Tuesday, Nov 10, 2009
Self-Cert Mortgage Deals Disappear From the Market
E1 News: Self-Cert Mortgage Deals Disappear From the Market
Following the release of mortgage review by the Financial Services Authority in October, Co-operative lending branch – Platform bank – announced that it will withdraw its self-certification mortgage deal by the end of the week.
Let us remind that the FSA proposed that all lenders verify borrowers’ income sources and carry out affordability checks. Meanwhile, self-certification mortgages that have been extremely popular with borrowers earlier, especially with self-employed mortgage applicants, mean that income sources cannot be verified and that is why lenders are quickly withdrawing this type of mortgage deals, even though the new rules of the FSA will only come into force in 2010.
Posted by uch1405 @ 08:53 AM (205 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. Paul said...
Let us just remind ourselves that liar loan self certain mortgages have very likely been one of the single biggest contributors to the credit-based house price inflation.
2. str 2007 said...
No need when the banks will lend 5 times joint.
A trap is being laid by the banks that will force interest rates to stay low.
5 times joint is more IMO than most would have dared take on a liar loan anyway.