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Self-cert ‘snake oil’ salesmen need regulating – Star Letter 20/11/2015

by: Mortgage Solutions
  • 20/11/2015
  • 0
Each week, we round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter.

This week’s Star Letter award goes to The Cynical Broker for his comment on the story: Online self-cert lender will sidestep need for mortgage advice

“’There was a lot of inflating of borrowers’ income through brokers to get mortgages completed in 2007. So if we handle everything from start to finish, it’s a lot more secure for us’.” Fascinating to know just how by them handling everything from start to finish this will defeat the issue of borrowers inflating income, ridiculous.

“Still, as long as it is made absolutely crystal clear to the borrower that if anything goes wrong they’re on their own, no FCA, no FOS, no nothing, then so be it. Also the borrower should be made aware that they will most likely be with this lender for life, so they should check the retention range before signing up, otherwise it could get very expensive.

“Basically though, it’s yet another reason why the snake oil salesmen in this sector need effective regulation.”

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