There are a number of reasons why a self certified remortgage may be the best option for you. Self certified remortgages allow you to borrow money without providing proof of income:
Ordinary people in the UK often receive income from a variety of sources such as bonuses, overtime, and investments, and as this income may be unpredictable, proving it can be quite difficult.
Although many high street lenders will not fully consider these additional sources of revenue when assessing affordability, a number of specialist lenders will do so. Alternatively if you are self-employed with less than three years accounts, self certification may be your only option.
Even if you have recently become self employed it may still be possible to remortgage onto a better deal. When remortgaging, especially considering the rises in house prices that have been seen in recent years, it is quite possible that you will have sufficient equity in your property to qualify for a self certification remortgage: non status mortgages are generally available to those with at least 10% equity in their properties.
If you have significant equity it may even be possible for you to borrow additional money.
Our clients receive advice on all aspects of the self certification remortgage market, and quotes from the full range of lenders: not all lenders offer self-certification, and those that do may have very different criteria, so it makes sense to speak to specialist advisors to work on your behalf and find the deal that best matches your situation.
Click the following links for more information regarding the advantages and disadvantages of self certification mortgages.