Self-cert mortgages 'key innovation' in property industry

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Self-certification mortgages for residents and landlords have been a "key innovation" in the mortgage industry, adapting to meet the changing needs of those who are self-employed or have no fixed income.

That is according to independent mortgage advisor Alexander Hall, which said that many people without a fixed income would not be able to apply for a standard product if self-certs weren't available to them.

Andy Pratt, chief operations manager for the advisor, said: "Self-cert has been one of the key innovations in the mortgage industry, which has adapted with the changing circumstances of people.

"Some people have multiple jobs, some people are working on commission, bonuses, that type of thing. Without true self-cert products, those people in those types of situations wouldn't have been ableto qualify for a standard product."

Following turmoil in the UK mortgage market recently, executive director of the Independent Mortgage Lenders' Association Peter Williams has said that he expects conditions to begin to return to normal as consumers regain confidence in the market.

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