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FSA in self-cert salary warning

The FSA is warning consumers who inflate their income for a self-certified mortgage that they are committing a criminal offence.

The message follows a mystery-shopping exercise showing three out of 41 mortgage brokers visited were prepared to discuss how clients could inflate their salary.

The FSA hopes to drive home the message to consumers they could be committing fraud as well as being left with a loan they cannot afford. Its new mortgage website, www. mortgageslaidbare. info, urges borrowers to ensure they disclose all income and outgoings.

The Mortgage Practitioner sole trader Danny Lovey says: “There is a major misconception that self-cert is for those who do not have sufficient income rather than those who just cannot prove all of their income. This is putting brokers in a really difficult position.”

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BGW Jamieson Principal, Jamieson Financial Management, Bognor Regis, West Sussex

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A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.

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