Remortgaging through self certification
August 6th, 2007 | by admin |Self certification is often associated with the sub prime / bad credit section of the mortgage industry. However, in practice self certification mortgages have become increasingly main stream in recent years. Evidence suggests that the self certification market is likely to continue its growth.
Traditionally self certification mortgages are aimed at actor, sportsmen, - the self employed who have a volatile or hard to prove income. In these cases a self certification mortgage is often the best way to get around rigid lending criteria.
However, employed people may also find that using self certification mortgages are the best way forward.
See: who is eligible for a self certification mortgage
If you took out a sel certification mortgage with a relatively low deposit, chances are you will be facing interest payments higher than most mortgage deals. If your house price has risen giving you a greater share of equity, make sure you take advantage of any possible remortgage. A new deal is likely to have lower interest payments because you have proved a steady period of repayment and now have more equity in the house.