Self-cert market now consists of just 22 deals

Self-cert market now consists of just 22 deals


The availability of self-certification mortgages has plummeted by more than 80% in one year. 

Self cert mortgages accounted for 10% of the UK mortgage market last year, they now account for less than 2%, according to data from Evaluate Technologies.


With variable deals having been completely withdrawn, there are now just 22 fixed rate self-cert mortgage deals available and only a few lenders still offering them, including Standard Life, Woolwich, The Mortgage Works and Platform.


In August last year there were still 55 fixed and 105 variable products available for borrowers looking for a self-cert mortgage.


Self-certification mortgages accounted for nearly 17% of the mortgage market in December 2007, before the onset of the credit crunch. In those days of easy credit, borrowers had 247 fixed rate deals and 134 variable ones to choose from.


Julie Speed, the national accounts director for Evaluate Technologies, commented: “The plight of the first-time buyer has been well highlighted, but the self-employed have been equal victims of the shrinking mortgage market. Lenders have sought to de-risk their mortgage offering and anyone whose income is difficult to prove is by definition a higher risk customer.


“Honest, hard working self-employed people have few options to choose from and brokers face a stiff challenge finding suitable products for the self-employed.”

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