Self Cert Remortgage?

AndrewSmith

Col.Mastard wrote: »

^
What's the difference between Self Cert & True Self Cert?

Many Thanks

Hi,

Probably the biggest difference is not necessarily in the product itself but more to do with the status of the applicant.

Regular self cert simply means that income is not proveable by audited accounts or payslips. It does not mean that the lender will not ask for an accountants letter, bank statements, employer reference (if PAYE), copy of your last self assessment return etc.

This is where a large number of people go wrong by assuming that self cert generally means they can put down any old figure, no questions asked.


'True' self cert is where the applicant has, for example, a high credit score, no adverse history etc and the lender asks for no additional information other than identification proof.


Factors that impact which you can go for are deposit size, credit history, employment status, property type and use, age.

Also you may find that when looking at some 'true' self cert products those that do not require a larger deposit will generally have a loading on the interest rate to compensate for the additional preceived risk to the lender.

In short, there is no definitive answer to this as it really does depend on the situation of the individual, but I hope it at least offers some clarification.


Andy

herbiesjp

Please remember that even with self cert, true or not, the lender can request whatever information they may decide they want the applicant to provide.

AndyWallace

_Andy_ wrote: »

Not entirely true - I work for a subprime company who sells direct to our clients and we offer true self-certs

Do you do any internet advertising checks?

(Out of interest)

Col.Mastard

Mr_helpful wrote: »

why would you want to go direct with self cert

Why? is it against the Law? :rolleyes:

AndrewSmith

Col.Mastard wrote: »

Why? is it against the Law? :rolleyes:

You are at liberty to do as you please of course, as the consumer it is your right.

I think the point being made is that there are a large number of 'broker exclusive' self certify products that are not generally available via the high street, many of them are very competetively priced.

Col.Mastard

Does anyone know of, any fee free online brokers?

I know of; Moneyquest and L&C, anyothers?

Remortgage @ 90LTV
Property Price £250K
Freehold 3Bed-Semi

Lipstick_2

Hello. Why not google for a self cert remortgage.

Luv

Lipstick

Uncle_Fester_2

Col.Mastard wrote: »

Does anyone know of, any fee free online brokers?

I know of; Moneyquest and L&C, anyothers?

Remortgage @ 90LTV
Property Price £250K
Freehold 3Bed-Semi

Charcoal are quite Good!

AndrewSmith

Charcoal are panel restricted and are not fees free.

Col.Mastard

Any others?

I need to act fast, as my current deal runs out Soon!

Many Thanks