Self-Cert Mortgage Sector Remains Unaffected
With the recent news hype regarding mortgage disasters, many people may be wondering if they will have a problem receiving a mortgage. Andy Pratt, spokesperson for Alexander Hall, reassures the public that the crisis has been relatively concentrated to the sub prime sector, leaving the mainstream lenders unaffected for the most part. Mr. Pratt asserted that people with good credit history should not worry about being rejected from a mortgage application.
“Self-cert mortgage,” for those not in the know, refers to receiving a mortgage based on your own confirmation of income, without the need for independent verification. Many self-employed people decide to go with a self-cert mortgage, as do those who have multiple income sources or an irregular income. In fact, according to the Economic and Social Research Council, 13% of all employed Britons are self-employed.
When asked about the affect the mortgage crisis has had on this sector, Mr. Pratt responded that it too is essentially unchanged, and that those who have sought a self-cert mortgage have been able to receive them.