Co-Op Bank pulls out of the Self-Cert mortgage market
Self Certification mortgage products are withdrawn by Co-operative Bank after suspicions of exaggerated income claims
2nd March 2004
The Co-Op Bank has withdrawn its self-certification mortgages range, following growing fears that homebuyers were exaggerating their income in order to borrow more.
Self-Cert mortgages are designed for people with irregular income such as the self employed, but there have been widespread concerns over the reliability of self-declared income, leading to an FSA investigation.
The investigation uncovered no evidence of widespread fraud, but doubts over the future viability of the market have seemingly been too worrying for the Co-Op.
Read More: Commentwire
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Products from Co-op Bank : Co-Op Travel Card, Co-op Advantage Platinum, Co-op Clear Card, Co-op Unsecured Loans, Co-operative Bank Car Loans |
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More on Self-Cert Mortgages : FSA Notes Improvements in Self Certification Practices (News, 15/11/2005) |
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