Self-certification mortgages are still available despite the credit crunch and consequent tightening of lending criteria, according to industry experts.
Mortgage advisers Alexander Hall said that the credit crunch has had “nowhere near” the same impact on self-certification products as it has on subprime mortgages.
Andy Pratt, spokesperson for Alexander Hall, said: “All those clients who would have got a self-cert mortgage before have been able to get them even with the credit crunch.”
He added that Alexander Hall have had no problems placing clients in self-certification mortgages as there is “still a good enough choice out there”.
The Council of Mortgage Lenders defines self-certification mortgages as “a mortgage where you declare what your income is, but are not required to provide proof.
They are used by the self-employed, or people who have difficulty providing proof of income.
According to the Economic and Social Research Council’s most recent figures, for 2006, of the 29 million people employed in the UK, 13 per cent (3.8 million) were self-employed.
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