Mortgage Vendor

Do you want to undertsand more about self cert mortgages? Then it is worth you while taking a look at some more of the common questions we are asked on a regular basis.

Is it necessary to be self employed to get a self cert mortgage?

No, self cert mortgages are suitable for people with a number of different circumstances. Speaking with a professional self cert mortgage adviser about your personal circumstances will provide you with more information as to whether or not you may be suitable for this type of mortgage.

Can First Time Buyers Get a Self Cert Mortgage?

Some lenders will accept first time buyers for a Self cert mortgage but it is wise to shop around as many lenders require a much higher deposit if you are purchasing your first property. Save your shoe leather and use an FSA authorised mortgage broker who has access to the whole of the market and can find the right mortgage for you using the latest computer technology.

Are Self Cert Mortgages more Expensive?

Self cert mortgages are normally slightly more expensive than standard residential mortgages as the lenders view the risk attached to self declared income mortgages to be higher. The increased risk together with thee extra costs associated with self cert mortgages is often reflected by higher interest rates.

Is there anything I can do to minimising the higher interest rate?

If you can provide proof of a good credit history the mortgage lenders may view your application in a much better light than those with poor credit. Therefore, it is worth ensuring that you protect your credit rating if you are thinking about a self cert mortgage. Some further ways to get a better is to provide a bigger deposit or prove that you have a consistently high level of income. These factors will be taken into account during your self cert mortgage application and are often worth discussing with a self cert mortgage adviser.

What deposit do I need for a self cert mortgage?

The average lender will require a deposit of 20%. However, if you talk to a specialist self cert mortgage broker it is sometimes possible to get that down to around a 10% deposit and borrow 90% of the property value. The success of the negotiation will very much depend on your personal circumstances which could enable you to secure a 95% self cert mortgage. It is always best to discuss the options with an experienced mortgage broker as they often have good contacts within the self cert mortgages business enabling you to get the best possible deal.

How much can I borrow?

As always, this will depend on your individual circumstances. Generally, self cert mortgage lenders will consider up to Four times a single income or two and three quarter times a joint income. However, many lenders now work on affordability and you could get offered up to 5 times a single or 4 times joint income.

Where do I find out more about self cert mortgages?

Firstly, this site has many articles covering all aspects of self cert mortgages which are free to use. However, the best way to find out the information you need is to speak to a professional self cert mortgage adviser. By seeking professional advice from an FSA approved mortgage broker you can rest assured that you will have unbiased information to help you make an educated decision.

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