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Unemployment up so will self cert mortgages also rise?

When unemployment goes up so seems the demand for self cert mortgages. Every news story at the moment shows unemployment figures rising and this may make the demand for people needing self cert mortgages to help finance their home also rise.

Redundancies rose by a staggering 263,000 over the three months to December and the Centre of Economic and Business Research says as well as the unemployment rise, it is increasingly difficult to find a job. These people will have to turn to less traditional occupations which means more people will be looking at self certification.

Charles Davis, CEBR economist says: "These figures paint a stark picture of the significant deterioration in the UK labour market. We expected there to be especially sharp job cuts in the spring as firms assess their budgets for the year ahead so these changes are to an extent in line with expectations."

Fitch, a rating agency, says financial institutions have offered higher risk buy to let, self cert, second charge and adverse mortgage proposition, which produce slightly greater revenues but which are also showing signs of strain as unemployment rises. Self certification may look like a solution to the borrower but to the lender it may be becoming too risky a proposition.

Use of this article or exerts thereof without the prior permission of the author is unlawful and will result in prosecution, if you wish to use the article please contact info@selfcertmortgageuk.co.uk.

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