Self Cert Mortgages

A self certification mortgage is very popular for a self employed person whom cannot supply any proof of regular income as they would be the business owner. When applying for a conventional mortgage the lender would like to see your payslip's for the past 6 months before assessing the amount you can borrow. For self employed people lenders would ask for your yearly accounts which would give them a fair indication of your earning and borrowing entitlement.

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Switching Mortgages

To many self employed people taking out the self certification mortgage is a simpler form of borrowing the maximum amount from the lender. Here you do not have to show accounts to assess how much you can afford to repay, instead you state the amount you can afford to repay each month. Many lenders will simply accept a letter from yourself stating the amount you can afford and what your yearly income is on average.

Poor Credit History

A handful of lenders will offer a self certification mortgage to people with poor credit history, but do expect to pay a much higher interest rate than normal.

Mortgage types

When taking out a self certification mortgage you are also introduced to a wide variety of mortgage options.

Standard variable rate mortgage

During the course of the loan the bank of England would increase or decrease the interest rates according to the economy. There may be many months where the rate may remain constant but they could go up as well. The plus side would be if the rates to drop and constantly low for a good few years enabling you to pay less interest on your mortgage.

Discounted rate mortgage

This type of mortgage guarantees that you pay a certain premium for a limited time period. This means that your monthly payments are fixed at a discounted rate for the next months or years. The discounted amount is always below the lenders variable rate unlike the standard rates which go up and down your rate would remain the same.

Fixed rate mortgages

This is great for people who would like certainty about the amount of spend there is every month for the next 3 years or so. The fixed mortgage rate allows you to do this for a time period given by the lender.

Capped mortgages

Self employed capped rate mortgages place a maximum limit on the amount you can afford to pay each month.

 

Tracker mortgage

If you want to guarantee that your mortgage absolutely follows the base rate you can take out a tracker mortgage. This mortgage is totally based upon the base rate set by the Bank of England. With other mortgages you have the choice of continuing to pay the higher premium even though the base rates have been lowered.


If you are not sure about which mortgage types is suitable for you don't worry, fill in our self certification mortgage form and a broker will contact you immediately. They will discuss the different packages on offer from the many lenders and help you find the ideal mortgage for you.

 

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