Latest News from the whole of the market
Are self-CERT mortgages dead?
Wed 14th Oct 09 - 13:47
The Financial Services Authority's review of the mortgage market is due out next week and expectations are that the governor of the city will prohibit new self certification mortgages.
Back in 2007 July, 860 or 23% of 3803 residential mortgage loans were available through self-certification. There are now only two self-certification mortgages left on the market, both available from Platform, part of Britannia BS, and are available for self-employed.
Nationwide Mortgage Works withdrew from the self certification mortgage market this week and there are rumors that the platform will follow suit soon.
Is it a coincidence that lenders are taking this decision shortly before the review of the FSA? We'll find out next week.
***********************************************************************************************
Source: North Mortgages Ltd - 14th October, 2009
About North Mortgages - http://www.northmortgages.co.uk
Established in 2007, North Mortgages has built up a reputation as a whole of market mortgage broker with access to the best deals on the market.
North Mortgages has helped thousands of people obtain independent advice on Mortgages and Remortgages in Manchester and the UK. For more information visit www.northmortgages.co.uk or contact the whole of market mortgage brokers now on 08000 949595
