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Self-certification mortgages

06 February 2016

A new lender from the Czech Republic recently started touting for business in the UK. Appropriately named 'Selfcert.co.uk' started accepting self-certification mortgage applications from the UK and has already had such a huge number of applications that it has stopped taking new ones while it works through the backlog. At TMP we are concerned about borrowers using overseas firms, especially on a self-cert basis and want to just stress the following;

Remember - If you take out a mortgage offered from outside the UK you will lose important UK consumer protection benefits, such as the right to refer complaints to the UK’s Financial Ombudsman Service and to be treated fairly if facing payment difficulties. 
As of 21 March 2016 even these overseas lenders will have to comply with a European credit directive (ECD) requiring any UK mortgages go through a thorough affordability assessment based on information that has been verified by the lender. So this could be a very short window for lenders like Selfcert.co.uk to cash in on the UK market.

For any help with your mortgage options:

T: 02380 018109
E: info@tmp-mortgages.co.uk
Your home may be repossessed if you do not keep up repayments on your mortgage