Rat and Mouse
Wed
03
Feb
Council of Mortgage Lenders: keep your hands to yourself

The Financial Services Authority's proposed ban on self-certification mortgages (dubbed "Liar Loans") is being challenged by the Council of Mortgage Lenders.

The industry body said it believed there were circumstances where it might be appropriate to fast-track a mortgage – for example, it might only apply to homebuyers putting down a deposit of at least 25%, or those with decent credit scores.

It's a tough job, defending fast-track loans after recent events, but the CML appears to be saying that an outright ban might be discriminatory, effectively condemning many self-employed people to an inadequate and inappropriate mortgage system.

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