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Self cert mortgages 'not just for self employed'

The number of people taking out self certification mortgages is rapidly picking up speed, according to a leading mortgage expert.The Intermediary Mortgage Lenders' Association (IMLA) attributed the increased popularity to the fact that more people now do freelance work or have several jobs. Anyone taking out a self certification mortgage does not have to provide proof of their income such as wage slips - instead they make a declaration of income which the mortgage provider takes on trust."It's quite interesting how over the last few years employment patterns have changed - now a lot of people have several jobs and these are particularly attractive to people in that situation," Neil Johnson, PR and policy manager for the Intermediary Mortgage Lenders' Association, explained."It's a very buoyant market for them, and that will probably actually increase as people's employment situations become less traditional."Some critics have expressed concerns that a mortgage based on trust could lead to an abuse of the system, but Mr Johnson said self certification is regularly assessed for discrepancies: "Whilst you don't have to produce wage slips, that doesn't mean your application isn't going to be checked. "If the mortgage company phones your accountant up and they've never heard of you, or the phone just keeps ringing, then you might find you'll be asked a few more questions," he added.More homebuyers are choosing fixed-rate mortgages to avoid rising interest rate rises, according to figures from the Council of Mortgage Lenders released earlier this week.In January, 85 per cent of first-time buyers chose a fixed-rate mortgage.

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