Mortgage Self Certification is the process of an individual, or couple for that matter, who needs to self certify their income due to any one of a number of reasons which may include, but are not limited to the following:

• Mortgage Self Certification - is needed because you are self employed and your business accounts do not reflect your true earnings. This may be because your business is involved in cash transactions which are often difficult to prove.
• Mortgage Self Certification - is needed because you are under time pressures imposed by a vendor of a property you wish to buy. Sometimes, particularly when buying properties up at auction or those that have been repossessed the agent or lender in possession will insist on a 28 day exchange of contracts. When this occurs it is quite justifiable to apply for a Mortgage Self Certification in order to speed up the mortgage application process.
• Mortgage Self Certification - has been recommended by your mortgage adviser for a particular reason. Again, when taking advice from a suitably qualified professional who is regulated by the Financial Service Authority a Mortgage Self Certification method may be recommended because the lender may have different criteria than on the mainstream application process. For example, a lender may be willing to lend up to four times the income and only half of any overtime and bonuses earned, whereas they may allow 100% of the overtime and bonuses to be included when applying for the mortgage self certification.
• Mortgage Self Certification - is needed because your income is encompassed from numerous different sources such as tax credits, employment, second jobs and so on. Not all lenders will allow the use of all types and sources of income but many mortgage self certification applications will allow it.

I’ve just uploaded the full judgement from the Basil Rankine cases in which he was denied the opportunity of getting out of paying his debts through legal technicalities under the Consumer Credit Act 1974.

If you have been approached by a financial intermediary who offers this service then please be careful and ensure you read the case judgement in full. Also be advised that there are a number of company’s offering to take on these cases on a no-fee no-win basis where a back end commission is to be taken. There is no reason for you or anyone else in fact to be paying ridiculous amounts upfront to take on your case.

Andy.

At the moment it’s hard to switch on the TV or pick up a newspaper without the credit crunch being mentioned.

The credit crunch is making life tougher for millions of Brits. It’s well known that it has affected everyone, whatever their level of income or assets may be, and we have all noticed the price of petrol rising, the ever increasing utility bills, the worrying state of the property market and the extra costs of general living. But it is undeniable that some have been more affected than others.

And unfortunately it seems that those who have less to spare are the ones who are most affected. A large number of people these days live to their means. If this is the case for you, you will no doubt be feeling the pinch. Not many of us have the luxury of having spare funds available at the end of the month. For those that do have a little left over at the end of the month, you may find that you have to dip into that to save getting into debt.

For those who are living to their means the odd rise here and there is likely to be pushing them over. Most of us aren’t too bad at budgeting, but there’s not much you can do when there is more going out than coming in. Worryingly, the up hill financial struggle isn’t likely to end anytime soon.

Even by tightening your belt and watching what you spend you may find you are still being noticeably affected.

Figures from discount super stores have shown an increase, proving that we are trying to manage our finances a little better. Fast food chains and take out restaurants are getting busier as we are deciding to eat in rather than eat out. As a nation we seem to be trading down in a bid to save a little.

To take more of a productive approach to your finances, I would suggest getting advice on debt management. There are a number of companies out there that can offer advice both on and off line. They will be able to help with any debt problems that you may have, by highlighting what debt solutions are best for you.

I recently found the following article doing the rounds and wanted to acknowledge that whilst it was not intended for the UK audience, there is common ground between our two states:

Millions of people every year get into real financial difficulties. It is such a common occurrence that an entire industry has been developed to deal with the problem. Every year the number of people who seek consumer credit counselling and debt consolidation loans increases.

While the problem of being too deeply in debt is a commonality, the solution to the problem is not one-size-fits-all.

It is amazing how becoming too deeply in debt sneaks up on people. They suddenly will find themselves drowning in debt and have no idea how they got themselves into the position. The way into debt is always the same. The reasons may be different, but the process is the same.

People slowly take on more debt obligations than they can meet. That is the way in. The way out is more complicated.

If you are deeply in debt, looking for a way out, and considering a debt consolidation loan, there are a few things that you need to know before you sign on the dotted line.

A debt consolidation loan will cover only your unsecured debts. Your secured debts will not be included in a debt consolidation loan. Unsecured debt consists of your credit card debt. Unsecured debt consists of everything else. Your mortgage, your car payments, and your instalment loans are all secured debts and will not be included in the total of a debt consolidation loan. Only your credit card debt is covered in a debt consolidation loan.

When you have worked your way through the consumer credit counselling and you and your counsellor have agreed that a debt consolidation loan could help you, you may be shocked to find out that all of your accounts are going to be cancelled. You won’t be able to use the credit cards that you have now again, and you may not apply for another credit card until the consolidation loan is paid off.

Milos Pesic is a professional Debt Management consultant who runs a highly popular and comprehensive   Debt Consolidation web site. For more articles and resources on debt management, debt consolidation programs, free debt counselling and much more visit his site at http://debt.need-to-know.net/