Self Cert Remortgages
How To Uncover Good Self Cert Remortgages
Like any mortgage product, you have a number of options. You can look for a self cert remortgage by approaching a high street bank or building society. However, you will only be able to choose from its product range. Alternatively, you can use a price comparison website. There, you can compare a whole range of available self cert remortgages and pick the one that suits you best. However, you will need to study the various products carefully and be able to calculate the total cost of the mortgage term to find the most suitable option.
That is where a broker comes in handy as they do all that for you. Your broker will also be able to search across a whole host of self cert remortgages to ensure you find the most appropriate self cert remortgages that meet your requirements.
Another point to consider when getting self cert remortgages is that different lenders have different rates for those remortgaging and those buying a home. So make sure you are not searching their home-buying range.
Why Take Advantage Of Self Cert Remortgages?
If you are approaching the end of a discounted fixed rate on your mortgage and cannot prove your income the now is the time to consider self cert remortgages. Most fixes last for two years so if you took out a two-year mortgage around 24 months ago it would have been secured when interest rates stood at 4.5% - far lower than the current rate*.
This means the amount you pay back each month will have increased dramatically when the deal comes to an end because many cheap initial rates then revert to more expensive standard rates. So you could save yourself plenty by moving to cheaper self cert remortgages by contacting a broker who can then search the market for the most appropriate self cert remortgages for you.
So anyone whose deal is due to come to an end between now and August 2008 could experience a high payment shock. If your deal is up in the next six months it is a good idea to begin your search now for self cert remortgages so you are familiar with the products available so when it comes to choosing your deal you have done your homework.
Don't think you are alone. Around two million people will come off cheap fixed rates between August 2006 and December 2008** so there are plenty of others out there that need to look for a new mortgage deal.
Remember that when you have found the best self cert remortgages, consider the cost of leaving your lender as well as what you pay to the new lender as it is likely you will have to pay an exit fee.
Even so, as long as you choose the best deal it is likely you will save money when looking at self cert remortgages rather than staying with your existing lender when your initial discount period is up.
*Source: Bank of England. The base rate became 4.5% in August 2005 and remained that way for a year. By September 2007, the base rate had climbed to 5.75%. **Source: The Council of Mortgage Lenders
