Self Certify Mortgage
Self Certify Mortgage | How A Broker Can Still Get You Finance
A self certify mortgage is generally no different to any other mortgage, only that it is for those that cannot prove their income; this means it's a riskier deal, and one you will not find very often or very easily. But more and more people now need a self certify mortgage as the pattern of employment in the UK is changing, with the growth of the Internet, the ease of communication and of course the recession. It seems there is no such thing any more as a job for life with so many people flitting between employers. 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. So there are a lot of people looking for a self cert deal.
The problem is that the number of mortgage lenders offering self certify mortgage deals is decreasing rapidly. Many of the major high street banks that previously lent to those with a not so perfect credit history are now turning away from those who need a self certify mortgage who cannot prove their income. Even the specialist self cert lenders have left the market, either by reducing their proposition or retracting their mortgages completely.
So now many of those individuals who need specialist mortgages are turning to brokers to get them a self certify mortgage. But with the reduction in mortgages, there are also less and less good brokers who deal with self certify mortgage products. So there are less products and less people to help you access them, but more people who want them - the need for a good, honest, true mortgage adviser has never been so obvious.
But if you get hold of a good professional broker, with a bit of perseverance and good advice 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 competitiveness of the self cert deals will remain.
So who is a good, true, honest self certify mortgage broker? Well it's one that can prove its worth by its past customers. It's one who is clearly labelled as a fully regulated adviser, watched over by the Financial Services Authority. It's also one that listens, that works hard for you and one that isn't happy until you are sitting in your fully financed home with a self certify mortgage that fits.
