The majority of IFAs believe self-certification is being abused by advisers and lenders.
A total of 59 per cent of respondents say self-cert is being misused to lend unsustainable amounts to consumers The FSA has said it believes lender controls are broadly sufficient although it has stressed that mortgage lenders must check that information is plausible and consistent and not take anything at face value.
Mortgage Force mortgage consultant Stuart Brice says: “Self-certification is open to abuse because of its very nature and it is difficult to control. I think its use should be limited only to the self-employed.”
BM Solutions PR manager Matt Grayson says: “Self-certification is a genuine part of the market. There are procedures in place which are there to control abuse. There are some bad apples in the market, but they are in the minority.”