Compare Self Cert Mortgage
Compare Self Cert Mortgage | Research the Pros and Cons
How to compare self-cert mortgage products
If you are one of the 10%* of people in the UK classified as self-employed, then you might think getting a mortgage is out of the question. But you'd be wrong - self cert mortgages don't require proof of income, meaning people who may have been turned away for a conventional mortgage could still buy that dream home. Many lenders offer self cert loans so it's just a question of making sure you compare self-cert mortgage products to find one that fits your circumstances. There are several factors to consider but finding the right product doesn't have to be a nightmare - it's easy to compare self-cert mortgage deals available.
There are many ways you can compare self-cert mortgage products to find the best one for you. Many newspapers include best-buy tables, which show which lenders are offering the most competitive rates. The internet is also home to several price comparison websites. But remember when you compare self-cert mortgage products that they may vary in terms of rate and criteria. In most cases, the best person to compare self-cert mortgage deals out there for you is likely to be a mortgage broker.
People who qualify for self cert vary enormously - you could be a company director, a City worker raking in the commission or a taxi driver. Your circumstances will help determine the best self cert deal out there for you. But to make sure you get the best deal, it's important to compare self-cert mortgage deals in the market. As well as looking at the headline interest rate (which will determine your monthly payments) you should also look at any associated fees. This may include application fees, valuation fees and legal fees. But remember there are other costs associated with buying a house, such as removal vans and sometimes Stamp Duty. But by making an effort to compare self-cert mortgage products you could end up saving money - which you could spend on doing up your new place.
In order to compare self-cert mortgage products, it's important to think about your own circumstances and needs. If you have your own business, an underpayment facility can help you rough out slow months while an overpayment facility can come in useful if you've got a bit of extra cash. Roaming freelance journalists or business consultants might consider finding a portable mortgage, so it can move if they need to. Long gone are the days when self employed people were rejected by mortgage lenders. There are plenty of options available if you just take the time to compare self- cert mortgage deals.
Finding a mortgage can be a daunting task at the best of times - and when you need a specific type of product it can seem a little scary. But as with any mortgage you shouldn't rush into making a choice - take a moment to consider your needs before making sure you compare self-cert mortgage products
*Source: According to the Office of National Statistics - http://www.statistics.gov.uk
