Self-cert mortgages can make "huge difference"

The Association of Mortgage Intermediaries (AMI) has indicated that self-certified mortgages can make a "huge difference" to people who are self employed or lack a fixed income.

Managing director of AMI Richard Farr went on to suggest that before the introduction of the self-certification mortgage, many would have found it hard to obtain a mortgage and could see themselves "excluded from the housing market".

He acknowledged that self-cert mortgages were in some part a "specialist product" but were an important option for certain individuals.

Mr Farr insisted that the risk for lenders when providing a self-certified mortgage depended wholly upon the individual lender's risk strategy.

AMI is a not-for-profit organisation which acts as the voice of the mortgage intermediary. It presents the collective view of its membership to the regulator and those policy makers who have an impact on the mortgage intermediary market place and the business operation of its members.

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