Self Cert Mortgages, Budgeting

It may be difficult for you to judge if you can afford to take out a self cert mortgage or a secured loan. You will be trying to work out if you are financially stable enough to be able to steer away from mortgage arrears or missed payments and the resultant bad credit rating. The best thing for you to do is seek advice before you commit yourself to a long term agreement.

There are many experts out there and many companies have their own advisers but it is good practice to seek the advice of an independent financial adviser. They can give you an honest answer to any of your questions. Whether it is regarding self cert mortgages or secured loans. You may need advice on how to avoid mortgage arrears and the best way to prevent yourself being labelled with a bad credit rating.

You can also do some accountancy work yourself. Check out what your disposable income is. There are several definitions of this but the best way when dealing with these financial matters is to make a note of all your outgoings. These would include your household bills, rent or mortgage repayments, if applying for a secured loan, food, fuel and living expenses. Then look at your incomings, these would be your wages or if you were self employed and searching for the right self cert mortgage, how much you estimate coming in each month, commission, bonuses and benefits. Then you take your outgoings from your incomings and you are left with your disposable income.

To make sure you do not in future end up in mortgage arrears with a bad credit rating you should decide on a figure you can do without each month and lower it a bit to allow for contingency. Contingency planning is that which makes allowances for the probability that the unforeseen may happen. If you repay your entire disposable income each month you have nothing left if something happens that lowers your incomings for a month or more. Stay financially safer and build in contingency planning to your decision making process.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE