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Self-cert mortgage lender opens for business


The return of controversial self-certification mortgages has been confirmed with launch of today.

The start-up, backed by private equity investors and based in the Czech Republic, launches with a tracker loan set at 2 per cent above base rate, the Sunday Times reports. will lend up to £500,000 at 85 per cent loan-to-value with fees expected to be around £600.

Self-cert mortgages, where borrowers do not have to prove their income, were hugely popular up until they were banned by the Mortgage Market Review.

The ban is still in place for FCA-regulated lenders but owner Graeme Wingate, founder of unsecured lender Quick Loans, got round the rules by setting up in Prague.

The firm will check affordability using social media accounts to analyse lifestyle habits while customer invoices will be accepted as proof of income.

Wingate says: “We hope to do all the paperwork in-house, which means we can do it for much less than high street lenders.”

He adds: “We had emails of support from around the UK. We have an unofficial waiting list of about 80 people. There are lots of wealthy people who just don’t fit banks’ criteria and are being punished with high rates.”

Wingate also reveals he is launching crowdfunding site,, which will offer mortgage products later this year.



‘Banned’ self-cert loans set for return

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Lenders warn buy-to-let could become the next self-cert

Lenders fear buy-to-let could become the next self-cert due to a rising number of borrowers looking to avoid stricter affordability rules under the mortgage market review. The MMR requires lenders  to ensure the borrower can afford their mortgage and must get proof of income in all cases. Borrowers will also be subject to a stress […]

Tucker calls for end of ‘self-certified’ interbank indexes

Bank of England deputy governor Paul Tucker has called for the Government to outlaw any index in the interbank markets which allows banks to self-certify their borrowing costs. At an Treasury select committee hearing on the rate-fixing scandal today, Tucker was asked whether he could think of any other fixings in the inter-bank market which […]


FSA to tighten up interest-only rules and ban self-cert

The FSA is proposing that lenders must assess affordability for interest-only loans on a capital and interest basis unless the borrower has a “clearly understood and believable” way to repay the mortgage. In its first formal consultation on interest-only mortgages in today’s final MMR consultation paper, the FSA says exceptions to the rule would be […]


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Why isn’t this sort of lending banned. The epithet Liar Mortgages fits perfectly. Is the regulator asleep?

  2. Living the Dream Dream ..... 18th January 2016 at 4:17 pm

    It’s a loop hole they missed that is being exploited @harry katz ………..

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