Self Cert Remortgage – For All Shapes And Sizes

If you are self employed, you may think you are limited in what sort of mortgage you can borrow. In the past you may have looked into getting a self cert remortgage and found inflexible, unaffordable deals that jut would not work with your needs. Well, it might be time to take another look. There are more than 10 million people in the UK who can be classed as self cert borrowers*, so there are a lot of self cert remortgage deals on the market to cater to all these people - buy-to-let, offset, trackers, even large loans - anything that you need to make you life work ca be found with a self cert remortgage.

The mainstream self cert remortgage products come as either fixed rates, trackers or offset deals. The fixed rates are a set headline amount for however many years you need and a tracker is a variable rate that changes with the Bank of England base rate. And an offset self cert remortgage is a product which allow you to offset equity against the loan amount - so if you have money saved, that could become money earned as it works to lower your monthly repayments.

And although the rate for a self cert remortgage is going to be higher than that of a standard high street prime range - self employed means no proof of income and a higher risk to lenders - there are no income multiples involved so you can get yourself a bigger loan.

Also, size isn't a problem. If you need a large self cert remortgage, and you can comfortably afford it, it shouldn't be a problem. The lenders' decisions are made on your past - if you have been a good borrower and have clean credit, you should be accepted. Of course if you cannot show that you have dealt with debt in the past and maybe had trouble with your last self cert deal, lenders are going to be wary to offer a large self cert remortgage.

To know which type of self cert remortgage is best for you, get some advice. A broker will know, after looking at your history and discussing your current situation, which form of self cert remortgage would most benefit you.

Most importantly, whatever self cert remortgage you are considering, you have to be confident that you can afford it, and it's the right deal for you. Don't be bullied or pressured into the wrong mortgage as it could become a massive burden round your neck.

If you are a non status income earner, you know better than most how precarious income can be from month to month, so before you consider a self cert deal, predict what you can afford. Have all you past records in order and have a good idea of your credit history. If you have any doubts over any self cert remortgage product, big or small, don't take it on. The confidence to take out a different or large self cert remortgage comes from prudent planning and sensible forecasts.