Do you need a self cert mortgage but you don't know how to find a self cert mortgage lender? Here are some tips to help you find the best self cert mortgage lender for you:
- Ask around for lenders with good reputations. There have been cases of lenders who permit their borrowers to actually lie about their total income potential just so they can qualify for mortgages that would usually go to full-status borrowers. In the past, the income multiple rule was the basis for setting loan amounts, meaning you could only borrow an amount which was a multiple of your current income. However, with self cert mortgage lenders nowadays, it is possible to borrow much, much more than what your income would have dictated in the past, if you lie about what you really earn.
- Refrain from pursuing loans with lenders who also tell you to change your job title so you can qualify for higher loan amounts. Some lenders, for instance, might tell you to put "Medical Staff" on the form rather than simply "Nursing Assistant" so that you can improve your loan ranking. There are reasons why lenders cap the amount you can borrow, and it's harmful to you and them if you take out a loan that is for more than you can handle.
- Avoid lenders that convince you to over-borrow. No prudent lender would tell you to borrow more than what is in your power to repay. Over-borrowing is a good way to lose the roof over your head, and to leave you and your family homeless.
- Don't be put off by lenders who do background checks (such as asking for information from your personal accountant). Lenders who do this show that they are cautious. This is a good sign because it means that they have a reputation in the industry to uphold, and they are not out to defraud their company or you. Submit to the background checks, if they are within reasonable bounds.
- Apply for self cert mortgages from lenders who accommodate people with multiple sources of income, such as from freelancing gigs. These lenders may be more willing to grant you other loans in the future based on your ability to repay.
- Borrow from lenders who lend a helping hand to people who are either self employed or have poor credit histories. Such lenders are simply being pragmatic because the mainstream market has already been saturated, and they need additional sources of income from their self cert mortgage products. Traditional lenders may perceive you as a huge risk if you are self employed or have poor credit.
- Borrow from lenders who ask you for a percentage of the loan amount as deposit. Again, such lenders are practicing prudent lending policies when they initiate such a step.
- Pursue self cert mortgages from lenders who provide a variety of mortgage packages to you. A self cert mortgage is similar to your typical mortgage in that it can be in capped rate, variable rate, or fixed rate format. Be sure to know all your options before you commit to a self cert mortgage.