Underground Journal

Do Self Cert Remortages Still Exist?

Self cert remortgages are not as easy to come by as they once were in the past. With the deteriorating economies around the world it is drastically changing the way the self certification remortgage works. To give you an idea of what these types of mortgages are we will explain a little about them as well as some other options that you have since they are very difficult to qualify for now.

Before the credit crisis there were many mortgage lenders that were getting into the self cert market because there were so many people that were applying for loans. They were doing this because they were able to push through more mortgages each day because of one of the biggest differences between this type of loan and a traditional mortgage loan. The basic difference is that with the this kind of loan the lender does not verify proof of income as part of the approval process. Obviously with a traditional loan proof of income is a big part of the process and without it you most likely would not get approved for any type of home loan.

Now that the economy has gotten worse many of these lenders are getting out of this particular area of the market and are no longer offering this type of loan. If you are someone that would’ve qualified for this type of loan in the past then there is a good chance that you would qualify for what is called a fast-track mortgage now. Basically what this involves is similar to what a self cert mortgage was previously, but not quite the same thing. If you currently have more than a 75% equity value in your current home and you have an excellent credit score then you should be able to qualify for this.

If you are really trying to get one of the self cert remortages now you’re going to find that it is extremely difficult to do so if not impossible. You may want to start considering different options including the one listed above because you most likely will not find any type of lender that would be willing to approve you for this type of mortgage.

Obviously there are lots of different types of mortgage loans that are available and finding one that fits well with your financial situation is going to be the key to your success. If you’re not familiar with all the different types of products out there then you may want to hire someone that you trust to help you find something that will work well for your needs.

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