Are self cert remortgages the right option for the self-employed?
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Written on: 09.11.2009 [01:50]
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Goslin
Goslin
Topic creator
Posts: 6
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I'm self employed but make a steady income. My self-employed friend told me self cert remortgages are the only option: he has one himself. Are these self cert deals really best when you're your own boss? |
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Written on: 15.11.2009 [00:57]
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Flo
Flo
Posts: 6
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Self cert mortgages are there because some people can't prove their income. This tends to be the self-employed more often than not, but could also be others who get their income from investment returns, billing clients, etc. If you can't prove your stable income, it's hard to be eligible for any kind of loan: if they don't know your income they can't estimate your outgoings, and they can't be certain you can afford repayments. If you do make a steady income that you can prove – perhaps because you're self-employed but have been working for one or two clients for years with whom you have contracts – you may not need a self cert mortgage. Have you tried asking companies whether you qualify for a regular mortgage / remortgage? |
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