| |
- Self
Employed Help Index
- Site
Map |
| |
|
|
| |
But-To-Let
As A Retirement Plan ! Many people nowadays rent out a
second property as a way of saving for retirement. When a
person needs to they will either sell the property for a lump
sum or use the rent as a top up to their pension. Many
mortgage finance companies now offer specialist interest only
buy to let packages that make entering the property market
easier than ever.
© 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.
|
|
|
|
 |
What is a Self Cert Mortgage?
|
If you are self employed then you may have heard quite a lot about a self cert mortgage offer. Generally the self cert mortgage has become increasingly popular due to the fact that it is especially developed for the self employed who cannot prove their income. It is one of the only offers available to the self employed and more and more lenders are beginning to offer a self cert service.
Everything You Need to Know About Self Cert Mortgages
Whilst self cert mortgages may sound like an ideal solution to the self employed, there are actually some downsides.
Basically a self cert mortgage does not require any paperwork or documents to prove your income. You do not have to give any payslips or a p60 either. All you do need to do is sign a declaration stating that you can pay the monthly repayments on a mortgage and it really is as simple as that. Who wouldn’t want to take advantage of an offer like that?
However, just because you only have to sign a form, it does not mean that you can lie about your income. You can get taken to court if you do not pay the monthly repayments and you will also lose your home too.
Another disadvantage of a self cert mortgage is that sometimes many mortgage lenders do charge more for the privilege of this type of mortgage. They still see that there is some risk involved in lending you the money and so often they ask for either a larger deposit or they will charge a higher interest rate. Not all companies are like that however so it is worth shopping around to see what the best deal that you can get is.
Generally self cert mortgages can be ideal but you do have to make sure that you can afford them. Take into account the extra fees involved if there are any and ensure that you can afford the repayments every single month. Self employed people generally find that their income is up and down every month and so you do need to ensure that on the months where you will not do as well, you will still be able to afford the repayments. As long as you make sure of that, you should be ok. Self
Employed Loans Mortgages Insurance
|
|
|
|
|
|
