Mortgages available for good deposit 60-50%

AndrewSmith

Mr Helpful is absolutely correct. On a Self Certify mortgage you can only legally declare income that will be included on your self assessment tax return and declared to the IR for tax purposes.Fast Track is not self cert, it is merely a system to help cases with excellent credit scores go through quickly, without the need initially to show payslips. In both cases though they can and will ask for further evidence of the INCOME SOURCES and possibly bank statements to show that the level of income you are declaring is actually representative of income passing through your bank account. Self cert only means that you do not have to show payslips or accounts. It does not mean that they will not want to check income streams by other means.

silvercar

The original purpose of self cert was to allow those people whose accountants had managed to legally reduce their tax bill obtain mortgages based on the income available to them rather than the amount of income received and taxes paid.

An example would be someone running a succesful business who, to reduce tax, only took out from the business money they needed to live on and kept the remaining funds within their business. If they wanted to take out the money it is available but they don't do so to reduce the initial tax bill. On paper it would appear that they had sufficient money for their needs but little more. If someone then wants to buy a home they would increase their income; the problem would be that none of the increased income would show on bank statements or tax returns as it would be part of their business. Self cert would get around this problem.

The real problem is that the genuine person in need of self cert suffers because of the abuse of the procedure.

absolutebounder

I use self cert because Im sure my income is way higher than my accountant makes it:D