Entrepreneurs and other individuals who have a non-traditional income stream have really benefited from the advent of self-certified mortgages, it is claimed.
The Association of Mortgage Intermediaries (AMI) has stated that without such products, many enterprises might have failed to become realised as people would be forced to choose between a business and buying a home.
Richard Farr, managing director of the representative body, remarks: "Self-certification has made a huge difference to those the product was intended for.
"Prior to this, selected groups would have found it hard to obtain a mortgage and be excluded from the housing market."
However, he warned that following the credit crunch that has affected many financial markets over the summer, the field of such products has narrowed and sourcing a competitive deal is becoming more difficult.
Self-cert mortgages are taken out by the self-employed and those without a regular income, involving stating a sum without having to supply traditional proofs of earnings.
