Whats the crack with this then?
Following on from this post in another thread;
Originally Posted by Simon@FF
Self-Certification Mortgage, mate. You write down what you 'earn', they have to believe it...
Whats the deal here with this self certification mortgage then?
I earn (or will when I start back again next week) £16k basic, plus bonus worth around £4-£6k a year - so £20-£22k roughly.... If I went to a mortgage lender I'd get 3 times that, so only £60-£66k...
But what if I went down this self certification route? Could I tell em I earn £50k and get a mortgage for £150k? Someone else said you have to put down 15% as deposit (which on £150k = £22,500) so if I went in with £22,500 and told em I earn £50k a year, will they give me a mortgage for £150k?