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PPI Claim News - 25/3/2010

Home loan claim: Banks oppose ban on self-certified mortgages

The Financial Services Authority (FSA) is facing stiff opposition from banks and lenders to its plans to put an end to self-certified mortgages.

The deals, also known as 'liars' loans', allow borrowers to state their own income when applying for a home loan without providing any proof.

Despite the fact that such loans accounted for nearly half of all lending at the height of the housing boom and were blamed by many for the market's resultant failure, lenders are opposed to the idea of scrapping them, the FSA claims.

According to the regulator, they believe that removing self-certified mortgages would not only harm self-employed house buyers, but also lead to a rise in home loan application fraud.

"Our proposal to make income verification a requirement for all mortgages generated a polarised reaction," the FSA said in a statement, revealing that large lenders were among the most vocal opponents.

This week, figures released by the British Bankers' Association indicated that the number of approved home loans remained level in February.

For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.

Posted by Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-19689405-ADNFCR

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