Self Certification Mortgage Broker
Self Certification Mortgage Broker | Why Would You Need One?
Why do I need a self certification mortgage broker?
Because of the difficult mortgage markets coupled with the reduced number of mortgage lenders and the much-reduced mortgage funding out there, there is now a very limited number of self certification lenders - and only a handful of self certification mortgage products - to choose from. So a self certification mortgage broker is crucial if you want to ensure you find the best deal in an almost impossible market.
What can a self certification mortgage broker actually do for me?
The rise of price comparison websites can tempt borrowers into trying to source the best mortgage deal without the help of a self certification mortgage broker. While this approach can be successful when applying for a vanilla-flavoured, perfectly standard mortgage deal, self certification works much more on a case-by-case basis and carries far more variables and complexities. Also, most of the remaining self cert lenders will now demand a borrower go through a mortgage broker.
A self certification mortgage broker has experience of lenders' quirks and preferences in the field and will therefore know immediately where to place your specific application for the best results. A self certification mortgage broker also has relationships with self cert lenders that can serve in 'pushing' your application along. What's more, a self certification mortgage broker has access to the best interest rates and mortgage terms than you could secure going direct to a lender.
What will I need to prepare before visiting a self certification mortgage broker?
You should bring to your self certification mortgage broker as much evidence as possible of your income, your debts and your savings. As well as a valuation of the house you want to buy or remortgage, you will also need to give your self certification mortgage broker a benchmark of what deposit you are able to put down. Self cert borrowers may have to put down a larger deposit of around 30% of the property value as they are deemed as higher risk by lenders. However a self certification mortgage broker can now arrange a deal that requires as little as 25% in the right circumstances.
