Credit crunch `may not hit self-cert mortgage sector`
11/01/2008
The credit crunch and tighter lending conditions have not had an adverse effect on the self-certification mortgage market, an industry expert has claimed.
As many other financial sectors feel the negative effects of last year`s credit crunch, the self-cert mortgage market is well-placed to avoid any potential fallout, broker Alexander Hall suggested.
Andy Pratt, spokesperson for Alexander Hall, said that turning to brokers for mortgage advice, instead of banks, meant that consumers were less likely to be at risk at any future affects from the credit crunch.
Mr Pratt added: "All those clients who would have got a self-cert mortgage before have been able to get them even with the credit crunch."
According to the Council of Mortgage Lenders, a self-cert mortgage is "a mortgage where you declare what your income is, but are not required to provide proof".
