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Self-cert accounts for 2% of mortgage market

Self-certification mortgages now account for less than 2 per cent of the UK mortgage market.

According to Evaluate Technologies, this is in comparison to the 10 per cent share of the market the products enjoyed a year ago. It says the self-cert market now equates to just 22 fixed rate deals – variable deals have now been completely withdrawn.

Twelve months ago, self-certification mortgages accounted for 6 per cent of all fixed rate deals and 14 per cent of variable deals. Borrowers were able to choose between 55 fixed and 105 variable products. Going back further to December 2007, self-certification mortgages accounted for almost 17 per cent of the mortgage market and borrowers could choose between 247 fixed rate products and 134 variable deals.

Evaluate Technologies national accounts director Julie Speed says: “The plight of the first-time buyer has been well highlighted, but the self-employed have been equal victims of the shrinking mortgage market. Lenders have sought to de-risk their mortgage offering and anyone whose income is difficult to prove is by definition a higher risk customer.

“Honest, hard working self-employed people have few options to choose from and brokers face a stiff challenge finding suitable products for the self-employed.”

Only Standard Life, Platform and The Mortgage Works still offer self-cert loans.


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