Self Certification Mortgages In The UK
Self Certification Mortgages In The UK | The Pros and Cons
Con: Self certification mortgages in the UK are pricier than other loans on the market
This is an unfortunate inevitability for specialist mortgages, especially specialist mortgages during a credit crunch. Lenders are just not happy to lend without 100% assurance, which of course cannot be given if you are self certifying your earnings. That said, self certification mortgages in the UK are not much more expensive than plenty of the mortgage deals out there, and with some clever money management you shouldn't have to suffer to be self cert.
Pro: Self certification mortgages in the UK still exists!
This may sound like a facetious pro, but there is no denying that it is very tough out there, and just having the option to borrow self certification mortgages in the UK at all should be celebrated. The huge majority of these loans have been taken off the market by lenders, many of whom do not exist now, so for a handful of brave and smart lenders to still lend to people who cannot prove that they earn enough to cover the mortgage shows that there is life left in the UK mortgage market.
Con: It's tough to get accepted for self certification mortgages in the UK
It's very hard to get a 'yes' if you are trying for self certification mortgages in the UK right now. Lenders have made their lending criteria very high, and at the same time have limited their mortgage funds drastically. This means they have to say 'no' more than they say 'yes' - but they do still say 'yes' when the time is right. The key is making sure to understand what they are looking for and adhering to that regime. It might be tough, but it might be your only choice.
Pro: There are people who can help you find self certification mortgages in the UK
It might seem like the odds are stacked against you when looking at self certification mortgages in the UK, but there are people who still help borrowers find mortgages if they cannot prove their income. A good, honest, experienced mortgage broker will still have the contacts with lenders that still lend these mortgages, and they will have the know-how to make sure you tick all the right boxes. Unfortunately 2009 is a hard year for self certification mortgages in the UK, but there is hope if you go to a great mortgage broker.
