Self Cert Mortgages to Blame

The current financial situation and the impending ‘recession’ has been blamed on self certification mortgages.

Self cert mortgages have been named as the reason for the credit crunch by many in the financial markets, sighting the ‘no proof of income’ as a red rag to those who were desperate to get onto the property ladder.

Many people who have taken out self cert mortgages are now finding it increasingly hard to pay back the loans and many homes have been repossessed.

With self cert mortgages taking the blame, the financial market has clamped down on this type of lending and stricter policies have been introduced as a way of getting the market back on track.

However, the need for this type of mortgage has not dwindled and there are still self employed people who need this type of mortgage to get onto the property ladder. In fact numbers have increased and lenders who are brave enough to offer this type of mortgage will reap the rewards in the long run.

Currently many self cert mortgages have been pulled from the market and many will find it hard to get one in the current market. Although the day of ‘no proof if income’ mortgages may have passed, there are still other options and ways that self employed people can get onto the property ladder.

If you want to speak to a mortgage advisor about your options with self cert mortgages, then contact Click n Go Mortgages and talk to an expert about your options.