Packager County Mortgages, the branded lender and packager, has launched a no income declaration mortgage available MIG-free from 4.24 per cent with a £500,000 maximum advance.
The marketing literature claims ‘few checks are required. A telephone call to employers or accountants is all that is needed’.
David Wylie, managing director of County, said: “I don’t think this is a risky product. We credit score and underwriters carry out an affordability assessment, looking for any disparity between the loan requested and nature of the borrowers employment.”
The Coventry Building Society has also launched a range of self-cert products, though its criteria are more stringent. The income multiple is 3.75, with an LTV of 85 per cent. Rates start at 4.25 per cent.
Yvonne White, media relations manager at the Coventry, said: “We are a prudent and low-risk lender.”
The West Bromwich Building Society has stiffened its self-cert lending criteria. Richard Early, assistant general manager credit and risk, said: “We have beefed up our checks. A P60 or pay slip that broadly corroborates the income stated is now required.”
Wylie added: “A budget planner will illustrate both current and future income and expenditure to the client and clarify the surplus necessary to manage any interest rate changes.”
