Self-cert mortgages are "key innovation"

The self-certification mortgage has been labelled as a "key innovation" which has managed to remain relevant as people's circumstances change.

The glowing reference was provided by mortgage broker Alexander Hall, which also said that self-cert mortgages are now considered to be a "standard product".

"I think self-cert has been one of the key innovations in the mortgage industry, which has adapted with the changing circumstances of people," said Andy Pratt, chief operations manager at the firm.

"Some people have multiple jobs, some people are working on commission, bonuses, that type of thing. Without true self-cert products, those people in those types of situations wouldn't have been able to qualify for a standard product.

"More and more people these days have what I would call complex income structures – anything from trust funds through to commission, which is more standard – and therefore self-cert allows that to be taken into consideration," he added.

Self-cert mortgages are designed to be used by people who are self-employed or have difficulty providing proof of their employment.

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