New Mortgage with no job

stripling

@Exodi
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).

Why is anything outside people's experience 'nefarious'? 

I got my very first mortgage as a self-certified mortgage because I was self-employed and didn't have 3 years accounts, I was a single-mum when it was DEEPLY unfashionable to be one (we were only having kids to claim benefits/council houses/trap men according to our lovely press 😂) and the law PERMITTING women to have mortgages without a male signature of approval (husband/father/sugar daddy?) had not that long changed.  

I bought a shell property (I knew it was structurally sound), moved in with toddler & borrowed futon and slept on the floor with a camping stove to cook on and over many years put every spare penny into completely revamping it. I grew a business and never missed a payment. 

No one would give someone like me a mortgage like that now.  My offspring pays huge amounts of rent to other people, way more than a mortgage payment would be but consistently paying £2000 a month rent without missing beat is not considered financial 'proof'...  It's nuts. 

Altior

stripling said:

@Exodi
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).

Why is anything outside people's experience 'nefarious'? 

I got my very first mortgage as a self-certified mortgage because I was self-employed and didn't have 3 years accounts, I was a single-mum when it was DEEPLY unfashionable to be one (we were only having kids to claim benefits/council houses/trap men according to our lovely press 😂) and the law PERMITTING women to have mortgages without a male signature of approval (husband/father/sugar daddy?) had not that long changed.  

I bought a shell property (I knew it was structurally sound), moved in with toddler & borrowed futon and slept on the floor with a camping stove to cook on and over many years put every spare penny into completely revamping it. I grew a business and never missed a payment. 

No one would give someone like me a mortgage like that now.  My offspring pays huge amounts of rent to other people, way more than a mortgage payment would be but consistently paying £2000 a month rent without missing beat is not considered financial 'proof'...  It's nuts. 

To be fair, you had income from (self) employment. The suggestion from the OP is that there is no income from working - 'New Mortgage with no job'

It worked out for you but I should imagine the odds of a default were pretty high when compared to someone/people who had a demonstrable history of salaried income, or extensive records of profit from self employment. 

It's obvious but the GFC was caused by lenders giving mortgages to people who did not have sufficient means to cover the liabilities, but applied for them as if they did, ergo self certified. And those likelier toxic loans hidden in with more robust ones. 

ACG

stripling said:

@Exodi
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).

Why is anything outside people's experience 'nefarious'? 

I got my very first mortgage as a self-certified mortgage because I was self-employed and didn't have 3 years accounts, I was a single-mum when it was DEEPLY unfashionable to be one (we were only having kids to claim benefits/council houses/trap men according to our lovely press 😂) and the law PERMITTING women to have mortgages without a male signature of approval (husband/father/sugar daddy?) had not that long changed.  

I bought a shell property (I knew it was structurally sound), moved in with toddler & borrowed futon and slept on the floor with a camping stove to cook on and over many years put every spare penny into completely revamping it. I grew a business and never missed a payment. 

No one would give someone like me a mortgage like that now.  My offspring pays huge amounts of rent to other people, way more than a mortgage payment would be but consistently paying £2000 a month rent without missing beat is not considered financial 'proof'...  It's nuts. 

You must be going back 30 years? 
Self employed applicants can get a mortgage with as little as 10 months trading now (but cant complete until the 12 months are up). 
You can get normal rates with 1 years accounts/self assessment. 

So in your situation, that would be easy enough to overcome now at normal rates without needing self cert.