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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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Self Certified Mortgages
Explained
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These kind of mortgage
finance products are designed for those who have
difficulty providing proof of their income. For many
people such as freelancers, company directors, contract
workers or even employees on bonuses and seasonal
workers getting proof of earnings can be next to
impossible. Many self employed people minimize their
earnings for tax purposes so the chartered accounts that
can be supplied show a smaller figure of what they
actually earned.
Although if you applied to a typical lender such as a
high street bank for a self certification mortgage then
you may be disappointed. Many of the bank's don't offer
them those that do usually offer higher rates of
interest. They key is to use a broker or independent
self certified mortgage adviser these people have exams
to teach them about the industry. These intermediaries
have access to a much wider choice of finance products
and can often source a much cheaper financial deal
giving you a lower interest rate or even special
features such as fixed rates or discounts.
Remember though that what may seem to be a good deal may
not be. When applying ask questions about early redemption
charges and get out fees. Self certified mortgages don't
have to be on high rates of interest it is not hard
these days to find them on rates 0.2 of a percent higher
than conventional mortgages.
Self
Certified Mortgage Application
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