Self Cert Mortgages are suitable for self employed people or where income is not regular. They are competitively priced and can be arranged with a deposit or equity of 10%. Interest rates for self cert mortgages may be higher, but are useful if standard mortgages are unavailable to you as a result of your circumstances.
Self-cert mortgages can be a huge help to self-employed borrowers or anyone who needs to stretch their finances so they can afford the home of their dreams. The range of UK mortgages has increased dramatically over the past decade. Most banks and building societies have a specialist arm dedicated to providing mortgages for the self employed (among others). And an increasing number of specialists exist, so it is worth shopping around. Bear in mind that the size of mortgages and the interest rates offered to you may be influenced by the type of work you do.
Self Cert mortgages represents a higher risk for lenders so interest rates will tend to be higher than conventional mortgages. 100% mortgages are still available, but the market is extremly limited. However, self-certification mortgages for first time buyers tend to be expensive, you’ll typically need to use a broker to find a suitable lender (which usually involves a fee) and you’ll need a minimum deposit of around 15% of the valuation of the property. It’s true that self cert mortgages are not ideal for everyone.
To find out more about self cert mortgages then complete our mortgage enquiry form above for a fast callback from an FSA approved self cert mortgage advisor.