As many eyes are on the failing banks and mortgage lenders in the US there are now companies in the UK which are finding themselves in the same situation with more borrowers beginning to fall behind on their loans as they try to make ends meet with the rising cost of living. Estimates among experts vary on how many high risk mortgages the lenders in Britain are currently carrying. These include not only sub-prime loans but also the very popular self certification mortgage. Of course not all of these loans are at risk of being in default but there is no way of knowing just how many of them are based on false information, which overstated the borrowers ability to pay back the loan.

This concern has the banking industry considering lowering the prime rate as well as talk of ensuring that deposits in the banks are insured so that the funds needed to keep the economy going keep moving to avoid further economic downturns.

For those who are currently in the market for a self cert mortgage they will find it extremely difficult at this time to find a lender willing to work with them as the low is just too high of a risk for the current state of the economy.

Despite the recent financial woos that are affecting the US and causing issues in the market in the UK lending brokers are still seeing no decline in the need for buy to let and self certification loans. Specialty home loans such as a self certification mortgage are require special terms so that the lender does not have quite the risk to take on the note. Of course these loans are not nearly as risky as poor credit loans so these self cert mortgages are still available from lenders. Recently UCB Home Loans announced a new range of self certification mortgages and buy to let loans.

These loans are available in varying times of fixed rate from two to ten years as well as up to 75% of loan to value. For someone who is self employed, a contractor, or just someone who has a occupation which makes proving income difficult these self certification mortgages make right now a great time to get into a home. To make the timing even of these mortgages even better home prices are down so you will be able to get more home for your money than you would have been able to in the few years prior.