Self Cert Re Mortgage
Need A Self Cert Re Mortgage? Understand The Devil In The Detail
The self cert re mortgage is ideal for those whose circumstances have changed since they last got their mortgage, requiring an alternative type of mortgage that you might not have considered before. Many may have only vaguely heard about the self cert re mortgage, but with increasing numbers of people changing direction in their career or altering their working pattern, it is fast becoming a standard option for many.
So who would be suitable for a self cert re mortgage? Well, it may be that have taken on a second job that supplements your standard salary, such as teaching English as a foreign language at night school, or perhaps you have become one of the many people who are now self employed. Typical people that can be classed as self employed include those that run their own business, hairdressers, alternative health practitioners and many who work in the creative arts world. Another worker that should look at a self cert re mortgage is one who has an irregular income month to month and benefits from bonuses at Christmas or Easter.
So what does the self cert re mortgage entail? Well, it all comes down to exactly what your working position is and, if you're self employed, the records that you can provide to back up your situation and convince the self cert mortgage lender that you are its ideal borrower to have on its client book. Of course, the self cert re mortgage essentially allows you to certify your annual income without proof, allowing all income streams to be accounted for beyond just what is on your wage slip. This will then allow you to increase the amount you can borrow.
Yet, when you re mortgage, one thing you must consider if you wish to move to a self cert re mortgage is how much equity you currently have in your property. If it is less than 75 per cent it could restrict how many lenders will be willing to lend to you, as 75 per cent of the property value is often the limit of how much a lender will extend to. Of course, there are lenders in the self cert re mortgage market that will go beyond 
this loan to value limit. But doing so may well incur you a higher rate and penalties such as Higher Lending Charges that you will have to be prepared to meet.
There are many self cert mortgage lenders in the market, so you should take the time to shop around for the best self cert re mortgage for you. Each lender will have different criteria they look for in a self cert borrower and it is a matter of finding the lender that matches what you want and can offer.
Of course, if you've never dealt with the process of getting a self cert re mortgage, then the best advice is to get advice. A mortgage broker will be able to clearly explain what you need to do and guide you to the right lender. Be you a cabbie or chiropractor, you should be able to find the right self cert re mortgage for you.
