View more on these topics

County Homeloans reintroduces No Income Declaration self-cert deal

County Homeloans has re-introduced its No Income Declaration self-certification mortgage – the only scheme of its kind currently available in the UK.

The product, which does not call for any income to be stated or proofs of income, has been repriced and has now been re-introduced by County because of broker demand.

Most other lenders require some form of stated income on their self-certification mortgage applications, however, with County&#39s self-certification product, the client only has to pass a credit score. If successful no referencing is required, only a telephone call to the employer or accountant. Once the valuation has been carried out the case is then ready to be offered.

Tristan Pile, director of County Mortgages, says: “Following the launch of our No Income Declaration product earlier this year we received a huge level of interest, mostly due to the fact that applicants are not required to state their level of income on the application form.  We are now relaunching the product with additional funding made available. However, we encourage brokers interested in this product to contact us swiftly, given that funds allocated will be limited.”

The MIG-free product is available from 4.99% and discounted until July 1 2005, or alternatively as a base rate tracker. Maximum LTV is 90% for both mortgages and remortgages and the advance threshold is £500,000.

Redemption penalties are payable during the first two years of the mortgage; 3% during year one and 2% during year two. Up to 25% of the loan can be paid per annum without penalty.The procuration rate is 0.5% and an arrangement fee of £495 is payable, but can be added to the loan. There are no compulsory insurances.


Brentchase forms local broker group in Essex

Brentchase Financial Services has formed the Essex Mortgage Brokers&#39 Association to provide assistance and locum support to local broker firms. So far eight companies have joined including The John James partnership and Brentbaker. As the group grows EMBA will offer locum support to sole traders to cover illness and holidays. The group will take appointed […]

Network rules will be more onerous than FSA ones

From Nick BaxterI read with interest your Network Strategy article and the answers to the question &#39Will the compliance requirements of a network be more onerous than direct regulation?&#39 (Mortgage Strategy April 26). The common view of your panel members was either &#39no&#39 or &#39others might but we won&#39t&#39. Well, they would say that wouldn&#39t […]

Funny money is a serious business

Nearly nine out of 10 (89%) financial services compliance consultants surveyed recently by Huntswood Outsourcing believe that UK financial services providers are failing to comply fully with money laundering regulations. This is a pretty chilling figure but providers have it relatively easy compared with advisers. Money laundering regulation is extremely complex and identifying noncompliant activity […]

CML mulls over packager status

The Council of Mortgage Lenders is understood to be considering whether packagers should be regulated. The suggestion has emerged that packagers should be classified as &#39arrangers&#39 to end ambiguity over their role in the mortgage process. But a CML spokesman tells Mortgage Strategy that there have been no internal discussions. Industry figures say they have […]

Why we all need to back the housing underdog

The UK loves an underdog. There is something irresistible about the story of the little guy standing up to the established players and leaving them with a bloody nose, whether it is Henry Cooper putting Muhammad Ali on the mat or the Wallabies trouncing the Kiwis in rugby. At the Conservative Party conference, LendInvest championed […]


News and expert analysis straight to your inbox

Sign up