95% Self Cert Mortgage
95% Self Cert Mortgage | Your Alternative Options Covered
The very first thing to do is to book an appointment with a mortgage adviser. There is no point continuing to trawl the web for 95 self cert mortgage deals, because they do not exist, and anyone who says they can get you one isn't offering you prudent advice. A mortgage adviser will sit you down, assess your situation and will begin to offer alternatives to trying to get you a 95 self cert mortgage.
For a start, the broker will consider how much you can really afford. You may think you only have five percent equity for the home, but you may have more. Maybe you are earning more now, maybe you haven't taken into account savings, maybe you can get some help in finding ten or even 15 percent equity. It might be easy, but a broker will know that searching for an 85 self cert mortgage is a lot easier than searching hopelessly for a 95 self cert mortgage.
The broker will also assess whether you really are self cert and really do need a 95 self cert mortgage. Those that have been self employed for three years, for example, can usually transcend self cert and opt for a regular home loan. You may also find that you can prove a lot more income than you previously have done, either through pay rises or through an accountant. Lenders are just looking to limit their risk right now, that's why they have stopped offering 95 self cert mortgage loans. They need equity and they need to be sure you will pay the mortgage back in good time.
Also, a broker may just help you put together a savings plan that will improve your credit score, which is vital now for self cert customers. Saving another five or 10 percent and then trying to get hold of a 85 self cert mortgage is a lot more realistic than a 95 self cert mortgage right now.
House prices could continue to fall in 2009, and more people could lose their jobs. But there will always be options for those who have been unable to get hold of a 95 self cert mortgage. The key is to find a mortgage broker that can work the mortgage market and find the allusive alternative, helping you get home finance now that 95 self cert mortgage deals are not a reality.
