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Brokers could vouch for the self-employed

PMS has suggested that brokers could vouch for self-employed clients they have known for three years or more as an alternative to the FSA banning self-cert.

Development director Martin Reynolds says lenders could use intermediaries to help toughen the parameters on self-cert instead of a ban.

Reynolds says: “You could have tightened criteria where brokers have to have known the client for three years, for example, and can vouch for them.”

John Charcol senior technical manager Ray Boulger is not convinced that the FSA will follow through with a ban on self-cert.

He says: “I do not think we should assume that self-cert is going to be banned. The FSA is not necessarily saying that income has to be proven in the same way as it is proven now.”

Stroud & Swindon Building Society sales and marketing director Linda Will says, given that the FSA is proposing ultimate responsibility for affordability should rest with the lender, it would be harder for them to depend on a broker’s judgement.

She says: “I find it pretty unlikely that a lender would rely on a broker.”

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