Increase in self cert mortgages 'reflects customer needs'
The number of new self-certification and buy-to-let mortgages on the market shows that the industry is becoming more reflective of customer needs, mortgage lenders have claimed.
Council of Mortgage Lenders spokesperson Sue Anderson said that there were a number of new firms that had entered the area, catering for specific requirements.
While products such as self-cert mortgages are still niche and mainstream mortgages make up the bulk of the market, there is still a wide range of products on offer, she explained.
She commented: "We have got this very diverse population … and the financing that's available is really very wide ranging to cater for all those needs."
Self-cert mortgages require borrowers to declare what their income is, but they do not have to provide proof of this and they are often used by self-employed people, whose income can vary.
Of the 29.0 million people employed in the UK, 13 per cent (3.8 million) were self-employed in 2006, figures from the Economic and Social Research Council show.
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