Friday, Nov 13, 2009
End of an era (finally)
IFAonline: Last lender ditches self-cert
Sub-prime lender Beacon Homeloans is to stop issuing mortgage offers in two weeks. The news comes hard on the heels of Platform's exit from self-cert announced on 4 November, and means that there are now no lenders in the UK offering self-certification mortgages.
Self-certification mortgages allowed customers to confirm their own income, rather than have to go through checks by the lender.
But self-cert mortgages had also made a reputation for giving some consumers access to more cash than they could afford to pay back, leading the FSA to propose scrapping them altogether.
Posted by little professor @ 10:54 PM (377 views) Add Comment
2 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Henryweston said...
What happens to current self cert borrowers when they need to re-mortgage ?
2. will said...
This may lead to pain for those who still can't justify their existing loans when they come to renew their mortgages.