Mortgage Prospects Not as Bleak as Promised

Posted 2008-01-3

Borrowers with good credit records should have very little trouble being approved for a loan, one broker predicts.

Andy Pratt, spokesperson for Alexander Hall, remarks that people should not be intimidated by reports that lenders in the mortgage sector are tightening their lending criteria.

The effects have mostly been felt by the sub prime sector of the industry. Self-cert mortgage availability has not suffered as a result of the recent credit crunch, he says.

Self-cert mortgages are available to self-employed individuals across Britain.

Pratt maintains that mainstream lenders have seen very little negative fallout. It is non-conforming lenders who have been hit the hardest by the current economic climate.

“All those clients who would have got a self-cert mortgage before have been able to get them even with the credit crunch,” he says.

Self-employed people comprise 13% of the working population.

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