Self-certified mortgages - branded 'liars loans' and banned in the UK in 2010 - are staging a comeback advisers warn could be bad news for clients and the industry.
Self-certifed mortgages - property loans in which borrowers filed in their own incomes and outgoings without any documentary proof - played a part in the credit boom and bust that contributed to the 2008 financial crash. The UK government banned their use five years ago. But now an overseas mortgage business - Selfcert.co.uk - has launched to get around the rules by offering their services to the UK from the Czech Republic. Selfcert's website is currently done, apparently due to massive demand for its mortages. "We've had over 4,000 people contact us in the first two days and regis...
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