Do I Need To Go Through A Mortgage Broker To Self-Certify?

NOTE: the information below on self–certification mortgages is out of date. Since it was written, the Financial Conduct Authority, the UK regulator, now requires lenders to check affordability when receiving a mortgage application. Therefore UK mortgage lenders no longer offer self–cert mortgages as such. To comply with the regulations, they have the right to ask for proof of income to assess the affordability of a mortgage in all cases when you apply for a regulated mortgage contract. If you are unsure if you will qualify for a mortgage you should always seek advice from a suitably qualified mortgage advisor . Here’s the historic content. We’re leaving it online for the record.

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While you don’t strictly need to do this, using the services of a fee-free and independent broker specialising in the self certification market is a very good idea.

Not only will they be able to guide you through the paperwork, which can be a little more complex than for a regular mortgage, but they will have access to lenders and policies that are simply unavailable any other way:

Some specialist lenders will only deal with brokers, not direct with clients, and this is particularly common in the self-certification mortgage market place

A broker will also be able to explain the terms and conditions of your self-certified mortgage, and ensure you understand any restrictions in the policies you are being offered. These can include:

• Compulsory (and expensive) insurance from the lender
• Excessive application or redemption fees
• Portability
• What information is required to support your application

An independent adviser will also ensure that you have included all parts of your income on the mortgage application, giving you the best chance of a successful application.

 

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