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No more self verified income mortgages

21/07/2010

Mortgages with self verified income are no longer available in the market. BMM’s managing director Murray Cowan said changes to the Low Doc market as a result of the new national credit code were a positive for the industry as it was clear that Low Doc lending had moved away from its traditional purpose of assisting self-employed borrowers in recent years.

“No Doc or asset lend style loans with little or no income verification became popular in times of rising asset prices but these loans were designed to assist investors and not specifically self-employed borrowers and are no longer acceptable under the code”, Mr Cowan said.

Source: The Advisor



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