Sunday, 20 December 2020 19:50

New SelfCert Update - Some Good News

This week we learned that new Self-Certified mortgage providers were due to come on tap next year. Fantastic news for the Self-Employed in what was otherwise a dark year.

We write about it in greater detail on our parent site Quick Loans

Here is what we know, there are at least 2 direct mortgage lenders coming on stream in 2021. We know this because last week they contacted us for help and advice. They will be following a similar path to us in basing themselves in another EEA country and passporting their products back to the UK.

We think this is a significant step forward for the industry. The UK's FCA has shown itself to be a protector of the big banks and a barrier to financial innovation. Our belief has always been that if they start to see competition from other venues outside of their control, they will eventually have to be pragmatic and allow for SelfCert mortgages to return to these shores.

When SelfCert's do return, it will mark a return to a period of time in which people took personal responsibility for their own finances. Over the last 10 years, we have seen the State take over and decide which agreements adults should enter into.

We have been asked not to disclose other details about the new providers. We do know they are extremely credible individuals with a life long background in the financial services industry. This is happening.

We have told the people involved in this new venture that we are happy to forward them anyone who comes to our site and expresses an interest in applying SelfCert products. Please don't send us any details yet, we will update the site when they are ready for applications.

Positive news though

 

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Self Cert is not based in the UK. We are NOT regulated by the Financial Conduct Authority

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