These mortgage types are great because it means that a mortgage can be obtained where otherwise it wouldn’t be offered
(PRWEB UK) 13 August 2012
Cost, the online comparison website is known for sourcing its customers the best deals across all insurance, financial, travel and utility products. The comparison service is also known for producing a wide range of information advising their online users about these subjects. The latest advice is an introduction to self-certified mortgages.
Cost’s Chief of Finance shares her opinions on the subject:
“Self-certified mortgages are designed for people who cannot verify their income. This can be for a number of reasons; income comes from several sources, have a basic salary but also receive commission/bonuses. These mortgage types are great because it means that a mortgage can be obtained where otherwise it wouldn’t be offered.”
Self-certification mortgages are usually ideal for those who are self-employed as they are unable to prove their income through certified accounts or they haven’t been a business long enough to be able to produce the required number of years’ accounts.
As you are unable to produce certified accounts, lenders base their rates for this mortgage type on your credit history as well as previous lenders’ references.
The loan-to-value ratios are usually lower with a self-certified mortgage which means that larger deposits are often required.
Self-certified mortgages are often victim to high interest rates.
The team at Cost are dedicated to informing their consumers with the latest news and developments in their field.
Based in Essex, Cost is one of the UK’s leading price comparison sites. Allowing their online customers access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.