MSE News: 'I was a mortgage prisoner but escaped thanks to MSE and saved £3,600'



  • Pincher
    Pincher Posts: 6,552 Forumite
    Combo Breaker First Post
    So because brokers facilitated self cert mortgages they are all liars with no morals? Why does it have to be so black or white? is life black and white? you benefitted from a form of self certification yourself but self cert was wrong? brokers that are part of accountancy firms are excused from your barrage of assumptions I take it? You are a hypocrite in the truest meaning of the word. I would go on but its kind of not the point of this thread but you need to give your head a wobble mate!

    Self-certificated mortgage is for people who don't fit into the standard one size fit all production process. You could be waiting for a trust fund, so repayment vehicle is irrelevant. It was abused by people who were supposed to be gate keepers who screened borrowers, but just filled in forms for them instead. My broker knew I was asset rich, but cash poor, and made the correct call.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Pincher wrote: »
    Self-certificated mortgage is for people who don't fit into the standard one size fit all production process.

    Alternatively described as give people a blank signed cheque. Funnily enough none of the lenders offering such deals survived the course unscathed. Wonder why?
  • ggginny
    Hi, any thoughts on what I can do? I recently 'failed' the affordability test with my bank - despite having an excellent credit score and never missing a payment on my interest only mortgage with NRAM. NRAM do not do products that reflect any of the interest rate drops over the last 5 years so I feel like a prisoner...I have searched the articles and forums but haven't found anything particular to people in a similar situation with NRAM.

    Any advice gratefully received...

    Best Wishes

  • kingstreet
    kingstreet Posts: 38,788 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Your only option is to find another lender where you meet the status and affordability requirements.

    If you've been only to "your bank" how about another bank, building society or even an independent broker?

    NRAM is not a trading lender it is a Government department designed to recover as much tax payers money as possible and it has no banking licence so is unable to lend or offer new products.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • SavingSteve
    Pathetic self publicity by MSE
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Name Dropper First Post First Anniversary
    Why does the quote refer to "remortgaging" and solicitors paperwork, for a product switch?
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 343.6K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards