Selfcert.co.uk has been forced to close its doors to new applications for three months after a flood of enquiries in the lender’s first week has overwhelmed staff and crashed its website.
The lender, which is based in the Czech Republic to allow it to circumvent Financial Conduct Authority rules that banned self-certification mortgages several years ago, said “a severe backlog” of interest meant it couldn’t keep up with demand.
It launched on Monday this week and by Tuesday had seen 4,000 potential borrowers register interest.
The site said: “We have ceased taking new applications until further notice, this will be at least three months.
“We are currently working through a severe backlog of people that have registered an interest in these products.
“Although we started on Monday 18 of January people have been contacting us since reports of the products returning first appeared in November 2015.”