Self-certification mortgages 'not affected by credit crunch'

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Self-certification mortgages 'not affected by credit crunch'

The availability of self-certification mortgages has not been overly affected by turmoil in the credit market, according to one broker.

Andy Pratt, spokesperson for Alexander Hall, said that there has been no fundamental change to the self-cert mortgage market, compared with subprime mortgages.

He explained that it is very common for those who are seeking this type of specialised home loan to do so through a broker.

"A very high percentage of self-cert mortgages in the UK are applied for after advice from brokers, because most customers in that circumstance need a bit of guidance and a lot of the lenders are not high street lenders," he explained.

Mr Pratt concluded that many of the "big lenders" in the market are still operating and there are "enough" of them to meet demand.

Self-cert mortgages are those in which the holder declares their income but is not required to provide proof.
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