David Tweedy, managing director at Platform, said the paper has shown that offering self certification mortgages in its current format was unfeasible
He added: “We understand the FSA’s concerns around income verification and fully support its aims to improve transparency in the industry. However, we continue to believe that the industry must recognise that self employed people can have different circumstances and may not always be able to provide the normal proof of income documentation required.”
The lender has pledged to develop a new mortgage product for self-employed people that will meet FSA guidelines.
Tweedy added: “Platform remains committed to supporting self employed people and will now work with the sector with a view to developing a new product that meets the FSA’s guidelines. All our existing self certification customers will not be affected by our withdrawal from the market, on November 6, and their accounts will continue to run as normal.”
