Normal mortgage and remortgage products will usually ask that you give some specific proof of income before your application for finance will be accepted by your lender. This is fine if you are employed and have the necessary pay slips or P60s to back up your loans application. But, what do you do if you are self employed or if you cannot provide the certification that you need to make an application?
Up until recently people that couldn't certify their income had to go through complex procedures to get the remortgage they needed. In some cases, some consumers just couldn't do this and simply couldn't get approval for their loans. Or they'd be charged way over the odds to get the loans they needed. Now, however, there is another option - the self certification remortgage.
If you're looking to take out a self certification remortgage then you will simply be allowed to state your income to get the loan you need without having to show the proof that most lenders will ask for. You will, as it were, certify your income yourself and take out a loan on that basis.
The pros of a self certification remortgage are plain for all to see - this kind of product will allow you to take out any kind of remortgage without having to prove your income to get one. So you can just tell your lender what you earn - hence the term self certification - and that will be enough for them to process your application. This can make it much easier to get the loan you need without the worry of having to prove your income.
There are, however, some cons with this kind of remortgage. You may, for example, be asked to pay slightly higher rates with some lenders to get a self certification remortgage and you may have to look harder to find a suitable lender for your needs.
But, you need to remember that these cons need not apply to every self certification lender. Many will work with you in the standard way and there are always deals to be found. You just need to know where to look and who to apply to.
You can, of course, simply approach your existing lender if you wish but you'll potentially be missing out on something if you just do that - cost savings. Your existing lender doesn't necessarily have to be that competitive. They may well be the cheapest option for you but you'll never know this for a fact unless you shop around.
We're well aware that it might be time consuming and confusing to do this shopping around (which is why so many people miss out on savings by not doing it) so we've made it easy for you. We've brought together the best options and deals from right across the self certification remortgage sector for you in one easy to find place. Want to know the really good news - you're already here!
Take a look at the remortgages we can offer you and you'll find a whole range of cost savings to make sure that you spend as little as possible in your choice of new finance. Our partners have the best deals, discounts and special offers just waiting for your application - ask for a quote and take a look at the huge cost savings that are open to you. Add the mortgage broker discounts that we can get you to the mix and things will start looking very cheap indeed!
If our customer service and dedication to it doesn't sell it to you, perhaps our low rates will?
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The overall cost for comparison is 8.0% APR
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
All loans subject to status in the UK to home owners aged 18 and over and may be secured on property.
Written quotations available on request. Other terms and amounts available.