Fixed Rate Self Certification Mortgages
Fixed Rate Self Certification Mortgages - Can They Benefit You?
If you cannot prove your income but you want the security of a fixed mortgage payment then fixed rate self certification mortgages are something worth considering. Not only do they allow you the flexibility of including all your earnings into the mortgage calculation but it also means that you know exactly how much you will be paying out each month.
The kind of security which fixed rate self certification mortgages can bring could be useful if you are trying to get a business off the ground. Running your own business can be tough at the best of times but especially at the beginning, cash flow is vital. Even if you are putting everything into making that business a success, you probably don't want to sacrifice your home. Therefore, a fixed mortgage payment every month as offered by fixed rate self certification mortgages mean you can budget for that important expense and leave yourself with one less calculation to do
But even if your business has gotten through the initial phase, fixed rate self certification mortgages have benefits for you too. Trying to prove a stable income when you are running your own business can prove tricky but the option of fixed rate self certification mortgages allow you to provide proof of your own income, as well as giving you that piece of mind of having a fixed payment.
Fixed rate self certification mortgages can bring benefits in other circumstances. If you have more than one source of income, a number of lenders won't allow you to incorporate each individual wage into the mortgage calculation. But a fixed rate self certification mortgage means that all your incomings can be included so that you can borrow for a property that you know that you can afford but know you will find difficult to prove. If you are also sticking to a tight budget and you are working extra hard to earn some additional cash, fixed rate self certification mortgages mean you have a guarantee that your mortgage payment will be secure for the lifetime of the deal, instead of potentially changing every few months.
If you earn a significant sum in bonuses or overtime, you too could find benefits in fixed rate self certification mortgages. By opting for a fixed rate self certification mortgage, you not only have the option of including that cash which comes through a bonus or overtime but also ensure you can keep a fixed mortgage payment until that extra comes through. Also, with a number of lenders offering the ability to overpay by up to 10 per cent per year on some mortgage products, you can keep a low mortgage payment for most of the year then use a bonus to repay more when the time is right for you. Therefore, if you are looking for the security of a fixed rate but your circumstances mean you don't qualify for a standard mortgage, then fixed rate self certification mortgages could be the option you are looking for.
