Sunday, Oct 25, 2009
Self-cert mortgages were not only for the untrustworthy
Gruniad: Anguish of self-employed as 'liar-loans' face ban
Worried self employed workers are left wondering how they will be able to get mortgages if the FSA ban so called liar-loans? I personally know several people who have had self-cert mortgages and the two who actually lied significantly about their incomes were employed full-time but wanted much bigger mortgages. As a side issue it might be worth mentioning that those I know have continued to pay their loans and have so far not even got into arrears or defaulted.
Posted by shining wit @ 12:23 PM (584 views) Add Comment
3 Comments
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1. keith thomas said...
I've been self-employed and it was more difficult to obtain a mortgage than when I was employed but that is how it should be. If you don't have 2 years of accounts you haven't proven that your business is viable over a decent time period. Strict mortgage qualification rules protect the borrower from taking on a debt they cannot service in possibly leaner times. If you haven't got a decent deposit saved up and a good track record then perhaps you shouldn't be able to or even want to take on a mortgage.
2. crunchy said...
Fukc me, the condescending wisdom is nauseating.
The media is one thing!
Excuse me for a minute.
3. paul said...
And so the bleating starts ... not from the self-employed mind you, but from the 'property experts' claiming to now suddenly be sympathetic towards them.