T he self-certification marketplace has undergone vast changes over the past few years, with the launch of enhanced product criteria, new lenders entering the fray and more borrowers looking at the options self-certification products can offer them.
With a rise in the number of people becoming self-employed or working in largely commission and bonus-based vocations, the self-certification market has never been more popular. For brokers, the self-certification market is a thriving opportunity.
However, despite a rapid increase in the number of people eligible for self-certification mortgages, some confusion and scepticism remains over the market area. Brokers need to be aware of the regulatory controls in place and make sure that all record-keeping is kept up to the best standard. With the Financial Services Authority (FSA) keen to stamp out bad practice in the mortgage market, brokers must continue to strive to make sure all their workings are recorded and that the consumer being recommended a self-certification mortgage deal is in need of such a product.
The self-certification market represents good opportunities for intermediaries, if the correct controls and procedures are in place, and with more people than ever looking into the self-certification market, the sector could generate good business.
