Moneyfacts: Self-certification mortgages could be rightly over

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Moneyfacts: Self-certification mortgages could be rightly over

Moneyfacts has commented that if self-certification mortgages are prohibited then it may be no bad thing.

Spokesperson for Moneyfacts Darren Cook stated that self-certification mortgages were treated as higher risk loans, similar to sub-prime deals.

He claimed that there could have been space for this kind of product in the lending market, but it was offered to the wrong type of person and now it is probably best that it is consigned to the past.

Mr Cook added: "If self-certification mortgages are proved to be one of the strong catalysts of the mortgage crisis, then these mortgages have only a place in the history books of personal finance."

In his view, if the self-certification deal is banned then it will also stop fast-track mortgages from taking place.

The only lender currently offering this type of product is Platform, which is a division of the Co-operative Bank.

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