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FCA warns on self cert lender eyeing unemployed borrowers

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The Financial Conduct Authority is warning consumers about a lender targetting the unemployed with self cert loans.

Unemployed Loans describes itself as part of a network that includes Prague-based self-cert lender

The website says: “Giving the unemployed loans is tricky, but we are not going to exclude people because they don’t currently have a job. There maybe hundreds of reasons why people without employment would benefit from a loan.The least we can do is listen to their reasons and make a informed decision.

“The site will continue to lend to those that are currently without work, we will continue to resist calls from those who think that certain people don’t deserve credit.

“We are not based in the UK, by being based abroad we are able to make our own decisions. One of those decisions is to bring back self cert mortgages.”

The firm is not yet trading but says it will soon.

The Unemployed Loans website is registered to founder Graeme Wingate.

The FCA says: “We believe this firm has been providing financial services or products in the UK without our authorisation.

“This firm is not authorised by us but has been targeting people in the UK.”


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  • Michael White 28th July 2016 at 10:00 am

    There are 000’s of people who might for instance be considering starting a new business but according to the ‘experts’ at the FCA and elsewhere would need to sell their £500k unencumbered home then downsize to raise money. What about staying put raising £100,000 self-cert money, build the business and pay the mortgage? Ok, it might fail, but they at least they were treated like adults and gave it their best shot. You simply cannot treat all SC lending as if it is criminal… It Simply demonstrates myopic naivety.

    • Hairyladder 29th July 2016 at 9:52 am

      You clearly have a very short memory or you were born after 2008. This has nothing to do with treating people like adults. That happened before and caused a financial meltdown. Your right, and those of others, to have access to self cert products ends when it costs taxpayers tens of billions of pounds to bail out financial institutions and gridlock in financial markets.
      Also your disregard for the welfare of borrowers because there is money to be made is symptomatic of all the problems that exist is some quarters of the mortgage market. The lender in your example has a 20% risk exposure and absolutely zero chance of losing money, would the lender be as keen to lend if the cards were stacked in favour of the customer? I.e the ender advances £500K for a property worth 100K?