Self Certification Mortgage Rates
Self Certification Mortgage Rates - Why You Need To Shop Around
Many people hold down more than one job - working in the evening as a cleaner to supplement income for example, or taking an additional home-based job, such as copy typing, to fit in around the children. And many people, like sales staff and recruitment consultants, rely on commission and target-based bonuses to see them through the month. In any of these cases, a borrower is likely to have to self-certify their income and, in turn will need to compare self certification mortgage rates to find the right deal.
Traditionally, self certification mortgage rates have been priced considerably higher than rates on standard mortgages that require borrowers to earn a regular PAYE salary. This hasn't changed - the credit crunch has meant risk has been priced even higher, so self cert has suffered. But with falling interest rates, self certification mortgage rates could be edging down and could become easily comparable with rates on many standard deals.
Whereas certain borrowers can now qualify for a self certification mortgage with as little as 25% deposit, the best self certification mortgage rates will be reserved for those with a larger stake in the property as well as a clean credit record. In some cases, this can mean there is no difference at all between self certification mortgage rates and mainstream rates.
Looking for the best self certification mortgage rates on your own can be an arduous task. Self certification mortgage providers are specialists and as a result, talk in a specialist mortgage language, each with different lending criteria. A mortgage broker that has relationships with lenders operating in the self-certification arena will be able to secure the keenest self certification mortgage rates for your borrowing status. Using a broker takes all the hard work out of finding the best deal and you get expert advice to ensure the mortgage you choose is matched to your personal circumstances. This is probably the main reason that as much as two-thirds of all mortgages placed in the UK is done through brokers.
Times are tough, and they are not going to get easier for those looking for the best self certification mortgage rates in 2009. But with some professional help, some patience and a optimistic outlook there is no reason you can't find good, low rate self certification mortgage rates out there.
