News - Self-employed
Mortgage Solutions | 13 Nov 2009 | 09:37
Beacon Home Loans has today withdrawn from the self-certification market.
There are now no UK mortgage lenders active in the sector. The news comes hard on the heels of Platform's exit from self-cert announced on 4th November.
All outstanding self-cert deals offered to date must be packaged and submitted today, after which the lender will stop taking deals from any source.
Beacon said it cannot extend the current tranche of funding it has which runs until February 2010. Existing offers are not affected.
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Recent comments
That's me stuffed then.....no more self-certs
Tony Blair
14 Nov 2009 | 12:51
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This will lead to a large group of people unable to remortgage, or move home, clogging the housing market up further. Many brokers will go out of business as well as the assoc companies. But that doesn't matter, as long as Gordon/FSA seen to be doing something however useless!
Robin Lindley
16 Nov 2009 | 10:07
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Funny how someone who is employed for say 3 mths can obtain a mortgage,by supplying salary slips.But the self employed will need at least 1 yr plus projection.Well Done FSA.
Barry Crane
17 Nov 2009 | 08:50
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Obviously it makes sense that an employed person finds it easier to get a mortgage, their income is guaranteed every month and can be proven, whereas someone self employed will have many more expenses and risks involved, therefore it makes sense that "self certs" be banned. we all know that an honest self employed person is aware that it is harder to get a mortgage and if they report true earnings over a consistent time frame, this will enable them to apply for standard residential mortgages.
Lee
20 Nov 2009 | 13:58
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