Capital Fortune have today openly criticised leading mortgage intermediaries who are “bashing” the FSA over self certification mortgages. The award winning mortgage advisers have controversially claimed that the very mortgage brokers who support ‘self-cert’ are often the same ones seeking ‘self-regulation’. Those days are long gone and the industry has moved on.
The London mortgage broker believes that the historic use of self certification products has often been used as a device to push through deals on the basis of little income or for borrowers who continually deceive the Inland Revenue. These practices should not be condoned and there is enormous exaggeration on the number of applicants to be disenfranchised if self cert products are removed.
Rob Killeen, Business Manager at Capital Fortune stated that “As a Company, we do find there are some borrowers who ‘legitimately’ need to use these products but in 4 years of trading, Capital Fortune has undertaken less than a handful of self cert applications. The idea that thousands of genuine borrowers will be left frozen out of the mortgage market is a fallacy and seriously undermines the professionalism and legitimacy of the mortgage brokers making these claims.”
The London mortgage adviser has lashed out at what it sees as “deceptive black - art practices” from some of the leading industry spokespeople on the issue.
It is concerned that many of the largest national mortgage brokers are coming out against the FSA despite clear evidence that borrowers entering onto these products are more likely to be tempted to inflate their income and are more likely to fall into arrears. “The vocal criticism appears more about maintaining current business models than providing a safe home and suitable mortgage for UK borrowers” Killeen claims.
The FSA Mortgage Market Review is currently taking industry wide feedback on self-cert and other lending issues.
For more information contact David Rostron at Capital Fortune on 08453 630 430
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