Self Cert Mortgage UK
Self Cert Mortgage UK - Now Is The Best Time To Get A Great Deal
If you're wondering what the self cert mortgage UK industry could offer you as a self employed business person, then have no doubt it is a competitive and ever increasing market that could provide the answer to your mortgage needs. The self cert mortgage UK sector has grown substantially over the past decade as the nation's working habits have changed and people have decided to forgo the typical 9 to 5 working environment. However, over the last 12 months the self cert market has contracted due to the financial climate we find ourself in.
So what does the self cert mortgage UK market offer those who are self employed? The answer - almost as much as someone who is employed with a fully verifiable annual salary. Just consider that JK Rowling is a likely candidate to benefit from the self cert mortgage UK, as is a baker with their own shop selling artisan breads.
Yet, there is no question that the self cert mortgage UK market place has developed beyond just providing mortgages for the self employed as it was originally designed to do. These days, the self cert mortgage UK industry can help those working several jobs, seasonal workers, or those whose income varies month to month through a commission based salary or bonuses.
Are they more expensive than mainstream mortgages?
The interest rates that exist in the self cert mortgage UK arena are often quite close to the sorts of rates one would see on a mainstream mortgage. Through the growing numbers of lenders entering the market and giving greater choice to what was a small client base, rates have become ever more competitive. While the rates may never match mainstream mortgages because of the inherent risk a lender faces giving a loan to someone with an unverified income, there is no doubt borrowers are no where near as penalised as they have been in the past.
The self cert mortgage UK lenders have also developed their mortgages to be as flexible as possible for those with fluctuating incomes. Borrowers can choose from fixed, Bank of England Base Rate trackers and discount deals, as well as mortgages that allow overpayments for when business is good and profits are up, as well as payment holidays for periods that are quieter and income is lower.
Are there any restrictions on what I can borrow?
Of course, there are still some restrictions that exist in the self cert mortgage UK market place. The greater risks involved for the lender means that many do restrict how much they are willing to offer to a mortgage applicant.The standard threshold of lending for the self cert mortgage UK industry is 75 per cent of the property price. Clearly, this will require an applicant to have a fairly substantial deposit on hand, but don't worry if you don't have access to such funds. In the past there have been lenders out there in the self cert mortgage UK market that will lend a higher percentage, but remember that your breadth of choice of lenders and rates will be more limited.
Nevertheless, the self cert mortgage UK market has much to offer those unable to easily prove their income. Lenders are always searching for new ways of helping people onto the property ladder, so finding the right mortgage could be easier than you think.
