The FSA’s Mortgage Market Review is expected call for an end to self-certification mortgages, which were granted without proof of income.
I can understand why few people would want to grant one, sure. I cxan understand why people might be leery of them.
But to ban them? To say “no, you may not lend your money as you wish”?
A little de trop, no?
For example, I remortgaged a few years back. Had to be self certifying as I was (and am) self-employed with variable income from a number of different sources. I was limited to 60% of the value of the property.
I can’t really see that such a mortgage should be banned on any grounds at all.