June 18, 2009
Fast Track Your Way To Self Cert Mortgage Success
If you are a borrower who cannot prove their income things can get tough for you if you are trying to get a mortgage – but not with fast track mortgages.
Fast track is a system developed by mortgage lenders at the start of the decade that allows them to accept a mortgage offer without seeing some proof of income like regular statements or PAYEs. Many are still using this system today – but how does it work? Surely lenders must see some proof of income before they hand over hundreds of thousands of pounds of loans?
Well, they don't. Most lenders do not base their lending decisions on underwriters looking at the files of every borrower, they use 'affordability calculators'. These calculators are complex computer systems that look at a borrower's credit score alongside hundreds of different equations and permutations. It will test everything by how the borrower has dealt with debt in the past and then theorising how he or she may in the future. They will then look at their own data, comparing the borrower with their existing borrowers or even using information they have on the borrower themselves.
So if you are a self cert borrower you may be able to be fast tracked – you become like everybody else, and the lenders will be able to assess you in the same way, regardless of how you make your money.
Once all the complicated maths has been done by the computer it will come out with a simple yes or no – your score will either mean that you fit their bill and they will trust you, or it will not. So it's down to you to make sure your score fits.
There is many ways you can do this, your credit score changes all the time. But the best way to know what a fast track lender is looking for is by asking a fast track mortgage adviser. A fast track adviser will have experience in dealing with those who cannot prove their income, as well as experience in securing fast track mortgages for people who had struggled to get home loans in the past. So contact a fast track specialist today to find out what you need to do to get the computer to say yes.
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