Self Cert Re Mortgages
Self Cert Re Mortgages Guide | Beating the UKs Credit Crunch.
The time has come for millions of Brits to find self cert re mortgages - two years ago there was a glut of deals out there as rates hit rock bottom, but time has been called. And it couldn't have come at a worse moment as rates are now rising in the face of the crunch. But there are still bargains to be had with self cert re mortgages and they can still pay dividends for those who cannot prove their income, regardless of the credit crunch.
The rates are having to rise as lenders find it harder to find cheap credit in the world markets thanks to the crash in the US mortgage market - and they could well get worse. As time goes on, and the credit crunch possibly intensifies, self cert re mortgage are only going to become more expensive and harder to find.
How do self cert re mortgages work?
So if you think you are eligible for self cert re mortgages it will pay to re mortgage now rather than later. As income is so critical, and at times unstable for self cert re mortgages borrowers, it is best to get in now while the going is fairly good.
Admittedly, self cert re mortgages are not the cheapest mortgages to go for. Prime deals and high street mortgages will always have lower rates than self cert, which is naturally more risky as no proof of income is required - but there are advantages to self cert re mortgages. Those who think they are or could be classed as self certified don't need anything except a good credit record - that means you have the freedom to take up a mortgage without being tied to a single monthly income. You might be self-employed, have wages based on performance or even on bonuses, you may even have more than one job. Any of these reasons will allow you to quickly apply for self cert re mortgages - a mortgage you may not have even been eligible for with a mainstream lender only offering prime re mortgages.
Unfortunately, there is little doubt that the rates you will be offered with self cert re mortgages now will not be as enticing as they were 12 months ago - but there are plenty of rewards to be had with self cert re mortgages. These deals can offer flexibility, chance to pay off your loan faster or even the opportunity to consolidate debt into the re mortgage.
Essentially, as the UK mortgage market gets tighter, borrowers will need to find any mortgage that will give them benefits - and with self cert re mortgages, there is a lot to benefit from. So if you are in a position to declare yourself self certified and think it's time to re mortgage, look to self cert re mortgages to help you beat the crunch.
