Self-Cert Mortgages Not Hurt by Tight Credit Situation

Posted 2008-01-4

The current credit situation should not hamper individuals attempting to get a self-cert mortgage.

 

While borrowers are encountering tighter lending conditions in other money markets, Andy Pratt, spokesperson for Alexander Hall, reports little change in the self-cert market.

 

Nonconforming lenders in the subprime market have taken the brunt of the problems in the financial markets, according to Mr. Pratt.

 

The broker representative expects that borrowers with good credit will not experience problems in securing loans, as the high street banks are not seeing a negative impact.

 

Mr. Pratt says that borrowers who qualified for a self-cert loan in the past should not have any trouble now.

 

Data provided by the Economic and Social Research Council suggests that of the 29 million Britons working today, 13 percent are self-employed, making them qualified for a self-cert loan.

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