Self cert mortgages disappear

The majority of self cert mortgage providers have now withdrawn from the mortgage market.

The latest to pull out are BM Solutions and Bank of Scotland, now under the umbrella of the Lloyds Banking Group.

Both have been significant players in the self cert mortgage market.

Going forward though neither will be taking on any more of this type of mortgage.

There are only a couple of providers who now offer this type of mortgage

• The Mortgage Works, part of Nationwide Building Society and
• Platform, part of Britannia Building Society.

Platform only works with professional mortgage advisers.

The Mortgage Works offers self cert (and buy to let) mortgage products direct to customers via its contact centres and through professional mortgage intermediaries.

With the tightening up of lending criteria the question is how long will these remain in the self cert mortgage market? Some experts predict not much longer.