Platform withdraws from the self-certification market
Following the recent FSA Mortgage Market Review Paper, Platform,
the intermediary lender of The Co-operative Bank, has today (4
November) announced that it will withdraw from the self
certification market at the end of this week.
David Tweedy, Managing Director at Platform said: "The FSA
Mortgage Market review paper has shown that continuing to offer
self certification mortgages in its current format is unfeasible
and after careful deliberation of the paper, Platform has now taken
the decision to withdraw from the self certification market.
“We understand the FSA’s concerns around income verification and
fully support its aims to improve transparency in the industry.
However, we continue to believe that the industry must recognise
that self employed people can have different circumstances and may
not always be able to provide the normal proof of income
documentation required.
“As a lender which prides itself on financial inclusion Platform
remains committed to supporting self employed people and will now
work with the sector with a view to developing a new product that
meets the FSA’s guidelines.
”All our existing self certification customers will not be
affected by our withdrawal from the market, on November 6, and
their accounts will continue to run as normal.”
Platform specialises in mainstream mortgage products and offers
a range of fixed and tracker rate mortgages to customers via
intermediaries, with specialist lending representing less than 20
per cent of its business.
Back
to press releases >