Self-certificate mortgages 'can be a useful product for some'
Published On 15 May 2007
Many self-employed people in the UK could be missing out on the most appropriate mortgage deals available because they do not understand specialist mortgages.Research from Mortgage Express found that 71 per cent of the self-employed and secondary income workers it questioned did not know how self-certificate mortgages worked.
Worryingly, almost half (47 per cent) admitted to not knowing anything at all about self-certificate mortgages at all.
However, with nearly one in ten people in the UK self-employed, Mortgage Express claims that there is a sizable market for self-certificate mortgages.
"Our findings show that the potential self-cert market is strong and has grown by an estimated 15 per cent over the past four years," explained Andy Wiggans, the director of mortgage products at Mortgage Express.
"Yet lack of consumer awareness regarding this product is still preventing many eligible consumers from getting on or climbing up the property ladder."
"Although not ideal for everyone, self-cert mortgages can be the solution for those who are dependant on secondary or variable incomes and want to own their ideal home," Mr Wiggans concluded.
