What
Type of Self-Certified Mortgages Are Available?
The
choice of self-certified mortgages is getting wider
all the time, and self-certifiers now have almost the
same range of choices as full status mortgage holders
(those who provide complete proof of income).
Examples
of types of self-certified mortgages include:
Another
advantage of self-certified mortgages is that
it is sometimes easier than usual to get a portable
mortgage – one that can be moved from one
property to another.
This is very useful if you are thinking of buying a
house to do up, before selling it on and buying another.
Just
as with all mortgages, there are a number of areas to
check before you sign:
Some
lenders consider self-certification mortgages to be
a slightly higher risk than full status mortgages, although
there is precious little reason for this: Recent statistics
showed that the number of repossessions on self-certified
mortgages is no higher than for other types of mortgage.
There
are a few differences, however:
Interest
rates are very competitive on self-cert mortgages, but
the best deals are harder to find than with mainstream
mortgages.
Many
specialist self-certification lenders will only deal
with approved independent brokers, not direct with you.
The
most competitive deals are often not available on the
high street.
Even
if you have a bad credit rating, competitive self-certified
mortgages are still available through brokers.
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