Self-Certification Mortgages
Summary:
The Advantages & Disadvantages Of A Self- Cert Mortgage :
Advantages :
- Self-employed mortgages take irregular and sporadic earnings into account beforehand offering payment holidays and other options.
- You can get a mortgage without disclosing exactly how much you earn.
- You are using a service in a highly competitive market meaning a lender will always to offer you its best rate straight away
- The are mortgages available to those with bad or adverse credit.
Disadvantages :
- There are considerably less lenders who offer this specialist service in comparison to those who offer mortgages for those in conventional employment meaning far fewer choices.
- The majority of the specialist lenders who deal in self-cert mortgages wont work with you directly as it is an extra overhead in time and money to go over the circumstances of every potential customer personally with. This means you will have to pay for the services of a mortgage broker or advisor but it is them at the end of the day who have the knowledge and access to the best mortgage products and rates, saving you thousands of pounds over the long run.
- The interest rates will suffer from risked based pricing more than conventional mortgages.
