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You might have a self cert mortgage right now but have you checked whether you could be a prime borrower? After years of paying your dues with a more expensive loan you may be able to get hold of a cheaper, prime mortgage.

You were probably told to opt for a self cert mortgage because you are self employed, or you work more than one job, or you work on commission or your job may even be bonus-driven. All these incomes are not regular and cannot be necessarily proven by a PAYE each month, so you needed to prove your own income.

But these loans, in the eyes of mortgage lenders, are much riskier and as a result cost more money. So for years now you may have been paying a lot more each month for a mortgage than a person who earns a regular income and is a less risky borrower in the eyes of a mortgage lender.

But now, after years of self cert borrowing you may find you are not self cert anymore. Many prime lenders will accept a borrower if they have three years of accounts to prove how much they have been earning – so if you can show that for three or more years you have been earning enough to pay a self cert mortgage, you just might be accepted for a less risky loan with a lower rate.

The only way to be sure is to get some professional mortgage advice. A mortgage broker will be able to look at your accounts, assess your credit score and do a full fact-find into every aspect of your professional life. Then, using their knowhow of the mortgage market and UK mortgage lenders, they might be able to find you a better, cheaper mortgage.

Keep up with the latest news and comments on Self Employed Mortgages at the Self Cert Mortgage Blog