Self Cert Mortgage Service for the Self Employed with Bad Credit
For many years the self employed, contract workers, freelancers and certain employees who receive their wages via bonus or commissions payments have clearly been discriminated against by the high street mortgage lenders.
The purpose of a Self Cert Mortgage is to break down the barriers that have historically faced people who find it tricky to prove their income i.e. self employed, contractors and freelance workers.
They’ve found it even more difficult to get a mortgage with bad credit such as credit card defaulst, mortgage arrears, ccj’s or an IVA.
A specialist bad credit mortgage broker will have the expertise and excellent working relationships with the appropriate lenders to ensure that the funds you need are available, at competitive interest rates.
In fact experts claim self certification mortgages are appealing to an increasingly wide range of people.
Neil Johnson is the PR and policy manager for the Intermediary Mortgage Lenders’ Association, and he commented that although self cert mortgages were originally aimed towards self-employed people especially those who could provide no proof of income, they were now helping those people with changing employment patterns, such as people with more than one job or those individuals doing freelance work.
Self certification mortgages don’t require applicants to provide proof of their income such as wage slips.
Alternatively they allow the borrower to make a declaration of income which ythe lender takes on trust.
However, this is not to say that the lender will not check the borrower’s financial background to ensure they are reliable.
To avoid this scenerio the best bet is get hold of a true self cert mortgage.
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