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TMW pulls non-status self-cert feature

Although the two self-cert products, launched on September 2, are being retained, brokers have until Friday 17 to get all applications in using the old non-status system.

One source tells Mortgage Strategy Online: “I don&#39t think the product as it stood fitted in with the FSAs definition of responsible lending.”

In place of the non-status feature, borrowers will now have to fill in an affordability declaration.

The source adds: “TMW now want to know how much money is coming in, what are their bills, and what is the disposable income. If that covers the bills then borrowers can have the mortgage in line with responsible lending guidelines.”

A spokesman from The Mortgage Works, says: “We are continuing with our current self-cert product range replacing the non declaration of income with an innovative affordability test which we are confident is entirely alligned with both the spirit and the word of MCOB.”


Stroud & Swindon launches two-year fixed rate mortgage

Some of the features of the product include free valuation on properties valued up to £600,000, discounted legal fees package available for remortgages, no early repayment charge after November 30, 2006 and up to 25% of the loan can be repaid at any time without an early repayment charge.

Freeze confirms predictions

The Monetary Policy Committee has raised interest rates five times since last November to help control the property market and consumer spending and this now seems to have succeeded. Jak Sardar, economist at Barclays bank, says: “The decision to keep interest rates on hold confirms our prediction that it would not raise rates this month. […]

Baseline Capital appoints sales and marketing director

Richard Coates, managing director of Baseline, says: “I&#39m pleased to have Fletcher on board given his extensive market contacts among lenders, technical knowledge and proven sales track record.” Fletcher worked at Homeloan Management for three years. He says: “Baseline provides me with a host of exciting new challenges. My new role will be focused on […]

LIME links up with Exclusive

LIME members and clients will have access to a packaging service from Exclusive Connections, which it says is the largest mortgage packager in the market. The service will be available via six Exclusive Connections local offices and will provide members with access to a packaged panel of 17 lenders and an inclusive range of products […]


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