UK and Overseas Mortgages

SELF CERTIFICATION MORTGAGES

If you are not in a position or do not want to prove your income, then self-cert mortgages may be your answer. Self-cert mortgages and remortgages are available from most lenders and at rates that closely match full status schemes.

Self-certification is a alternative way of declaring your income as you simply self declare what your income is and the lender will not insist on seeing audited accounts.

This is how a self-certification mortgages should work, but there are still some lenders who will need you to prove your income in other ways, such as an accountant's certificate. This is a document supplied by your accountant to say that your income is sufficient to service the loan applied for. You may also be asked to produce your business bank statements for a set period so the UK mortgage lender can look at the gross income you have received. We will assess what is available to ensure the lender will not ask for what is not available.

Most lenders will supplement this information with credit searches. If you are a home owner, you will be asked to supply your existing mortgage statements, and if you are renting the lender will ask for a reference from your landlord.

Self-certification has limits - most lenders will only allow you to prove your income in this way if you want to borrow less than 75% loan to value, so you will need to put down a substantial deposit. However, some lenders may allow you borrow up to 90% on a self-certification basis.

Current Market Conditions

UK Mortgage lenders have in the past been very relaxed in their self cert lending citeria and some say almost inviting borrows to defraud it in to lending cash. As a result, a flood of illicitly obtained mortgage money may have been pouring into homeowners' pockets, boosting both house prices and consumer spending. With recent issues in the states and the 'Rush on Northern Rock' the first british bank to go through this uncomfortable situation formore that 100 years, the market is bracing itself for a turbulant fist quarter in 2008.
Other bank shares fell, with Bradford & Bingley, Alliance & Leicester and HBOS down nearly 8%, 7% and 4% respectively as a result and House builders were also hit, with companies like Persimmon, Taylor Wimpey, Bovis Homes and Berkeley Group falling around 6% and more.

We predict that UK house prices will fall by 10% -15% in 2008 and again in 2009 as a result and effect of the restriction and reluctance on 'easy mortgages' such as self cert and poor credit home loans. We also feel that mortgage lenders will uncover much bigger 'poor credit' accounts than they believe they have, causing tighter lending criteria and decrease in mortgage portfolio values.

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Before lending you money a lender will want to be sure that you can afford the repayments. With a mortgage or other secured loan, a charge will be taken over the property.

Think carefully before securing other debts against your home. Your home will be repossessed if you do not keep up repayments on your mortgage.