Self-cert almost non-existent

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Self-cert mortgages made up just 0.7% of brokers' business in Q2 this year, according to Paragon Mortgages.

Research by Paragon showed self-cert business has fallen significantly in the past three years from 13% of the total in Q1 2007. The lack of self-cert products from lenders has stifled the sector, which is set to be killed off by the FSA's plans to require income verification for all borrowers. Paragon also found sub-prime business has dropped markedly compared to its first review of the sector in 2007. In the first three months of 2007, sub-prime accounted for 7.2% of business but this fell to just 0.4% in Q2 2009. It has now rebounded modestly to 1.8% of brokers' business. Joh...

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