|
|
|||
What is a Self Cert mortgage? It is a mortgage where the lender relies more on the value of the property for security instead of asking for wage slips, P60s or accounts. This type of mortgage has been increasing in popularity over the last few years. Also know as Self Certification, Non Status, and Self Declaration. There are two main reasons it is so popular for both purchases and remortgage: Quicker: There are no income references to write for, chase and check. Or for the self employed no accounts to prepare which can also cost money, not just time. Removes uncertainty: No worrying if the lender will count your over-time, bonuses, commission, second job, maintenance payments, state benefits, pension, rental income etc. Then, they will deduct loans, credit cards, child care costs, maintenance payments etc, all eating into your borrowing power. However, when you go self cert, all you do is state your total income from all sources and that’s the end of the story. As long as you have the equity/deposit and you fit the lenders criteria for credit then it ’s pretty much all down to the survey of the property. Does all this come at a price? A few years ago; yes you would have had to pay another 1 to 2% above the regular rate. But, because this type of mortgage grew in popularity, so the rates became more and more competitive. We regularly obtain Self Cert mortgages for our clients at interest rates below what many “normal” mortgage holders are paying year in year out. Contact us for a quote and you will be surprised how good the rates can be. Remember all of the following can be arranged on a Self Cert basis and can be arranged from as little as 10% deposit/equity:
And you still have the full choice of:
|
|||
|
|
|