Friday, January 30, 2009
Another blow to Government lending plans
Self cert mortgages face extinction after BM Solutions and Bank of Scotland became the latest lenders to pull out of the sector. The HBOS lenders, now part of Lloyds Banking Group, will no longer accept any self cert business. Both in recent years have been large players in the self cert sector. This comes after both GE Money Home Lending brands iGroup and First National revealed they were to stop accepting new self cert business last week, and Bristol & West pulled out of new mortgage lending completely. Nationwide’s The Mortgage Works and Britannia’s Platform remain the only lenders who offer any kind of self cert mortgage.