She may, however, find it interesting to discuss her views with Charcol’s Ray Boulger, who last year wrote that ‘the broker should not deprive the client of the opportunity to obtain a cheaper fast-track mortgage by only considering self-cert.
Indeed the Financial Services Authority (FSA) requires brokers to recommend the most competitive deal available to them.” He also said that it should be explained to the client that there is a small risk that the lender may require proof and have time to switch to an alternative.
In this industry, most people will know if what they are doing is intrinsically honest or not. The world is not completely black and white. I have always tried to work to the principle that says to ‘treat people as you would expect to be treated yourself’.
For instance, when working for a major bank 25 years ago, I always told clients that endowments were not guaranteed to repay mortgages even though it was a disciplinary offence to do so.
People with experience in the industry know when they are overstepping the mark and will know that 74 per cent loan-to-value non-verifications for taxi drivers are doing just that. Similarly, accepting the advice of a business development manager that the lender would not check on a repayment vehicle and putting down a dormant Individual Savings Account with £25 in would amount to a similar abuse.
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