Online self-cert lender will sidestep need for mortgage advice
A new online-only lender offering FCA-outlawed self-cert mortgages plans to exploit EU e-commerce rules to offer loans without the need for advice.
Self-cert lender launch ‘outright attempt’ to bypass MMR
Brokers lambasted the announcement that the infamous self-certification mortgage is making a comeback, despite having been banned by the regulator in recent years.
TSB national manager jumps ship to work on Tesco’s intermediary plans
Dave Gillam, national account manager for TSB, is leaving the bank to work on the intermediary proposition at Tesco Bank, a source at TSB has confirmed.
Conveyancer gets jail time for Stamp Duty fraud
A London conveyancer has been jailed for three years and four months after he was found to have cheated his clients and HMRC out of almost £353,500 in Stamp Duty Land Tax.
Santander sets minimum income levels on interest-only mortgages
Santander has introduced a minimum income requirement for residential borrowers requesting any part of their mortgage on interest only, set to take effect from 23 November.
Here’s some more you may have missed…
Barclays relaxes income multiples for Premier borrowers
Barclays has relaxed its maximum income multiple calculations for borrowers which meet its Premier criteria and removed the annual bonus cap, for a limited period.
Bank surcharge could cost YBS £2bn in lending
A new 8% surcharge on the profits of banking firms could see Yorkshire Building Society (YBS) lose out on £2bn in mortgage lending, according to the firm’s chief executive.
Majority of brokers tailor fees to client circumstances
Over half of mortgage brokers say they charge clients a fee based on varying circumstances, compared to 28% who charge a flat fee.
Former FSA employee admits those to blame for HBOS collapse were ‘let off’
A former senior member of the Financial Services Authority (FSA) interviewed over the investigation into the failure of HBOS has admitted that ‘the people most culpable were let off’ from any enforcement action.
Santander updates buy-to-let applications for MCD
Santander for Intermediaries is amending its buy-to-let application form and Key Facts Illustration (KFI) to prepare for changes that will be brought about by the Mortgage Credit Directive in March next year.
Have a great weekend from the Mortgage Solutions team.
