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Self Cert - Employed - Lender pulling out
UK007BullDog
Posts: 2,607 Forumite
http://www.mortgagesolutions-online.com/public/showPage.html?page=726453
Mortgages PLC has announced it is to withdraw its self-cert facility for employed applicants, while also increasing initial mortgage rates and revert rates by 0.25%.
Self-cert deals will now only be available to self-employed applicants. On all residential applications, if one or more applicant is employed, the application will be assessed on a full status basis.
All changes will take effect from Tuesday 11 March. Applications on current rates and criteria will be accepted until close of business on Monday 10 March.
Polly Hughes, head of marketing at Mortgages PLC, said: “We are continuing to monitor market developments carefully. We have increased our pricing and withdrawn employed self-cert on residential applications to ensure we can adequately control both new business volumes and credit quality.”
Mortgages PLC has announced it is to withdraw its self-cert facility for employed applicants, while also increasing initial mortgage rates and revert rates by 0.25%.
Self-cert deals will now only be available to self-employed applicants. On all residential applications, if one or more applicant is employed, the application will be assessed on a full status basis.
All changes will take effect from Tuesday 11 March. Applications on current rates and criteria will be accepted until close of business on Monday 10 March.
Polly Hughes, head of marketing at Mortgages PLC, said: “We are continuing to monitor market developments carefully. We have increased our pricing and withdrawn employed self-cert on residential applications to ensure we can adequately control both new business volumes and credit quality.”
0
Comments
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Another One Bites The Dust...where Will This End??It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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