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Villager Senior
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Posts: 4,495
Join Date: Jan 2005
Location: London, , United Kingdom
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imported post -
14-03-07, 12:29 AM
LadyDay wrote:
Quote:
please can someone break it down for me
i have googled and get the bit on that you yourself agree that you can afford
please can someone give me a list of plus and minuses
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A Self-Cert Mortgage is a mortgage where no proof of income is required. The lenders are saying, "If you borrow less than 75% of the purchase price for e.g., we feel that your deposit is a big enough security for us to take a risk on not requiring to see your payslips or accounts if you'res/employed". They do still however ask that you declare what your income is on the application. The income declared must still match the lending criteria even though you are not proving it.
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