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 (523 views)
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3 Comments

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.

Tuesday, November 10, 2009 01:45PM Report Comment
 

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.

Tuesday, November 10, 2009 03:50PM Report Comment
 

3. This comment has been removed as it was found to be in breach of our Blog Policies.

 

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