Sunday, April 15, 2007
It’s official: the 10x salary mortgage is here!
Verbatim from the Sunday Times: "Wealthy borrowers are being offered “super size” mortgages of nearly 10 times... The reason for this increased generosity is that a growing number of mortgage providers now base their lending decisions on affordability... The other option is to go for a self-certification mortgage. This is where you state your salary without having to prove it." In the article, the US-style "liar mortgages" are called "self-cert"... but "things are different here" or at least have different names!