Cheap Self Certification Mortgage
How To Find A Cheap Self Certification Mortgage And Get Approval
There are a variety of cheap self certification mortgage products available in the market. Contrary to popular belief, a cheap self certification mortgage may be easier to obtain than you think.
Some lenders may charge more, to reflect a more relaxed approach to the relationship between your income and the amount you borrow. Instead of asking for proof, they may accept the income figure that you have declared but make you pay extra for this "concession".
However, there is a wide range of lenders, products and criteria to choose from. In many cases the same terms are available for a cheap self certification mortgage as when proof of income has been provided. There are also many cheap self certification mortgage products aimed at specific types of customers, just to attract this type of business.
A cheap self certification mortgage was introduced to the market because lenders realised there are many people who genuinely have a good healthy income, but cannot always prove it all. They recognised that many customers were frustrated that they were being disadvantaged because they are self-employed - and tax efficient accounting worked against them when calculating the maximum available mortgage. So they created different schemes to assist their clients, whilst still adopting a professional and responsible approach to lending.
Whilst a salaried person could get a cheap mortgage based on gross income and take into account a recent pay rise, the self-employed and company directors may be assessed on net income and their last set of audited accounts irrespective of how much the business has improved since. With a cheap self certification mortgage this is no longer the case, as the lender will base the mortgage on your declared income.
Other lenders have adopted a policy that is based largely on credit scoring and the percentage advance required. With a higher credit score and lower loan-to-value you can use their most attractive schemes without providing the proof of income. This is called "fast tracking", and makes a cheap self certification mortgage available to a wide range of customers.
Of course there are many other reasons why you may want a cheap self certification mortgage. Having developed the market, lenders now realise there are very many customers who's circumstances and lifestyles simply do not meet conventional lending criteria. They also realise it is a valuable and competitive market, so they develop a cheap self certification mortgage scheme, with incentives, to attract more business.
Of course, finding the best deal amongst thousands is not easy - and finding the one that best suits your individual circumstances and needs is even more of a challenge. The best cheap self certification mortgage to suit your circumstances and needs may not even be available direct
to the general public.
Do you need a self-cert deal, or will it fit a fast track scheme? Are you thinking of taking a discounted scheme, or would a fixed rate suit you better?
Are there unusual circumstances involved? You'd be surprised how few situations fit snuggly into standard lenders criteria, but are sound lending propositions !
What ever your circumstances and whatever your mortgage needs are, you should contact a broker to talk them through. An independent broker can offer advice on the whole of mortgage market - not just one lender or a few chosen favourites - and find the cheap self certification mortgage that is best or you.
