Compare Self Cert Mortgages
Compare Self Cert Mortgages | Find the Best Deal for You
Why do I need to compare self-cert mortgages?
In the UK, there are a growing number of borrowers who need to compare self cert mortgages because of the way their income is earned. The first group are the self-employed, of which, in 2007, there were more than 3 million (3,337,000) according to the Office for National Statistics (ONS). However, if you are self employed and in possession of three or more years' worth of certified accounts, it is likely that you will qualify for a standard mortgage.
You might also need to compare self cert mortgages if you are employed as PAYE but have an inconsistent, irregular or just complex income that is derived from a number of different sources. For example, you may have a second job - such as making wedding cakes or child-minding - that varies in the frequency and number of hours worked.
The third reason you may find yourself needing to compare self cert mortgages is if a large proportion of your salary is derived through commission, such as in the case of an estate agent or recruitment consultant.
Why else would I need to compare self cert mortgages?
When applying for a standard mortgage that uses income multiples to assess affordability, an extra income would not be taken account, whereas it would with a self cert deal. And given the fact the average 
house price now stands at a largely unaffordable £184,099 according to Nationwide Building Society (November 2007), borrowers are typically looking for maximum borrowing capacity.
So I can compare self cert mortgages, but what will I need to qualify for the loan?
Before you start to compare self cert mortgages with the help of a qualified broker, you will need to assess the level of deposit you can put down. Typically, a self cert mortgage provider will want to see you can lay your hands on capital of between 15% and 20% of the value of the property. But that said some deposits required can now be as little as 5%.
Nevertheless, when you start to compare self cert mortgages it won't take long to realise that the more security you offer the lender, whether it is in terms of a greater deposit or a clean credit rating, the wider choice of mortgages you will be offered and the lower the interest rate you will pay.
Also, prior to beginning to compare self cert mortgages, borrowers should bear in mind that since November 2004 when mortgages came under 
regulation from the Financial Services Authority (FSA) criteria for loans have become more stringent. So although you might not have to prove it, you will now probably have to disclose at least an estimation of your earnings.
How easy it is to compare self-cert mortgages?
Now the internet is in common use for borrowers of all ages, it would appear easy to compare self cert mortgages. But going it alone in your application process might not return the best deal for you. Lenders across that operate across the self cert spectrum all impose different lending criteria and have different quirks, pitfalls and preferences. Mortgage brokers in the field such as TMBL, that compare self cert mortgages on a daily basis, can save not just time and money but anxiety in what can be a treacherous process for beginners.
