Self Cert Mortgage Lender
Where To Find The Best Self Cert Mortgage Lender
Who needs a self-cert mortgage?
If you're looking for a self cert mortgage lender, chances are you are someone that cannot easily verify how much you earn annually. This is through either being self employed as perhaps a personal trainer, having an irregular income like a City worker with a basic pay and vast bonuses, or doing work on the side from your regular job, such as moonlighting as a magician at parties. Whatever you do, a self cert mortgage lender will be able to provide you with the property purchasing power you might not otherwise have through wage slips alone.
The self cert mortgage lender is often a smaller, specialist lender that, as the name suggests, specialises in mortgages that are not for Mr and Mrs Average with a set annual income. This type of lender will have created mortgages specifically to suit the needs of someone who is self employed or has a second income alongside their salary. The self cert mortgage lender does not require proof of income in the way a standard lender does and appreciates that working styles vary greatly to those of ten or 15 years ago.
Often, the self cert mortgage lender may be a name that you have never come across before, but that is no reason to be put off or distrust what they offer. The Council of Mortgage Lenders has over 100 members, and there are plenty that offer self cert mortgages. That is not to say big lending names do not also offer self cert mortgages that can be just as good, but it pays to look at all your options rather than just going for a well known brand name.
The very lack of notability of a self cert mortgage lender can actually belie the fact that its parent company is a high street name, such as The Mortgage Works, which is a specialist lending arm of Nationwide, one of the biggest mortgage lenders in Britain. Or consider Mortgage Express, a subsidiary of Bradford and Bingley, another household name. Others include TMB of the HBOS group and Mortgages plc, owned by Merrill Lynch. Of course, there are numerous other lenders that provide self cert mortgages, some with big name parents and some without. There are also plenty of further lenders looking to enter the market, because of its ever increasing size and importance.
When you go to a self cert mortgage lender, they won't require proof of income. However, if you run your own business they may request business accounts of you and if you have been in business less than 12 months, it could restrict what lender will consider your application. Self cert mortgage lenders also tend to restrict how much of the property value they will lend to you.
Finding the right self cert mortgage lender for you will take research and consideration of what you want from your self cert mortgage, such as flexibility when it comes to overpayments and payment holidays, and rate. But have no doubt, there is a self cert mortgage lender out there that is right for you and wants your business.
