Self Cert is where you self declare your income because you cannot prove your total household income. Increasing numbers of people are either self employed or earn non standard incomes and this has resulted in a more diverse market with new products and lenders arriving in the industry.
With the growing numbers of mortgage lenders and products this has created a competitive market. This has encouraged borrowers to remortgage at regular intervals to obtain the cheapest rate most suitable for them. It is to be noted that this can increase your total borrowing and may not save money over the term of the mortgage. You may also be interested in finding a deal that gives you more flexibility, or you may be looking for the stability of a fixed rate. Why stay paying a higher rate of interest than offered to new borrowers?
If you want to release the equity that you have in your property and the market value of your property is higher than the loan you have outstanding, a lender may allow you to increase the mortgage you have- subject to status and affordability.
Many lenders will allow you to refinance for the following: consolidation of financial commitments; capital raising for holidays; a new car; a divorce settlement; home improvements; to buy property to rent out; to buy property abroad or simply to switch and save changing to a lower interest rate. Consolidation of financial commitments may result in extending the term of the original loans increasing the amount of interest payable.
Please call one of our partner advisers to see if we can save you money. In days gone by re-mortgaging could be a complicated process. Now however, lenders are generally more flexible in the re-mortgage market than previously. Review your current deal. If you feel you're paying excessive rates of interest, compared to rival lenders then a remortgage may save on your monthly payments. We can search the whole of market to find the most suitable product for you.
Last Updated ( Monday, 14 December 2009 11:51 )
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Our self cert mortgage broker partners have access to the whole of the mortgage market and semi-exclusive schemes. This means that they can search from across mortgage lenders and mortgage products to find you the right mortgage deal. Unlike many of their competitors they are not limited in thei choices by being tied to certain mortgage lenders and therefore limited self cert mortgages.
Their skills and knowledge lie in: Advising if you have little or no proof of income Finding solutions to your income verification problems that effect your ability to obtain a mortgage Saving time with paperwork, lenders, solicitors, valuers etc
Self-Certification mortgages were first introduced over a decade ago for people who could not easily prove their income. Also known as 'self-cert' and 'non-status' mortgages they were originally designed for self-employed people but are now often also a choice for employed people who cannot prove their income. Self-Certification mortgages allow you to self declare your income if it is not easily provable. This can be very helpful if you have multiple incomes, commission, or work on a contract basis.
If you are one of Britain's 3.3 million self-employed people then you may have a problem finding a regular High Street mortgage product. Many mainstream lenders do not necessarily provide the best options for your needs. Many lenders understand that many self-employed people cannot easily prove their full income. Even 3 years accounts may not accurately reflect your current income. Our partner mortgage advisers can discuss your options and find the mortgage to suit your requirements..
