Self Cert Mortgages, Staying in the Black

Self Cert Mortgages are a wonderful way for the self employed to get themselves on the property ladder. They consist of the same type of mortgage obligations as a standard mortgage but are written with the precarious nature of your employment status in mind. The risks associated with your occupation are understood and written into the contract. On your part you may want to ensure you are covered if your business suddenly takes a downward turn, to prevent you getting into mortgage arrears and gaining bad credit. There are secured loans geared towards the self employed market too.

When you apply for a self cert mortgage the lender will want to know how much you are expecting to earn next year and all the following years, bearing in mind that this is a long term financial commitment. Although it is very tempting to exaggerate how mush you will earn to be given a bigger mortgage and thus be able to purchase a bigger and better home, your monthly repayments will be based on that figure and if you can not meet it your home will be in jeopardy. This is also true of secured loans. Mortgage arrears and bad credit ratings should be avoided at all costs.

A self cert mortgage will give you the freedom to buy your house, some people see it as a validation but you should also be aware of the obligations that are associated with a long term commitment like this or a secured loan. Mortgage arrears and bad credit will prevent you from moving up or being awarded any future credit. Keep a tight rein on your spending, be aware of your financial position and try to make provision for a time when you can not met the monthly repayments.

Debt may happen but any consequences can be avoided if you are truthful right from the start with your lender. Let them know what your financial standing is. Tell them as soon as you anticipate a problem. They may surprise you and understand any glitch in your payment history but it is always better to inform them.

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

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ABBEY FINANCE

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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