Bad Credit Self Cert Remortgage
A bad credit self certification remortgage is often known as a ‘self cert’ or ‘non-status’ bad credit remortgage.
It’s been created for the ever expanding volume of self employed applicants who sometimes find difficulty providing proof or evidence of their income but also may have some poor credit such as credit card defaults, arrears, CCJ’s etc
As a general rule of thumb, a bad credit self cert remortgage will usually incur a lower maximum loan to value limit than of a full status remortgage.
This is a reflection of the lenders perception that self certification remortgage applications by the self employed with bad credit denotes a higher lending risk than that of their full status piers.
The good news is that despite the financial turmoil there are still plenty of lenders out there willing to provide a bad credit self cert mortgage although the maximum loan to value they’ll lend is likely to be lower than you would have expected to get a year ago.
Give us a call for more information.
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