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Poll reveals fears over self-cert lending abuse

The majority of IFAs believe self-certification is being abused by advisers and lenders.

A total of 59 per cent of respondents say self-cert is being misused to lend unsustainable amounts to consumers The FSA has said it believes lender controls are broadly sufficient although it has stressed that mortgage lenders must check that information is plausible and consistent and not take anything at face value.

Mortgage Force mortgage consultant Stuart Brice says: “Self-certification is open to abuse because of its very nature and it is difficult to control. I think its use should be limited only to the self-employed.”

BM Solutions PR manager Matt Grayson says: “Self-certification is a genuine part of the market. There are procedures in place which are there to control abuse. There are some bad apples in the market, but they are in the minority.”


Stakeholder cap increase is “modest” says Scot Eq

Scottish Equitable head of business development Steven Cameron welcomes the principle of the price cap rise in theory. However, Scot Eq&#39s initial figures suggest “the increase is modest” and is unlikely to lead to a greater interest in these products amongst modest earners. Cameron went on to suggest that it would be unlikely to encourage […]

Standard fears Revenue tax move will hit offset loans

Standard Life is warning that a tax crackdown by the Inland Revenue may mean that borrowers with an offset mortgage will have to register their loan with the Revenue. Tax specialist Simon Burke says although there is no evidence that offset mortgages are being targeted, they do fall within the scope of regulation published two […]

Close offers reversion plan to help reduce IHT

Close Brothers Investment is offering a whole-of-life homereversion policy in conjunction with Isle of Man Assurance which can help reduce inheritance tax. The property wealth manager product enters into a home-reversion transaction once the consumer is aged 65 or over. The proceeds are invested in the life insurance home-reversion fund which acquires the property. The […]

Bank of England warns of property crash

Bank of England governor Mervyn King has warned Britons buying a home to be wary of a possible housing market crash. Speaking to the Scottish CBI King said the rise in house prices over the past five years had taken the ratio of house prices to earnings to new record levels, unsustainable in the long-term. […]


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