ADVANTAGES OF SELF CERT
So why bother with self cert? The high street is full of perfectly good prime mortgages, and you have probably been offered plenty of nuances of mortgage that will serve you well. And self cert is complicated - it has different criteria and seems like a lot of work.
There are many reasons why you should bother with self cert - it has been designed specifically to make sure a certain type of person can get the most out of their home finance deal. It can save money, it can help you pay off the loan faster and it can even get you a bigger, better home. And self cert doesn’t have to be complicated - with a bit of homework and a bit of advice getting your head round self cert will be a breeze.
Firstly, self cert can help you get hold of a bigger mortgage. Because you declare your income, you can declare how much of a loan you can handle. Usually a lender will give you a limit to what you can borrow, meaning your wage and your credit history can limit how big a mortgage, and ultimately how big a home you can afford. But a self cert lender will give you some control - if you think you can handle a bigger mortgage, then you may well be able to secure a larger loan.
Self cert will also help those who cannot declare their income to pay off their mortgage faster. Because you set the limits, you have control: you can arrange a mortgage so as you can pay off much more than you could with a regular mortgage. As a self cert borrower you may be in line for bonuses, commissions or windfalls at any time - and all these can be put towards your mortgage. Many regular mortgages will set monthly overpay limits, meaning you can only pay back a certain amount. With self cert that limit can be considerably higher or even removed, so you can pay back however much you want, when you want.
And self cert can help you save money: because you set your own parameters and call your own shots you could get hold of a much better mortgage. Although rates are not falling right now, mortgages are much more than a headline figure. Self cert deals will include numerous options and clauses that will allow you to save each month.
Self cert can also be used in conjunction with debt solution products like secured loans and can even be a debt consolidation vehicle in its own right. However you need to move round your finances, self cert can work how you want it to work.
Brought to you by Self Certificated Mortgage.