Self-certification mortgages are the most popular specialist product being sold by intermediaries, according to the Specialist Mortgage Adviser Regular Tracking (SMART) index.
The index, carried out by Birmingham Midshires (BM) Solutions, found self-certification mortgages accounted for 22% of all cases introduced by intermediaries, an increase of 3% on its earlier half-year findings. In contrast sub-prime cases rose from 8% to 10% and despite public perceptions, buy to let remained unchanged at 12%. Mainstream mortgages accounted for the majority of cases with 54%.
Michael Bolton, director of mortgages at BM Solutions, said: ‘It is interesting to note the increase in self-certification cases during this survey period. Brokers are increasingly aware of the self-certification benefits for their clients. It remains extremely valuable to mortgage advisers.’
