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Panorama was not the whole self-cert story

The BBC has been criticised by mortgage intermediaries for not presenting the whole story in its Wednesday night edition of Panorama, featuring self-cert mortgages.
Clear Cut sales and marketing director Ben Thompson says the BBC presented the self-cert issue out of context. He says the issue needs to be discussed in terms of the bigger picture of lenders reluctance to change income multiples with the times.
Without saying there was any problems with self-cert, Thompson suggested one reason customers may look at self cert is because draconian income multiples have not kept up with interest rates and market values.
However, he says he is not convinced of the BBC&#39s insistence that 30 per cent of mortgages are self-cert or fast track but it entirely depends on how you define fast track.
Thompson believes the program did have somewhat of a point in that lenders should take some of the blame.
He says: “In some respects I concur that ultimately lenders pass over the blame over to intermediaries when something goes &#39wrong&#39.”


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