Self-certification mortgages still strong
A recent survey has shown that Self certification mortgages are still popular.
Over time lenders have squeezed their borrowing criteria and a decrease in the number of mortgage products on offer to homebuyers, however the self-certification sector has remained strong all year round.
Andy Pratt, spokesperson for Alexander Hall commented: "There are some lenders who have been what we would call nonconforming, and have offered subprime, buy-to-let and self-cert mortgages – and some of them have closed to new business. So the choice is slightly lower. I can only say that we've had no problems placing clients with self-cert mortgages, because there's still a good enough choice out there."
Alexander Hall feels the largest firms in the self-cert market, including BM Solutions and The Mortgage Business (TMB), stand first in line. Nevertheless, self-certification mortgages are a choosen option for many borrowers.
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