If you have had a self cert mortgage before, there is always the possibility of remortgaging and taking on another self cert deal. But what should you be aware of? Is it best to stick with your current self cert lender or to shop around for a better deal? What do you need to be sure of a smooth self cert remortgage? What should you look out for in your new deal?
Firstly, it is always advisable to talk to your current lender. Self cert lenders look at histories, and they trust their own files above all others. Your current lender may be able to offer you the best deal. Do not sign anything, but ask what they will give you if you choose to stay with them. Lenders always want to retain clients, so they might offer you a great deal.
After you have a good idea of what you could get from your existing lender, start shopping around. The Internet is a good place to start - see what Best Buy Tables are rating as the best self cert remortgage. These may not be available to you, but knowing which lenders are offering cheaper deals is a good reference. Also, ask your bank and any other banks in your area if they would be able to offer you a self cert remortgage. They might not, but there is no harm in asking.
Finally, go to a mortgage broker. A mortgage broker will be able to search thousands of products from many lenders who do not offer deals directly to consumers. A broker will also give you some tips towards getting the best deals and making the most of any monies you have coming in. They may also be able to offer you other financial products like insurance and investments, which could maximise your earnings.
Being an existing self cert mortgage owner will put you in good stead when searching for a new deal. Self cert is all based on belief rather than fact - but facts will always win over lenders. So if you can go to a lender, whether it is your existing provider or a new lender, and tell them exactly how long you have managed a self cert mortgage, you will always be able to negotiate a better deal.
And remember, when it comes to a self cert remortgage try and list what you liked and did not like about your last loan. Was the term long enough? Were the fees manageable? Did you like the service from the lender? When it comes to taking out a new deal make sure you have got exactly what you need and exactly what you want. Self cert borrowers need their mortgages to fit round their earnings - so do not allow yourself to be fit around the mortgage.
Brought to you by Mortgage For Self Employed.