Self Cert Remortgages
Self Cert Remortgages - Now Is The Time To Get Off The SVR
Less Flexibility
Going for self cert remortgages may give you a lot more than just a new rate. Any lender's SVR isn't going to be as competitive as a specially created mortgage. Just because the rate doesn't reflect that, it doesn't mean it isn't the case. A non-SVR mortgage may have options and extras that simply are not available to those on an SVR. This might mean underpaying options, overpaying options or options to change any number of things about your mortgage. If you choose to opt for self cert remortgages then you will have these options and will have the freedom that you can't get on the SVR.
Losing Equity
When you got your last mortgage you may have had a decent amount of equity in your home. You may have taken out a low loan-to-value deal, many even as little as 50% of the property's worth. But within the last year alone, house prices have plummeted by more than 15%*, meaning your equity may have been severely reduced over the term of your mortgage. If you don't opt for one of the self cert remortgages on the market right away, your equity may have eroded too much. The tightening of credit in the mortgage market has meant only those with at least 25% equity will be able to access one of the remaining self cert remortgages.
Time's Running Out
Not only is your equity dwindling, but the chances of getting hold of any self cert remortgages are slimming as each day goes by. Some of the UK's biggest providers of self cert remortgages have pulled out of the market while things remain so negative, and those who are remaining may choose to leave also. So the time is now to try and get hold of the precious self cert remortgages before they disappear for good.
Get Advice
Act now and get some advice right away. A professional mortgage adviser is the only way to get hold of many of the self cert remortgages around now, so they should now be the only port of call. Not only will they be able to source the loans, but they will be able to tell you which self cert remortgages are right for you and which should be avoided. Sticking with the SVR might seem like a good financial idea, but acting now may prove to be a much more sensible decision.
* Nationwide House Price Index, 26/02/09
