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Will A Self
Cert Cost More ? Self certified mortgages and remortgages are
these days on slightly more expensive than traditional home
finance. The difference in interest rates can sometimes only
be 0.1 or 0.2 percent. Check with a independent adviser to
find out more.
© 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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The self
certified mortgage application process
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With any usual
mortgage application, you would have to fill out your
income details. However, with a self certified mortgage
application, things are a little different.
How Does The Self Certified Mortgage Application
Process Work?
The self certified mortgage application is shorter
than that of the ordinary mortgage application process.
This is because you do not generally have to provide any
proof of income, yet you do have to state how much you
earn and sign a declaration.
The usual application process involves:
 | Filling out a free quote form online or contacting
a mortgage lender over the phone and answering a few
questions to get a quote |
| Once you are accepted you may still need to give a
little proof of income depending upon the type of
self certified mortgage. |
| Once accepted properly you will need to sign a
declaration form and state how much you earn before
borrowing the money. |
Generally there is more than one type of self
certified mortgages and it is not true that all of them
do not check your income. Some could ask for bank
statements whilst other mortgage lenders run a credit
check on you. You could even need to get your accountant
to sign a declaration too if you have one. So do be sure
that if you cannot provide nay proof of income then you
will need to find a true self certified mortgage offer.
They will ask no questions whatsoever or do any checks
of any kind.
You will always have to sign a declaration when
applying for a self certified mortgage. That is crucial
as whilst they do not provide credit checks, the
mortgage lender can use your declaration as a chance to
send you to court when you do not make the payments
required. You can then get done for giving out
misleading information and you could also lose your
home.
Overall the self certified mortgage application is
slightly less confusing than an ordinary application but
each lender will be different. |
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