Is Self Cert Mortgage The Only option?
The self employed, contract worker and freelancers are no longer seen by the financial mortgage market as pariahs. We’ve seen both high street banks and building societies acquire a great deal more experience in contemplating providing solutions for potential clients who work for themselves.
The high streets banks and building societies have together become more and more willing to offer mortgages to these individuals on their standard terms.
Indeed flexible lending is usually available as well, which is fantastic for those borrowers who need to over or under pay depending on their cash flow situation which can be very volatile when working for yourself or in a small to medium business.
Self cert mortgages might be the only option in a number of situations. As a result these mortgage loans can be more expensive than where the mortgage lender can obtain proof or verification of income from an employer. It can be even more expensive if they have bad credit and need to apply to a specialist lender for a self cert bad credit remortgage.
However due to competition niche lenders have closed the gap between the usual high street lender products and those self employed borrowers unable to meet the normal lending criteria. It’ important to note that the void has started to appear again due to lenders response to the financial market turmoil around today.
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