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UCB sees big rise in self-cert loans

Nationwide&#39s specialist lender UCB Home Loans says it lent more than £1bn in self-certification loans last year as increasing numbers of workers became self-employed.

UCB lent £1.12bn in 2001, up from £936,537 the previous year, with the number of mortgages completed rising by 12 per cent to 13,710 from 11,330.

The increase in business means UCB has 46,273 loans totalling £3.6bn on its books. The average loan size was £96,300 against an average purchase price of £138,900.

UCB attributes the rise in demand for self-cert loans to the growing ranks of self-employed people and an increase in the number of jobs based on short-term contracts.

UCB is losing its head of business development Tony Jones who, after four years in the role, is to become managing director of Skipton Building Society-owned packager Pink Home Loans. He will take over from Peter Presland, who is retiring.

UCB managing director Charles Reed says: “Changing work patterns mean that increasing numbers of people fall into the self-certification category, where their income is variable or where they have not been trading for long enough to build up three years of audited accounts. Our understanding of this market enables us to make professional decisions which satisfy both the lender and the borrower.”


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Yorkshire Guernsey – 3 Year Stepped Rate Bond

Thursday, March 28, 2002Type: High interest accountAim: IncomeMinimum investment: Lump sum £5,000Place of registration: GuernseyYield: 5% gross until April 30, 2003, 5.5% gross from May 1, 2003 toApril 30, 2004, 6.5% gross from May 1, 2004 to April 30, 2005Isa link: NoCharges: NoneCommission: NoneTel: 01481 710150

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Lives: Near Swindon, WiltshireBorn: September 14, 1946Age: 55Education: Swanwick Hall Grammar School, Derbyshire, first in chemistry from Hull University, postgraduate courses at three other universities.Career: Research Assistant, London University, 1973-75, executive at Institute of Personnel Management, 1975-77, assistant director Ashridge College, 1977-81, Hambro Life/Allied Dunbar 1981-90, J Rothschild 1991-98Career ambition: To make Inter-Alliance what it […]

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Ken Rayner and Graham O¹Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio The Artemis US Select Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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