Self-Certification

At the present time lenders have stopped lending on self certified applications.  The concept was originally designed for borrowers who were self employed, but may have only been trading for a short period of time or did not have up-to-date accounts, or those who were unable to provide adequate proof of earnings. In this situation applicants were able to self-certify their income to the lender. Following a review of the mortgage market by the Financial Services Authority in which the FSA called for a ban on such schemes, all lenders in this market have stopped taking self cert business until the matter is clarified by the regulators.  See our News Flash opposite.