New Mortgage Guides

Other Mortgage Guides

Mortgage Types

Mortgage Tools

Mortgage lender predicts more self-certification
Fri, 03 Mar 2006
With the number of self-employed workers on the up, one of the country's largest mortgage lenders is predicting that the demand for self-certification mortgages is also set to increase.

GMAC-RFC notes that there are some 3.6 million self-employed workers in the UK at present, which is 112 per cent more than five years ago.

The number of people opting out of regular employment and choosing to become their own boss is at the highest level ever, the Office of National Statistics confirms.

This trend will give rise to a greater need for self-certification mortgages, according to GMAC-RFC.

Self-certification mortgages allow potential borrowers who do not fit traditional mortgage lending criteria – such as self-employed workers – to qualify for mortgages.

They are aimed specifically at people who are unable to prove their income.

Jeff Knight, the marketing director at the mortgage lender, says the increasing need for self-certification mortgages is expected to be "fuelled further by the increase in the number people living off income generated by buy-to-let properties".

Mr Knight believes mortgage lenders should thus be aware of the needs of all potential mortgage borrowers.

He says self-employed workers and landlords are another example of a growing group of people looking for a "more flexible" mortgage.

"Lenders such as GMAC-RFC provide a range of products to meet this demand as we understand that people have individual circumstances and it's not simply a case of one mortgage fits all," Mr Knight concludes.

Link to this page

Copy and Paste the following HTML into your page.

Mortgage lenders

Browse mortgage lender offersMortgage Rates by Lender

  • Browse current mortgage offers from over 90 lenders.
Browse

Worried about mortgage repayments?Worried about Mortgage Repayments?

  • Join our petition to Government to bail out burdened individuals, not just banks.
Sign the petition

Free mortgage quoteFree Mortgage Quote

Apply Here

Mortgages in Scotland Mortgages in Scotland

Read More

Equity releaseEquity Release

  • Unlock equity in your home.
Apply Here

Switching mortgagesSwitching Mortgages

Read More

Home reversion plansHome Reversion Plans

Apply Here

Commercial mortgages Commercial Mortgages

  • Commercial property loans
  • Starting a business?
Apply Here

Arrears & CCJs?

  • Remortgages
  • Sub prime mortgages
  • Arrears, CCJs
  • Self certification
  • Debt consolidation
Apply Now

Protect your mortgageProtect Your Mortgage

  • 3 months free mortgage protection cover
Apply Now

Mortgage Newsletter