Self Cert Mortgage
Whether you are self employed, have variable income, or perhaps you've just moved jobs, despite the widely communicated 'credit crunch' there are still lenders we can access to provide flexible & competitive mortgage deals!
On Friday 25th April, we processed a Self Cert application and sent the client a mortgage offer - all with-in 24 hours!!!
Your home may be repossessed if you do not keep up repayments on your mortgage.
For self certification loans the overall rate for comparison is 8.6% APR. The actual rate available will depend on your circumstances. This rate is based on those with a clean credit history.
For mortgage advice you can choose how we are paid: -
- No fee. We will receive commission from the lender when your mortgage completes.
Or
- A fee. A fee of typically £580 payable on completion of your mortgage. Any commission received from the lender will be refunded to you.
Or
- A combination of a fee & commission. A fee of typically £280 payable on completion of your mortgage In addition we may receive commission from the lender.
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'Self Cert' Mortgages
Clients who are unable to, legitimately, verify their income can benefit from specialist scheme providers who recognise the need for flexibility. They will consider applications from the self employed (including company directors), individuals with various sources of income, or those who experience high levels of commission, overtime and/or bonuses.
Providers of such schemes do vary in their approach to you 'self certifying' your income. Some will request a personal declaration of income, whilst others request an accountant's certificate, or a letter from your employer. Most schemes require additional credit searches, which might include existing mortgage statements, or landlord's reference.
Self cert schemes have been promoted as a means to 'fast track' a mortgage application, however this maybe done on the understanding that the lender could request 'proof of income' anytime up until the mortgage completes.
Self cert mortgages have come under considerable scutiny over recent years. Some mortgage advisers have been heavily criticised for their unscrupulous promotion. It should be understood that anyone making false declarations about income could face criminal action against them.
Self cert mortgage schemes do have limits and 'the credit crunch' has seen these limits reduced. Many lenders will only allow you to borrow up to 85% of the value of the property. 90% loan to value (LTV) schemes are available, though these lenders normally charge a slightly higher interest rate and/or arrangement fees.
We take our reponsibilities seriously and our advice is based on an assessment of your being able to afford mortgage repayments, both in the short, and medium term.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For self certification loans the overall rate for comparison is 8.6% APR. The actual rate available will depend on your circumstances. This rate is based on those with a clean credit history.mortgage.
For mortgage advice you can choose how we are paid: -
- No fee. We will receive commission from the lender when your mortgage completes.
Or
- A fee. A fee of typically £580 payable on completion of your mortgage. Any commission received from the lender will be refunded to you.
Or
- A combination of a fee & commission. A fee of typically £280 payable on completion of your mortgage In addition we may receive commission from the lender.
.