Self-Certification Mortgages
I Am Self-Employed. Does that mean I will need a Self-Cert Mortgage?
Getting a home mortgage loan to purchase a property can seem overwhelming and feel like a leviathan task at times even for those an a stable income. It is only natural to feel even more so overwhelmed trying apply for a mortgage with the type of unpredictable and sporadic income that often comes with being self-employed. People who also earn the majority of there revenue through bonus and commission schemes or contract work (such as free lancers for example),even company directors could fall into this self-employed category. However , contrary to what many people think the reality is that there are many lenders who want in on the action from your self - certified mortgage and there is actually quite fierce competition among this niche sector even though you are least likely to stumble upon them just walking into a big retail lender or high street bank.
Many specialist lenders who deal with this type of home mortgage loan distribute there products exclusively via independent mortgage brokers. Even big name retail lenders have adopted this approach. This usually works out favourable for both the lender and the broker as there is a natural business partnership that compliments each other. The time consuming process of qualifying a prospective borrower and administration is handled by the mortgage advisor while the type of client that takes a self-certified mortgage usually requires additional financial services and products in the form of insurance policies. In fact for anybody considering a home mortgage loan while self-employed the mortgage advisor should be seen as your new best friend, or at least in the same light you would see a doctor , lawyer or car mechanic.
