What are the Disadvantages of a self cert mortgage?

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What are the Disadvantages of a self cert mortgage?

There are several disadvantages of self certified mortgages, these are all listed below.

Historically the UK mortgage market has not catered for those who found it difficult to prove there income, which meant there were only a very limited number of lenders who specialise in this field. In the last few years this has increased substantially , however there are still limited compared to the number of lenders who cater for conventional mortgages. Self certification mortgages have a greater risk to the lender as the person they are lending to has inconsistent incomes. Thus due to the higher risk factors the interest rates of self cert mortgages are higher than those of normal conventional mortgages. Self certification mortgages require a higher deposits when compared to the conventional mortgages, this figure depends on the self cert mortgage lender that you choose. There are Lenders now you will lend up to 85% but the interest rate will reflect this higher risk. With self certification mortgages the borrower will be responsible for declaring how much they can earn. It is good advise that you should seek advice from a financial advisor or an accountant before making these decision. There is also a problem of access to the mortgage lender, some self certification mortgage lender only do business through their recommendable mortgage brokers, so you will not have full access on your own to all self cert mortgage lenders.