Self Certify Mortgage
Self Certify Mortgage | How A Broker Can Change Your Fortunes
Choosing The Best Self Certify Mortgage Broker
With more and more people qualifying for a self certify mortgage, that means there are even more products available for you to choose from. That increased competition among providers is helping keep prices as low as possible, though it can sometimes seem a bit of a minefield trying to work out which is the best self certify mortgage for you given the vast array of products. That is why many people choose a broker to help them select the right deal.
Self Certify Mortgages - The Background
A self certify mortgage is generally no different to any other mortgage, only that it is for those that cannot prove their income. Self certify mortgages are aimed at those that are self-employed, cannot prove their income are have an irregular flow of income, such as those paid by commission. A self certify mortgage is often also referred to as a self cert mortgage, self certification mortgage or self employed mortgage. They all mean the same thing.
More and more people now need a self certify mortgage as the pattern of employment in the UK is changing*. It seems there is no such thing any more as a job for life with so many people flitting between jobs. Many workers are now paid by commission, which means they cannot simply state their basic wage when applying for a mortgage as they are likely to earn a lot more than that over the course of the year.
Many of those individuals turn to brokers to get them a self certify mortgage. With so many people in that position**, more and more brokers that specialise in self certify mortgages are springing up so it makes it easier to find a broker but harder to find a good one.
It is not just the number of brokers selling self certify mortgages that is increasing. Many of the major high street banks that previously only lent to those with a perfect credit history who could prove their income are now turning to those who need a self certify mortgage who cannot prove their income.
With a bit of perseverance and good advice from a self certify mortgage broker you may find that you are able to secure the self certify mortgage you need. In fact, the upsurge in the amount of people needing a self certify mortgage will work in your favour as the amount of highly competitive self certify mortgage deals increases together with the number of self certify mortgage lenders and brokers.
Self Certify Mortgage Brokers - What to Consider
Research - Before agreeing to the self certify mortgage it is important that you find a self certify mortgage broker who is able to fully explain the mortgage deal, how it works and the total cost over the mortgage term. If you do not understand all that then the self certify mortgage broker is not the right one for you.
Recommendation - Ask around friends and family and find out who they recommend.
Specialist - Find a self certify mortgage broker who specialises in self certify mortgages rather than just any broker.
Gut instinct - If you don't feel like you can trust the self certify mortgage broker or you feel they are not upfront with you, go elsewhere.
Qualifications - You need to verify how long the self certify mortgage broker has been in business and how much experience they have. A good sign is whether or not the self certif. broker is a member of a professional body such as Association of Mortgage intermediaries, Association of Independent Financial Advisers or society of Mortgage Professionals.
*Source: The self certify mortgage market grew by an average annual rate of 17.8% between 2002 and 2006, according to research firm Datamonitor
**Source: £17.3 billion was lent to those needing a self certify mortgage in 2006, says Datamonitor
