Self Cert Mortgages
Self Cert Mortgages | Take Advantage of the Buyers Market, Now!
What is a buyer's market?
Basically, a buyer's market is a property market that is better for those looking to buy than one for people looking to sell - and a perfect time for those wanting self cert mortgages. Prices, which have been rising for several years, have finally flattened and look to be slightly dropping. This means every day there are more and more chances to find a cheaper property and in turn apply for cheaper self cert mortgages. So if you can't prove your income, but are confident that you can buy now, there hasn't been a better time for self cert mortgages.
Repossession highs
Not only are house prices dropping, but house repossessions are rising - perfect for self cert mortgages. Although it's tough on 
those who are losing their homes, it's fantastic opportunity for those looking to buy. The repossessed homes have to be resold as quickly as possible by the lenders, so they are taken to home auctions. You can find great bargains at these sales, but you have to act fast. This is why self cert mortgages are perfect - because there is no need for a proof of income, the application can be fasttracked. This means self cert mortgages can be got at the touch of a button and you can get ahead in the auction room.
Doesn't this mean house prices will keep falling? Won't I lose money on my new home?
There is no guarantee that house prices will keep dropping as rapidly as they are right now. Many analysts see this dip as a levelling out period - house prices have been so high for so long, they must slow down and level out. So there is only a small chance that you will lose out with your new property. But at the same time, the longer you wait, the cheaper property you could get - which means cheaper self cert mortgages.
Why is self cert the best choice?
Self cert mortgages are great to take advantage of the buyer's market as they can be approved fast, with the minimum of fuss. No one really knows where the UK property market will go in the coming months so if you find a cheaper property, don't wait around. And remember, the UK has a chronic housing shortage so there are going to be plenty of people on your tale. Self cert mortgages can be approved before you know it, giving you the edge in the buyer's market.
So what's the next step?
The next step towards self cert mortgages is advice. A broker will be able to take you through every step of the process and knows how important it is to get that approval before the market leaves you standing. So talk to a broker about self cert mortgages while the buyer's market is still hot.
*Halifax House Price Index, April 2008
