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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.

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