A former Southern Pacific Mortgages manager has called for lenders to fill a gap in the market with part-verified products.
Speaking at a session on self-certification at the Mortgage Business Expo last week, Gavin Hunt, who has worked at Kensington but more recently at failed lender Concert Mortgages, said that he wants to campaign for more partverified products to be offered by lenders.
He said that some lenders have dabbled in this market but no one has moved into it whole-heartedly.
Hunt said these products could be used by people who only need part of their income to be self-certified. He said: “There is no reason why someone cannot get their act together and offer good part-verified products. Brokers should encourage lenders to do this.”
Hunt said that it was better for lenders to offer these types of products as it reduced risk and there is a huge gap in the market.
He also told delegates that there was likely to be an increase in “sampling” by lend-ers in the self-certification market – making checks and verifying incomes – due to the FSA’s increasing concern over the sector.