UK FSA okays checks on self-certified mortgages - 2004-02-10
Britain's financial regulator indicated on Tuesday that mortgage lenders' checks were good enough for people who certify their income after allegations that some brokers encouraged borrowers to lie.
Mortgages where the borrower pays extra interest to declare their own income make up just eight percent of new lending, the Financial Services Authority said. Lenders use extra credit controls on these mortgages, and arrears are not much higher than for other home loans, the FSA added.
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