Looking for a self certification remortgage ?

What used to be a specialist product more or less designed for the self-employed people self certification remortgages are now becoming very popular for a wider variety of customers. These days employed people and contract workers get paid differently than the norm, bonus payments, seasonal variances in pay as well as 6 month contracts all would make a normal lender reject applications.

These changes in working and pay practices plus increased competition for financial originations forced mortgage finance companies to introduce the self certification remortgage (self-cert). The people we have just looked at have one thing in common none can prove their income, not on a consistent regular basis. Even some banks and main stream lenders now offer mortgage finance through this kind of mortgage.

The main benefit of the self certification remortgage is that no proof of earnings such as payslips or accounts are required. The risk to the lender is obviously higher and therefore this kind of mortgage normally required a 15% deposit. For example if your house is valued at £200,000 you coud borrow up to £170,000. Because of increases in property values this should make self-certs accessible for most borrowers.

As far as interest rates are concerned with a self certifications remortgage the rates offered are usually slightly higher than a conventional mortgage. But nothing major. To apply or find out more we suggest you use a mortgage broker or adviser as these have more knowledge.