Self Certification Remortgages
If you're in the market for a remortgage and you are self employed then there is a large selection of products from banks, building socirties and specialist lenders offering True Self Cert and Self Employed remortgages.
Business owners (those owning 25% or more of the share capital), freelancers, part-timers and other unconventional workers often can't present records of substantial paper earnings. To address this difficulty, self certification remortgages are based on the income you self declare, these are known as True Self Cert Mortgages.
Indeed, self certification remortgages are very real, and growing in popularity. In fact, self cert mortgages are available to both the self employed and traditionally employed alike. Rather than depend upon regular pay slips or other forms of traditional documentations, self cert mortgage lenders consider an individual's claim of expected earnings.
Originally, self certification mortgages and remortgages arose to serve the niche market of self employed and freelance workers that met difficulty in traditional lending circles. With millions of Britons now self employed, self cert lending is more timely and practical than ever.
Downpayments of around 10%
Lenders generally require at least 10% equity remaining in the property but if there is more equity in the property there are more products available to choose from and often the rates will be lower.
Those in the market for a remortgage and who are also self employed can choose from a variety of different self certified lending options. A remortgage can be designed to suit your individual income and work style.
