Mortgage Express said it had exceeded the milestone sooner than expected and had already surpassed the figure for self-certification lending achieved in 2003.
Mary Sung, product development manager at Mortgage Express, commented: “There has been plenty happening in the self-cert market in the past year with some lenders leaving the market and others changing their product offerings.
“While some lenders have reported a downturn in self-cert business we have experienced record volumes, particularly in recent months.”
Sung added: “With our responsible lending criteria, our products are designed to meet the needs of genuine customers such as the self-employed and those with multiple incomes. We expect demand for this product to continue well after ‘Mortgage Day’.”
A spokeswoman at UCB Home Loans said: “Our self-cert deals are also available to the employed as we find it the most viable option to have. For example, employed clients may get bonuses and experience income fluctuations but we do operate a responsible lending policy.
“We have been in the self-cert market considerably longer than Mortgage Express and at the end of the last financial year we had self-cert net advances of £1.9 billion.”
Mortgage Express also calculated this week it now has over 20 per cent of the lifetime mortgage market and over 35 per cent of intermediary lifetime sales, coinciding with the first anniversary of its entry into the equity release market.
