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't 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.”