Benefits for many in ‘innovative’ self-cert mortgage
October 17, 2007 by admin
Filed under News, News-Mortgages
Those without a fixed income or who are self employed will benefit from the self-certification mortgage option.
According to Alexander Hall independent mortgage advisors, it is a pioneering product in the industry and meets the changing needs of these types of customers.
It allows property buyers to declare income without the need to provide proof and is ideal for those who do not have a way of verifying how much they earn.
Chief operations manager for Alexander Hall, Andy Pratt, said: “Some people have multiple jobs, some people are working on commission, bonuses, that type of thing.
“Without true self-cert products, those people in those types of situations wouldn’t have been able to qualify for a standard product.”
He added that in 2006 the 95 per cent self-cert mortgage was introduced which acknowledge the need for “lower deposits” in these types of clients as much as in any others.
Furthermore, he said, there did not seem to be any tightening up of the self-cert market in wake of recent worldwide financial turmoil.
