Self Certification Mortgage In The UK
Getting a Self Certification Mortgage In The UK
So you want to find the best self certification mortgage in the UK? It may seem like it's easier said than done, with a maze of different lenders and products out there. But really, the best self certification mortgage in the UK comes down to one thing - you.
The first thing to consider is whether a self certification mortgage is for you. If you've already been turned down for a traditional mortgage because you are unable to prove your income then you may well find it is. That's because lenders that offer a self certification mortgage in the UK don't expect borrowers to be able to produce payslips, employment contracts, P60s or even audited accounts. They just ask for a declaration of salary or earnings which they take on trust and use to underwrite the loan.
A walk down any local high street is likely to bring you into contact with many different people who have benefited from a self certification mortgage in the UK. The couple that own the local sweet shop may have used one to buy their family home. The taxi driver waiting at the traffic lights and the smart looking passenger in the back might both be self employed and therefore unable to produce payslips. And then there's the market stall holder, the waitress who has a second job in a nightclub, and the woman struggling with her shopping bags that earns part of her salary through commission. They all could benefit from taking out a self certification mortgage in the UK to buy a home. And if you can't prove your income so could you.
A self certification mortgage in the UK works like any other type of house loan, other than that it doesn't ask for proof of income. The lender will still carry out ID and credit checks on you,
and they will still expect you to meet your repayments or risk repossession. But lenders offering a self certification mortgage in the UK won't penalise you unfairly for your status. They offer competitive rates of interest which can be fixed for a set period of time, or can track the Bank of England base rate. Like a normal mortgage, a self certificate mortgage in the UK allows you to choose how long you want to pay the loan back.
So what else should you consider when on the hunt for the best self certification mortgage in the UK? Well, the lender offering it for a start. Not all banks and building societies offer these sorts of loans, but that doesn't mean they are hard to find. 
There are dozens of lenders beyond the high street that offer a type of selfcertification mortgage in the UK. These are only available through mortgage brokers who can help advise you on the best rates and overall deals out there.
Finding the best self certification mortgage in the UK doesn't have to be hard. Discussing your options with a mortgage broker who knows this market inside out is the best place to start. But with literally dozens of options available you can be sure that a good deal is out there.
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.
