Self Cert Credit Crunch and Bad Credit Mortgage Offers for the Self Employed
Only a few months ago it was relatively easy for those with no proof of income to get a true self certification mortgage from a wide range of lenders to very high loan to value ratios (LTV’s) even if they had adverse credit and had to go down the bad credit self cert remortgage route.
However, due to the severe financial problems emanating from the States things have changed dramatically.
That’s not to say that the self cert credit crunch will result in the same problem for secured loans same as mortgages.
In fact it is still possible to get bad credit mortgage for the self employed or even on an employed basis.
They are very short on the ground at present with a lot of sub prime lenders such as Future Mortgages recently exiting the arena.
In fact nowadays no sooner do you get an offer from a lender accepted by the client and the following day the lender pulls the product from the market, just like that.
Because many people say they now need to reduce my mortgage payments bad credit has a big impact on them being able to acquire competitive rates. These higher rates defeat their objective to achieve the lower monthly mortgage payments they require to make life more bareable.
Mortgage enquiries across the board are available but scarcer. Even mortgage for right to buy bad credit sector is feeling the pinch and if you want mortgage advice with ccj or mortgage arrears or credit card defaults in place a specialist broker will still be able to help in a lot of cases.
The major problem will be the loan to value (LTV) the lender will offer the client with bad credit with the maximum normally around 75%.
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