Self Certification Mortgage


Self Certification Remortgage

"A self certification re mortgage is a perfect choice for those who have started a new business or cannot otherwise verify their income. A self certification remortgage requires the borrower to have a certain amount of equity in their property, usually at least twenty percent. Equity is the amount your property is worth less the amount that you owe.



Many people are finding that this is an ideal time to remortgage their property. Interest rates across the United Kingdom are at an all time low. People are saving money by switching to a new low rate and, in some cases, paying hundreds of pounds less a month in mortgage payments. About half of all the mortgages made in the United Kingdom today are remortgages.

Those who are self employed or have switched careers tend to feel that they cannot possibly remortgage. Years ago, people had to have many years on the job to even be considered for a mortgage or remortgage. With the interest rates dropping, however, lenders are competing heavily for customers. Because of this, many lenders are offering loans to people who otherwise would not have qualified.

A self certification remortgage involves getting a basic home valuation. This will determine what your home is worth. In many areas, home prices have gone up substantially. If you live in an area where the home prices have risen, you may be pleased to discover that you have a lot more equity in your home than you thought you did. If you have at least twenty percent in equity, you may qualify for a self certification re mortgage. Even if you can verify your income, you may opt for this choice as a self certification remortgage generally takes a lot less time to complete than a traditional remortgage.

Those seeking a self certification remortgage will discover that their status does not prevent them from obtaining a competitive interest rate. Lenders are only interested in making certain that their investment in your property is sound. If you have money invested as well, they are more likely to make you a better offer in terms of rates, terms, flexibility and fees.

Fees associated with a self certification remortgage are basically the same as those fees associated with a traditional remortgage. In addition to paying the basic home valuation, the borrower will also be responsible for paying arrangement fees and solicitor fees. In many cases, lenders who are eager to get new business are offering to pay some or all of these fees. A person who seeks a self certification remortgage should check out competitive lenders to get the best rate and terms. In most cases, borrowers should not remortgage with their current lender as lenders often save the best rates and terms for new customers.

To find out more about applying for a self certification remortgage, visit Finance Tracker. Here you will learn about the different rates, terms and costs associated with remortgaging your property. No matter what your specific needs, there is a self certification re mortgage that is right for you."

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