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Mortgage News
Self-cert mortgage availability 'healthy' - 11/01/2008
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A self-cert mortgage broker maintains that the credit crunch has not hampered the availability of self-cert mortgages.
Although the subprime sector may have suffered to the reduced credit availability, mainstream lenders have been able to continue offering self-cert mortgages to the majority of prospective borrowers, claims Alexander Hall spokesperson Andy Pratt.
Mr Pratt, representative of the independent mortgages broker, points out that the fundamental health of the self-cert mortgage industry has been maintained following the credit crunch.
Pressure on subprime mortgage loans has not been extended to mainstream lenders and clients with good credit records have largely been approved for self-cert mortgages "even with the credit crunch", he explains.
Brokers are particularly prominent in the self-cert mortgage market according to Mr Pratt, who cites this as one reason for the healthy level of approvals given to such borrowers.
"If those customers carry on with that behaviour, ie consult a broker, then the broker is going to find a home for them," he says.
Defined by the Council of Mortgage Lenders as "a mortgage where you declare what your income is, but are not required to provide proof", self-cert mortgages tend to be used by self-employed borrowers.
© Adfero
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