The Inside Edge
Don’t throw the baby out with the bathwater – self cert mortgages
In response to Tony Bonsignore’s article in yesterday’s citywire which effectively stated goodbye and good riddance to self cert mortgages, Lorna Bourke today argues that there is a place for ‘responsible self-cert lending’ and quotes the Council or Mortgage Lenders who believe that the current rules are fine but need to be policed better.
The FSA’s mortgage market review, due out next week, is expected by many to damn self cert mortgages as a method for irresponsible lending and an open door for mortgage fraud. However the CML believes that there is a need for the products by those with irregular or unpredictable income and that banning them would cause more harm than good.
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