Self Cert Mortgages - Can You Still Get A Self Cert Mortgage ?

Self certification mortgages are mainly for those people who cannot verify their income. This can often be for a variety of reasons such as they are self employed, rely on a second job, commission or bonuses to top up their salary or have income from several different sources. However some self certification mortgages will still require a letter from an employer or an accountant certificate. Credit searches can also be used as can your mortgage statements if you have one or a statement from your landlord if you rent your home.

If you are thinking of applying for a self certification mortgage you need to consider certain conditions, for instance many of the lenders who offer this type of mortgage will only let you borrow up to 75% of the loan to value. There were some lenders who would extend this amount to 85% and 90% however due to the credit crunch these mortgage lenders are no longer offering self cert mortgages at this loan to value.

Types of self certification mortgage
Next time buyer 75% self certification mortgages these are mortgages which can be obtained if you already have a current mortgage and are self employed. They allow the borrower to borrow up to 75% of the loan to value.

Fast track mortgages compared to self cert
Self certification mortgage or fast track mortgage a fast track mortgage is offered by certain lenders and is conditional, provided that the borrower has a good to high credit score and only wants to borrow 75% of the loan to value. However unlike a self certification mortgage, mortgage lenders offering a fast track mortgage can request confirmation of income at any time during the application period up until the completion of the mortgage. Fast track mortgages have been hit by the credit crunch and many mortgage lenders that offered these now have withdrawn from the fast track mortgage market. There are still some lenders actively offering fast track mortgages but to find them you would be advised to speak to an independent mortgage advisor.

Self cert mortgage advice
If you would like to find out more information on self certification mortgages you can either visit one of the may online mortgage comparison websites, or speak to an independent mortgage advisor. Mortgage advisors are fully trained in all aspects of mortgages and many can provide you with independent, fee free advice on any type of mortgage.

About the Author:
Jason Haines is a protection and mortgage advisor at godirect.co.uk, here you can get instant cheap life insurance and mortgages online information

Article Originally Published On: http://www.articlesnatch.com

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