Self-Certification Advice Please

Doyle_2

I have been told that the rules self-certification have changed since I set up my last mortgage including one person who tells me they have been withdrawn! Does anyone know the latest and even better which lenders are still offering them?

hopefulfooluk

There are still self-certs out there - you will pay a premium for them though.

My advice - use a self-cert mortgage for the purpose they were created (to help self employed people) - DON'T use it to lie about your salary and borrow more than you can comfortably afford. I'm not saying you will, but an awful lot do!

meanmachine_2

I believe some brokers are being actively discouraged now from offering self certs to people who aren't self employed.

Basically, for years they've been used to inflate incomes and encourage people to take out ridiculous mortgages, fearing that that they'd forever be left off the ladder.

That fear has now passed and I've got one or two friends who are mightily depressed that they've defrauded themselves when there was no need. And in a low inflation economy that huge debt is going to be hanging round their necks for a very long time.