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Controversial self-cert lender suspends lending


Controversial new lender has suspended lending for three months, citing a “severe backlog” of consumer interest.

The lender launched on Monday, though its website crashed on Tuesday and has only relaunched today.

The new website says: “We have ceased taking new applications until further notice, this will be at least 3 months.

“We are currently working through a severe backlog of people that have registered an interest in these products.

“Although we started on Monday the 18th of January. People have been contacting us since reports of the products returning first appeared in Novermber 2015.”

The start-up is backed by private equity investors and is based in the Czech Republic.



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There are 7 comments at the moment, we would love to hear your opinion too.

  1. Despite what the said about self cert mortgages It appears that the public still want this product. I wonder how many more companies or private equity firms will now follow selfcert to Czech Republic and set up shop?

  2. …I wonder how many people will actually get offers.

  3. How are they able to passport in, are the contracts written under UK law? If so, the MMR has been a complete waste of time and money; but that’s the FCA for you. If there is a need to protect the UK public from themselves and self cert, why the hell did the FCA allow this scenario to exist?

  4. A mortgage is a low risk loan for a lender. If the LTV is 60% or less what does it matter to the lender what income the clients actually have at their disposal? If the borrowers miss payments the lender takes charge of the security. People in business often have income that does not necessarily relate to their tax position. Previous losses can be carried forward for tax purposes, losses that have been absorbed and do not affect current income, but as far as lenders are concerned the income is the bottom line after tax. They continue to count historic losses against income. In short lenders discriminate against self-employed people in many ways. Self-cert mortgages should be back on stream with immediate effect!

  5. Have have income but it is not documented.


    Also what about regulation in Czech Republic, how different from UK.

  6. If the public were encouraged to take a little bit of responsibility for their own actions for once, instead of simply demanding whatever they want, safe in the knowledge that the FOS will find someone else to blame if it all blows up, then self-cert mortgages might still be available from within the UK.

  7. It is the only way the self employed can get access to proper lending without the discrimination that currently exists and without exposing the business to massive tax attack to show they can afford a mortgage they already have to a new lender. It suits the banking industry and FCA to paint this product black as it allows massive overpayment to be claimed by lenders with rates at 5% against 1-2% exploiting such borrowers and creating the current mortgage prisoner syndrome. The average overpayment due to this trick is currently estimated at £400/month. A term referred to by Santander as fiscal leverage I believe. I have another word for it!

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