Self Cert Mortgages, Credit Rating

Owning your own home is one of the things everyone dreams of. But if you are self employed or rely on bonuses or other earnings that do not produce regular payslips, you may find it hard to get a mortgage or get a secured loan. This is because lenders look at risk which can be apparent as in bad credit ratings and mortgage arrears or in your track record, through wage slips. If none of these things exist then it is hard for a lender to work out the risk of lending to you.

A self cert mortgage may be the right product for you if these circumstances apply. This specialist mortgage uses your predicted or potential earnings of the following year to work out the risk of offering you the money to purchase your own home. If you have your own home then you can apply for a secured loan. Everything depends on you getting this mortgage.

It is very important to keep up your repayments. If you end up with mortgage arrears you will be given a bad credit rating. This can reflect badly on your chances of getting any further credit. If, for instance you wanted more credit to finance an extension to your house you would probably apply for a secured loan. But a lender would be very unlikely to lend you the money if you had a bad credit rating.

Keeping up your self cert mortgage and steering away from mortgage arrears will help to convince lenders you are a likely candidate for credit. They are looking for reliability and financial acumen. If you make your payments on time over a long period then your rating will improve. If however you struggle to meet your payments your rating will suffer and your lender may put events in motion to recover the debt you owe them. This could result in the lender repossessing your house.

This distressing incident needs to be avoided so make paying back your mortgage or loans your top priority. Make sure that everything else takes second place to ensure repayment on time.

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

SOLVING YOUR MORTGAGE PROBLEM SIMPLY

ABBEY FINANCE

0845-4567-847

Just click here to fill out our simple on line Mortgage Enquiry Form, it will only take a few moments.

enquiries@abbeyfinance.biz

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