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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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