Self Cert Mortgages UK
Self Cert Mortgages UK - Solutions to Self Cert Problems
The first problem with self cert mortgages UK is that there is a supply problem. There are nearly five million people in the UK who could be deemed as self certifiable* but there are not enough mortgages to cope with the demand. Lenders only have so much money now, so they are very careful where they lend it. The second problem is that the banks and building societies have to prove that the mortgages they lend will be paid - if they can't prove that then their balance sheets look worse and they will fall into deeper debt - and they can't prove that with self cert mortgages UK.
So what are the solutions to the self cert mortgages UK problem? If there are lots of people who need self cert mortgages and remortgages, but not a lot of people offering the finance to facilitate that what is to be done? The key is professional, impartial advice. A mortgage adviser is adept at finding mortgages that are normally impossible to find, and adept at finding people finance when no one else can. But it is going to take all your co-operation and hard work in convincing mortgage lenders, not necessarily lenders of self cert mortgages UK, that you should be offered a home loan.
One option is fast track. Fast track is not self cert, but it is a way for someone who would have opted for self cert mortgages UK to get accepted. Fast track mortgages are mortgages that are accepted on the basis of a credit score rather than a income multiple. So if you have been a good borrower and have paid off all your debts over the years, you could well get a mortgage, even if its not quite as flexible and as generous as self cert mortgages UK of the past. But this means making sure your credit score is the best it can be, which could be hard work on your part.
Another solution is to ignore self cert mortgages UK altogether. If you have been self employed or self certifying for three years or more then you should have enough evidence to prove that you have been a good borrower throughout. This means getting all your finances and all your paperwork in order - invoices, bank statements, company books and tax returns - anything to show that you have borrowed self cert mortgages UK successfully in the past.
There may be other options open to those who cannot easily get hold of self cert mortgages UK. The key is to prove that you are a good bet and a sure thing. If you can do that, along with some great advice, then you will be able to solve the problems surrounding self cert mortgages UK without any problem.
* Office National Statistics, September - November 2008 employment statistics
