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Self-cert mortgages return as new lender opens


The return of controversial self-certification mortgages has been confirmed with launch of today.

The start-up, backed by private equity investors and based in the Czech Republic, launches with a tracker loan set at 2 per cent above base rate, the Sunday Times reports. will lend up to £500,000 at 85 per cent loan-to-value with fees expected to be around £600.

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 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.

Wingate says: “We hope to do all the paperwork in-house, which means we can do it for much less than high street lenders.”

He adds: “We had emails of support from around the UK. We have an unofficial waiting list of about 80 people. There are lots of wealthy people who just don’t fit banks’ criteria and are being punished with high rates.”

Wingate also reveals he is launching crowdfunding site,, which will offer mortgage products later this year.



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  • Tom Cleary 18th January 2016 at 5:43 pm

    Chris Hulme – I would NEVER advise any of my clients to use this product or “lender”, even if I could! I have really heard it all now, using Facebook & Twitter as an underwriting tool!? You couldn’t make it up…

  • Devraj Ray 18th January 2016 at 10:48 am

    Outstanding developments. Social media lifestyle impressions are the obvious way to make sure someone can afford a mortgage.

  • Chris Hulme 18th January 2016 at 10:15 am

    There is absolutely a need for a view to be taken on different income types and structures although whether this needs to be as far as self cert, I’m not so sure. It’s small at the minute but momentum will no doubt increase as this news gains traction.
    Interesting that they have “got round” the FCA rules by setting up under a different Regulator and jurisdiction within the EU…. I suspect UK based brokers authorised by the FCA will still be unable to advise on such products… that is perhaps unless they passport into the Czech Republic….


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