Self-cert rates ‘more realistic’

The research showed Alliance & Leicester was offering two-year deals to self-cert buyers with its two-year Base Rate tracker available at a rate of 5.84 per cent, up to a maximum of 90 per cent loan-to-value (LTV) and an arrangement fee of £1,299.

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Also available is a two-year fixed rate at 5.48 per cent, with a maximum 85 per cent LTV and an arrangement fee of £1,399.

Paul Hearnden, managing director of My Mortgage Director, said: “Increasing numbers of lenders have steadily been waking up to the fact that self-employed people and those who can’t prove their income with standard pay slips are able to maintain repayments.

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“Lenders have realised that there are a great many trustworthy people who are keen to get on the property ladder but who have, until now, been treated as the pariahs of the mortgage market.”

Jeremy Claridge, head of specialist mortgages at Alliance & Leicester, said: “Our self-cert fixes continue to be popular for borrowers who want stability and certainty with their budgeting while our FeeSaver deals are also proving popular.”

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