Self cert mortgages, self certified mortgages
Like many mortgage products on the market, a self cert mortgage will depend on your individual circumstances, and is likely to appeal most to the self employed or the employed who are unable to furnish proof of earnings, and to those who have a poor credit history.
Residential became regulated by the Financial Services Authority in November 2004 and mortgage lenders who offer self-cert will now only want you to declare your income or additional income to qualify for the best self cert mortgages on the market.
However, self cert mortgage lenders require applicants to be able to put down a rather larger deposit amount than would apply to a normal, standard mortgage product, usually requiring a minimum of 25% of the property value.
But there are exceptions to every rule and in this case the exception is that very often the applicant can get away with a 5% deposit, or thereabouts, if he or she has an immaculate credit rating.
Due to more than one factor, the applications for UK self cert mortgages has seen a huge increase, and as we believe this area of finance is as fraught with pitfalls as most of the others we strongly recommend that you enlist the services of an independent mortgage broker before making an application.
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