My client is employed as a hairdresser and a substantial part of his income comprises tips. He is a first-time buyer with a reasonable deposit, but wants as high a loan to value as possible. What are his options?
This is a non-standard situation where the traditional approach to employed applicants would not provide the right solution. Using only the basic income and perhaps half of any verifiable bonuses is likely...
The FSA says it is not blocking self-employed and contract workers from getting a mortgage by banning self-cert products.
Advisers today branded proposals to effectively ban self-certification mortgages "inappropriate", saying they will leave the self-employed unable to access the mortgage market.
The FSA has banned Walthamstow-based mortgage adviser Ashfaq Ahmed for submitting mortgage applications on his own behalf that were based on false and misleading information about his income.
The FSA has publicly censured Doncaster-based broker Mortgages Remortgages for exposing up to 80 of its customers to the risk of being sold an unsuitable self-certified mortgage.
Claims management firm Cartel Client Review has warned that the misselling of self-certification mortgages is set to spark the next wave of controversy in the financial services arena.
Boring Money research
Call for evidence will highlight problems
Aviva study shows