The FSA says it is not blocking self-employed and contract workers from getting a mortgage by banning self-cert products.
Speaking at the Mortgage Business Expo in London, Lesley Titcomb, director of mortgages and small firm supervision at the FSA, says lenders are the ones preventing mortgage access to workers with non-regular incomes. When the FSA first announced it will make income verification mandatory for all mortgages, many in the industry said it would cut off access to mortgage funding for the UK's many self-employed and contract workers. In the past, these people would have applied for a self-cert or fast-track mortgage, which would not require income verification. However, some borrowers used...
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