Platform shelves self-cert mortgages
Wednesday, 04 November 2009 12:00
Platform has announced it is pulling its self-certification mortgages from the market.
The lender, which works as an intermediary to the Co-operative Bank, has made the move following the publication of the Financial Services Authority's (FSA's) Mortgage Market Review paper.
According to Platform, the paper had shown that offering self-certification mortgages in their current format was not feasible.
And it said it would now work with the FSA to create a new product for self-employed borrowers, which met the regulator's guidelines.
David Tweedy, managing director of Platform, said: "We understand the FSA's concerns around income verification and fully support its aims to improve transparency in the industry.
"However, we continue to believe that the industry must recognise that self-employed people can have difference circumstances and may not always be able to provide the normal proof of income documentation required."
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