I had a conversation last week with Association of Mortgage Intermediaries director Robert Sinclair and his opinion is that self-cert provides a vital lifeline for about 8% of the borrowing population.
Ironically, those for whom the self-cert industry was designed and for whom its destruction would be disastrous include some of the MPs currently calling for its abolition.
Many individuals with more than one income, with high bonuses or with any other unusual earning patterns rely on self-cert to buy properties they know they can afford.
Our figures demonstrate that significant demand still exists – 9% of all new enquiries for mortgage advice are in the self-cert area.
There has been a 27% rise in the number of consumers asking for advice on self-cert mortgages in the past year, with more than half of these being borrowers who need remortgages and are unsure where they can find them in the current climate.
The question is – can we help these consumers before self-cert is consigned to the history books?
We are living in a blame culture in which we increasingly see individuals trying to absolve themselves of personal responsibility.
That’s why it is encouraging that there is still a product in demand from consumers who are prepared to take responsibility for their own affordability.