4,000 borrowers contact controversial self-cert lender in 48 hours

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Controversial new lender selfcert.co.uk claims over 4,000 borrowers have registered an interest in the two days since it launched.

The start-up, which launched on Monday, is backed by private equity investors and is based in the Czech Republic.

It is reportedly offering a tracker loan set at 2 per cent above base rate and will lend up to £500,000 at 85 per cent loan-to-value with fees of around £600. However, this cannot be verified as its website is not functioning.

A statement on its website says: “Due to demand we are having a few issues with our new site at the moment. The site will be live today, Wednesday 20th of January.

“We do apologise but we won’t be able to satisfy demand for the vast majority of those that have already contacted us. We are very very sorry but if you haven’t already emailed or called us, we won’t be able to provide any assistance this time. We are working with others to try and increase capacity.

“We’ve had over 4,000 people contact us in the first two days and register an interest with us. We are working through these and will contact all of these people within the next 72 hours.”

Self-cert mortgages, where borrowers do not have to prove their income, were hugely popular up until they were banned by the Mortgage Market Review.

The ban is still in place for FCA-regulated lenders but selfcert.co.uk owner Graeme Wingate, founder of unsecured lender Quick Loans, got round the rules by setting up in Prague.

The firm will check affordability using social media accounts to analyse lifestyle habits while customer invoices will be accepted as proof of income.