender did not request sight of income proof for cases with 75% equity and good credit history.
Come the mortgage market review in 2012, the authorities cut these options from the market ensuring that income had to be declared to HMRC for it to be useful in supporting a mortgage application.
Less about mortgage risk and more about taxation.
The only non-nefarious reason I can think of is distrust of banks (and authority in general) causing people to refuse to disclose personal information, even if everything was above board. We still see it today on this forum (people refusing to provide ID to open a bank account, etc).
Know what you don't1 -
amnblog said:ACG said:Im not asking you to incriminate yourself here...
These stopped before I became a broker so I never did any but I always wonder how people with no provable income were so confident they could pay a mortgage...
Assuming nothing dodgy how did you manage it? Im just curious to see if there were any circumstances that were not iffy.
Many of these mortgages that were labelled as (self cert) were 'Fast Track' where the Lender did not request sight of income proof for cases with 75% equity and good credit history.
Come the mortgage market review in 2012, the authorities cut these options from the market ensuring that income had to be declared to HMRC for it to be useful in supporting a mortgage application.
Less about mortgage risk and more about taxation.
In that example, I can see a reason for self cert, nothing dodgy, just bad timing. But I cant imagine all self certs being for golf pros or similar.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2 -
ACG said:Im not asking you to incriminate yourself here...
These stopped before I became a broker so I never did any but I always wonder how people with no provable income were so confident they could pay a mortgage...
Assuming nothing dodgy how did you manage it? Im just curious to see if there were any circumstances that were not iffy.0 -
Or all other USERNAMES I tried were in use0
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amnblog said:ACG said:Im not asking you to incriminate yourself here...
These stopped before I became a broker so I never did any but I always wonder how people with no provable income were so confident they could pay a mortgage...
Assuming nothing dodgy how did you manage it? Im just curious to see if there were any circumstances that were not iffy.
Many of these mortgages that were labelled as (self cert) were 'Fast Track' where the Lender did not request sight of income proof for cases with 75% equity and good credit history.
Come the mortgage market review in 2012, the authorities cut these options from the market ensuring that income had to be declared to HMRC for it to be useful in supporting a mortgage application.
Less about mortgage risk and more about taxation.0 -
Hoenir said:amnblog said:ACG said:Im not asking you to incriminate yourself here...
These stopped before I became a broker so I never did any but I always wonder how people with no provable income were so confident they could pay a mortgage...
Assuming nothing dodgy how did you manage it? Im just curious to see if there were any circumstances that were not iffy.
Many of these mortgages that were labelled as (self cert) were 'Fast Track' where the Lender did not request sight of income proof for cases with 75% equity and good credit history.
Come the mortgage market review in 2012, the authorities cut these options from the market ensuring that income had to be declared to HMRC for it to be useful in supporting a mortgage application.
Less about mortgage risk and more about taxation.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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