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It's a well-known fact that self cert mortgages are more expensive than regular loans, but could you actually be paying less for the self cert loan than you currently are today?

Self cert loans are expensive simply because a person who cannot prove their income is a riskier borrower and that has to be factored into home loan repayments. If a lender cannot be 100% sure that you will be earning exactly what you say you can every single month then they must ask you for more money to cover that risk.

But even though you are paying more for your current self cert loan could you be paying less each month? Even though we are out of a recession it doesn't mean money isn't still tight, so if you could reduce your outgoings each month it would be very welcome during this tough time.

The only way you can find out whether you could get a cheaper self cert home loan is by talking to an independent self cert mortgage expert. They will take a look at your current loan and compare that to the rest of the mortgage market. If they can find cheaper loans they will compare these against your current financial situation and will hopefully find a good fit.

Managing your finances is all about keeping on top of the situation, which means always checking whether there are better offers out there. So keep your finances up to date with the help of a self cert mortgage expert today.

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