Self Certification Mortgage Rates
Self Certification Mortgage Rates | Why You Should Shop Around
These days, a growing number of borrowers are unable to fit the standard lending criteria as their income is neither regular nor straightforward. This means that comparing self certification mortgage rates will be an important factor in finding the best mortgage deal to suit individual circumstances. For example, there are more than 3 million (3,337,000) self-employed workers in the UK (Q1 2007) according to the Office for National Statistics (ONS), as well as an increase in the opportunity to work from home.
Earnings for many jobs - recruitment consultants or estate agents to name but two - are also weighted heavily by commission, meaning your basic salary does not reflect your true income. Many people also 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. 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.
What do I need to know about self certification mortgage rates?
Traditionally, self certification mortgage rates were priced considerably higher than rates on standard mortgages that require borrowers to earn a regular PAYE salary. But, as the requirement for this type of lending has blossomed, so have the number of lenders, which results in tighter competition. Until recently, self certification mortgage rates were edging down and were easily comparable with rates on standard deals.
Whereas certain borrowers can now qualify for a self certification mortgage with as little as a five per cent 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.
How easy is it to get the best self certification mortgage rates?
Looking for the best self certification mortgage rates on your own can be an arduous task. There are a whole host of self certification mortgage providers, 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 70% of all mortgages placed in the UK are done through brokers.
