imlach

Just hope no-one on here has been involved in this - as always, really can't see anyone going to prison for it (after all, the mortgage lenders don't lose out much as they can recover their debts by reposession!), but interesting given self-certification has been discussed on here recently....

I also think it is simplistic to blame this for the rise in property values - self certification mortgages account for a tiny %-age of the residential mortgage market....

link to bbc news story on mortgage fraud

[Edited by imlach - 10/29/2003 1:29:54 AM]

boxst

Hello

It's an interesting use of the word "fraud". I thought that the purpose of self-certification mortgages is that you didn't have to specify any income at all. The key was the Loan-To-Value percentage, and as long as it was below 85% they would lend you the money.

Personally self certification mortgages are great for the self-employed, but abused by people who just want to have a higher mortgage with no regard for the fact that they will not be able to make the repayments.

Steve.

dnb

I really don't know how people afford these 5 and 6 times salary mortgages. I struggle to pay back the 1.5 times one we have!!

(Obviously I have far too many vices )