or in excess of Posted August 22, 2016 Share Posted August 22, 2016 http://buy-to-let-remortgages.co.uk/m/#!/self-cert.html It's back!! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2016 Share Posted August 22, 2016 http://buy-to-let-remortgages.co.uk/m/#!/self-cert.html It's back criminal !! Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted August 22, 2016 Share Posted August 22, 2016 Worry not, it will be halted in it's tracks when Hammond gets to hear of it. Quote Link to comment Share on other sites More sharing options...
CunningPlan Posted August 22, 2016 Share Posted August 22, 2016 It's only for BTL - I thought that had always (well since 2000 ish) been based on rent rather than LL income? Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted August 22, 2016 Share Posted August 22, 2016 Hence thread title should be "Self-cert isn't back" Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted August 22, 2016 Share Posted August 22, 2016 Is this the one that gets its mortgages via the Czech Republic or thereabouts? Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted August 22, 2016 Share Posted August 22, 2016 (edited) Is this the one that gets its mortgages via the Czech Republic or thereabouts? Just checking up on those chaps and it appears that they intend to make 300 loans. As per this Guardian piece from January 2016 that comedy little lender, SelfCert, were trying to work around UK regulation on self-certification lending to owner-occupiers. Since the introduction of the MMR rules in April 2014 lending to owner-occupiers is regulated and the rules governing the conduct of the lenders are tighter than they've been since the early 1980s. (Quite an interesting update on MMR implementation from the FCA early this year.) However, buy-to-let lending still remains essentially unregulated. The upcoming PRA rules on credit underwriting addresses concerns about the soundness of the lending firms. The kind of regulation that (supposedly) stops financial firms ripping of their customers is the part of what is referred to as 'conduct regulation' and is the responsibility of the Financial Conduct Authority, but buy-to-let borrowers are not considered to be consumers so the FCA don't seem to get their hands dirty. The other regulatory track is the so-called macro-prudential concerns of the Bank of England's Financial Policy Committee. The FPC have been seeking regulatory powers over buy-to-let lending for a couple of years now IIRC. The consultation on those powers opened in December 2015 and closed pretty quickly thereafter IIRC. We ought to get some movement forwards on that before the end of the year. If the FPC does get powers and does intervene then the intervention will likely take a form similar to the soft-cap on lending to owner-occupiers and will target the pro-cyclical nature of BTL investment and the extent to which they are hiking the implicit debt servicing ratio of the mortgage-landlord-renter 'unit'. (Well, that's my view from the cheap seats, DYOR.) Edited August 22, 2016 by Bland Unsight Quote Link to comment Share on other sites More sharing options...
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