Don&#39t knock self-certification, says BMS

Birmingham Midshires Solutions says that the small minority of brokers abusing self-certification mortgages by overstating the income of their clients, putting the industry&#39s reputation and the client&#39s future at risk, should not put people off these products.

Steve Sandiford, head of borrowing products at BM Solutions, says: “Self-certification is a very valuable weapon in a mortgage adviser&#39s armoury. It is ideally suited for those whose income does not come in regular monthly chunks.

“Intermediaries have a responsibility to give their clients best advice. If a mortgage has been &#39sold&#39 on the basis that it extends the applicant&#39s borrowing ability without taking into account affordability, clearly this is against the spirit of best advice.

“That said, professional advisers should not let the behaviour of a very small number of brokers detract from the merits of self-certification.”