Self Certification Remortgage Quotes UK
A self certification remortgage is different to an ordinary mortgage because less emphasis is placed on proving your income. For an ordinary mortgage your mortgage dealer will need concrete proof of your income, through pay slips and company accounts. However for many people such as the self employed and those who have a volatile income it may be difficult to prove your income. This is when a self certification mortgage can help. Most self certification mortgage dealers will not be strict in proving your income. A letter from an accountant or a best estimate may be sufficient. Also if you have been paying mortgage payments for a number of years this will show that you can afford to pay mortgage payments. Increasingly mortgage dealers look at the issue of affordability in knowing how much they can lend, when offering a remortgage quote.
Advantages of getting a Self Certification remortgage quote
- Self Cert means you don’t have to worry about proving your income.
- It can be very useful if you are self employed and your income is likely to increase in the near future
- Consolidate debt. A lot of people seek to remortgage to consolidate debt in one place. This means you can get the best (lowest interest rate on your loans)
Caution in getting Self Certification Quotes.
- If you get a self certification quote make sure you are not being offered a high interest rate to compensate for the higher risk of lending.
- Make sure you don’t take out more debt than you can manage. It is good to consolidate debt at the lowest interest rate, but it becomes tempting to take out too much debt which then becomes difficult to pay back.