Self Certified Remortgage

A self certified mortgage is a product that has been designed to help people obtain a mortgage, that perhaps have difficulties in proving all of their income or have irregular income.

There are many other reasons why you may require a self cert mortgage and as with most financial products, there is a wealth of information out there.

 

The interest rate you will be offered by the lender will vary according to your circumstances. Often a lender will advertise a low interest rate, however when you seek to get a quotation this rate will increase. 

 

The best way to get the most competative interest rate for a mortgage is to use an online mortgage broker. They have access to mortgage products from all the lenders can usually offer very competative market rates.

 

Here we have reviewed the best online brokers for you. 

Traditionally self certified remortgages are a little more expensive than ordinary mortgages. This is because the lender is effectively taking a higher risk in lending to you. But this isn’t always the case and there are some great deals on the market, you just have to know where to look. The lenders we have chosen above and been selected because they offer products that suit your financial needs.

Your existing mortgage is currently £175,000.00

Therefore this equates to 75,000.00 as equity in your property.

When you divide your current mortgage by the current worth this gives you your LTV. In this example it is 70% LTV.

Also remember that house prices have recently fallen slightly so be realistic when working out your LTV. Any new lender will send a surveyor round as part of the application process to give the estimated cost of the property. The surveyor will base his report on local current market prices.

What documents are needed?

This also depends on the particular lenders. But you will always need to provide proof of identification such as a passport or driving license. Proof of residence, to ensure that you live where you say you do and to prevent money laundering, a bank statement, utility bill or council tax bill is usually sufficient. If you are self employed the lender will want some proof of this, such as a letter from the inland revenue. If you are claiming that you are earning over £50,000 (this can change) then they will want to see your accounts, or some sort of proof of income.

Who is the best lender?

Many people think that the bigger banks are the best lenders, and steer clear from perhaps banks and building societies that are not as well known. Remember that it is the bank lending you the money, not the other way round. So if a bank you haven’t heard of is offering a cheaper rate, then go for it.

How quick can a mortgage be arranged?

Providing that you provide the required documentation quickly, and if possible use the conveyance solicitor that the lender recommends it takes around 3 to 4 weeks to complete.

Do I have to wait for my existing mortgage to end before arranging a 
remortgage?

Absolutely not. Make sure that you understand when you current mortgage offer ends, and get the ball rolling before this date. Just make sure you inform the lender, and the solicitor in writing of the completion date you require. Don’t do it any earlier, as you may incur penalties.

 

 

 

 

 

Why not have a look at some of these sites for further information:-

 

IS A SELF CERTIFIED MORTGAGE LEGAL AND WHAT ARE THE PRONS AND CONS?

I messed up by starting to a estate group for my debt as well as right away they know all my details. 

Self cert mortgages still have a place | Personal Investor | Citywire

Not everyone who wants a self cert loan is an irresponsible shyster as the FSA tends to assume. 

How to Get a Self Cert Mortgage

Self cert mortgages are available to everyone, but in particular are useful for those who cannot prove their income or do not qualify for standard mortgages. 

Drop in level of self cert mortgages

Since the onset of the global credit crunch in 2007 the mortgage market has undergone many changes, and this has been reflected in recent data that has been.  

Find An Honest Broker To Deal With Your Self Cert Needs

The Financial Services Authority – the UK financial watchdog that oversees all of the financial services sector – has banned and fined nearly 50 brokers in the last year.

Self Cert Mortgage UK » How To Get A Self Certification Mortgage

Anyone with a irregular income is eligible to receive a self cert mortgage and for many this is the best option since their income levels are hard to verify.