The Self-Cert Sector Has Not Been Drastically Affected By The Credit Crunch

Posted 2008-01-3

A broker claims that the self-cert mortgage availability has not been drastically affected by the credit crunch. Spokesperson for Alexander Hall, Andy Pratt stated that essentially the self-cert mortgage market was the same, in spite of reports of tightening in lending conditions in the mortgage sector.

Mr. Pratt pointed out that the credit card crunch has mainly affected the subprime industry, with those nonconforming lenders been affected the most by the upheaval in the finance markets.

With the broker representative making a statement to the effect that borrowers with good credit records should not really face any problems getting a loan approval, mainstream lenders have not been really affected.

Mr. Pratt maintained that those clients who probably would have got a self-cert mortgage before would still be able to get them, in spite of the current credit crunch.

Nearly 13 percent of the 29 million people that are employed in Britian are self employed and so are eligible for a self-cert mortgage, reports the  Economic and Social Research Council.

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