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Credit crunch 'not affecting self-certs'

It has been claimed that the impact of the global credit crunch on the UK economy has so far had little impact on the self-certification (self-cert) mortgage market.Broker Alexander Hall has stated that the tightening of the lending criteria that has occurred in banks across the UK as a result of the turmoil in the global financial markets, those people who would have been eligible for a self-cert mortgage before the credit crunch should still be able to obtain one.Andy Pratt, spokesperson for Alexander Hall, commented: "[The credit crunch] hasn't affected getting a self-cert mortgage fundamentally; there's nowhere near the same impact that there has been on subprime mortgages."He did concede that some smaller lenders have been forced to close because of the tougher lending conditions, meaning that there is now slightly less choice in the market than in the past.However, Mr Pratt added that there remains "a good enough choice out there" for those people looking for self-cert mortgages not to be concerned about their prospects.

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