A self-cert mortgage is/was aimed at those who earn one figure and declare another. As you will still require legal work to register your purchase/remortgage (including details of the lender), your details will be passed to HMRC. Anyone who plans to borrow this way, best of luck when you are investigated for tax.
What a breath of fresh air, Buyer beware!
The primary reason for the crash was not self-cert mortgages in the UK. It was the greedy securitisation of mortgages in the US by greedy finance corporations that were then sold on to the greedy investment markets. When
the penny dropped that these securitisations were not potentially as good an investment as initially thought the reality then impacted on the rest of the world.
Self-cert mortgages in the UK were priced according to risk and were suitable for some clients and banks alike, it now appears that Quick Loans is now filling the void that banks left.
Does this not prove the wish to bypass MMR? “Wingate would not disclose the exact location of where the lender will
be based, explaining that he did not want the FCA ‘having a quiet word’ with the foreign regulator.”
And what about all the Financial Shambles Authority people that were ‘let off’? And what about Blair Brown Balls whose failed policies – specifically involving the FSMA 2000 which eviscerated the Bank of England’s insight into and authority over the commercial banks, the unwise changes in bank capital requirements (in league with the EU et al) and the massive and unwarranted expansion of money and credit priced too low. How are they all going to be made accountable for their failures?
Long Standing Broker
Its website can’t even spell self-cert – such attention to detail failure at this early point can’t bode well for the future of this payday lender’s venture in to the mortgage market?