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What to do ?
If you are thinking of becoming self employed and still
don't know what to do then we suggest you stick with something
you already know about. Something you have previously
done as a hobby such as canoeing, motor biking, child care
etc. This ensures you're enthusiasm is high and you will find
the business interesting.
© Copyright 2007 www.Self Employed Help .co.uk
~ All Rights Reserved.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. |
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95% Self Certification Mortgages
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When trying to get a
mortgage, the self employed do tend to struggle as they
cannot always provide proof of income or accounts for
the past 2 to 3 years. This means that they miss out on
options such as the 95% self certification mortgage.
What is a 95% Self Certification Mortgage?
Basically a 95% self certification mortgage is where
the mortgage lender provides you with 95% of the loan
value. However, not many mortgage lenders are willing to
lend this amount on a self certification basis.
Self certification means that you are not providing any
proof of your income and the lender is basically only
going on your word that you can afford the monthly
repayments. It is considered to be an extremely high
risk and many lenders are just not willing to put
themselves in that position. Usually they will only go
up to 90% with a self certification mortgage but there
are occasions when they will offer you 95%.
The companies which do generally offer you 95% on a self
certification basis will more than likely either charge
a high interest on repayments or they will demand a
fairly large deposit for the risk. Due to these extra
fees many self employed people cannot afford to accept
the 95% self certification mortgage anyway so it can be
quite difficult to get one which is right for you.
You could even have a poor credit history and it would
still be ok to get some percentage of a self
certification mortgage, but generally 95% is high and a
lot of the time you will need to prove your income for
at least the past 2 years.
Overall a 95% self certification mortgage is hard
to come by and you may need to actually prove your
income for the previous 2 years at least. However, it is
usually possible to get 90% self certification mortgages
which is still a high amount. It is going to be best for
you if you shop around and see what you can comfortably
afford. With a 95% self certification mortgage, even if
you get it the repayments will be extremely high and you
may not be able to afford it anyway. So look through
your options and make a decision only once you know that
you can afford the repayments.
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