Self-cert mortgages 'need not be risky'
www.moneynews.co.uk > Mortgages > Self-cert mortgages 'need not be risky'
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Money News |
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Self-cert mortgages 'need not be risky'
Fri 16th Mar 2007
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Neil Johnson, PR and policy manager for Imla, said that although there was risk of prospective homebuyers buying more than they could afford, provided they were sensible this should not pose a major problem.
"You as an applicant have a certain element of responsibility for what you're doing," Mr Johnson said.
He added: "People have got to make sure that they're being realistic as to what they're doing."
Self-cert mortgages do not require customers to provide proof of their income such as wage slips.
Instead they make a declaration which the mortgage provider takes on trust.
Imla also said that self-cert mortgages were becoming increasingly popular to a host of different groups, even though they were originally targeted at the self-employed.
Related News : Mortgages |
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