Self Certification Mortgage Lenders
Fasttrack with Self Certification Mortgage Lenders | Is it safe?
What is fasttrack?
Simply, fasttrack is a fast way for self certification mortgage lenders to process their mortgage applications. Without a need for proof of income, self certification lenders do not need time to go through documentation and calculate income multiples to decide whether you are worthy for a mortgage. Instead, the lender merely cross-references your credit history against their affordability calculators. This means their computers decide whether your past indicates you could handle the mortgages of the self certification mortgage lenders. This takes no time at all, meaning your mortgage application can be fast-tracked through the system.
Is it safe?
It is, as it is a tried and tested method of mortgage application. Even if lenders are not self certification mortgage lenders, they may still use affordability calculators instead of simply sticking to income multiples - so it is not uncommon for your income to not be a major deciding factor when it comes to your mortgage being accepted. Many lenders, including self certification mortgage lenders, understand that in the 21st century there is a lot more to a borrower than what their monthly pay cheque says. So they have developed systems that use credit scores and past records to decide on the borrower as a whole, past and present - which is perfect for self cert borrowers.
In this time of credit crunch and tightening of belts, self certification mortgage lenders are more cautious than ever, but they are still using their affordability calculators to decide on who to lend to. So are they safe? Well, lenders are taking a risk on them still, so it is safe to assume it's ok for you to do the same.
Doesn't a quick mortgage mean a bad mortgage?
No. Before you even apply for a fasttrack mortgage, an adviser will have gone through all your finances with a fine toothcomb to make sure you are ready for a self cert deal. The self certification mortgage lenders too will have made sure their fasttrack systems can compute every affordability calculation - a lot of effort, time and money have gone into these high-tech calculators. Also, just because the application is a quick process doesn't mean the mortgage has been thrown together. Self certification mortgage lenders spend many months ensuring that their self cert products work, and will work for you.
Will I pay for the convenience?
Not at all, if anything you can save money. Fasttrack means self certification mortgage lenders spend less time and less manpower going through documents, double checking 
numbers and weighing up their options. Fasttrack just means a push of a button - as with so many things nowadays, technology is making life easier.
But even though technology speeds things up, there is still work to do by you and your adviser - fasttrack is just the last hurdle. But the work you put in beforehand will be worthwhile - self certification mortgage lenders agree that just because you cannot prove your income you should be paying more to take out a mortgage. With lenders' fasttrack and their affordability calculators, self certification mortgage lenders can get the job done with no hassles so they can get on with making sure you are happy with your mortgage.
