2016 mortgages – will we see the return of the self cert loan?
When self cert mortgages were axed many borrowers working on a free-lance or contract basis found it hard to get themselves accepted for a home-loan. In 2016 the news is the self cert loan might be making a comeback.
A loophole in the law banning this type of deal, means that financial institutions from other nations may offer mortgages to UK residents without needing to apply for permission from the FCA. From January self cert loans may once again be on offer in the UK.
Self cert deals were banned by the FCA because the income declared was not checked by the lender. In some cases borrowers lied about how much they earned to get a bigger mortgage. Due to the risky nature of the product, self cert deals were banned.
For the self-employed, contract workers and free-lancers there is an alternative to the self cert route, this is with a specific contractor mortgage through Deal Direct. Our products are fully regulated by the FCA and are based on what you can afford to repay.
If you are looking for a home and your circumstances do not neatly fit lenders’ criteria, call us for advice and a quote. Whatever your circumstances we can search the market to find a lender to advance you a mortgage in 2016.
Don’t despair of buying a home, call us on 0800 048 8828. We will search through every lenders range to find you the right deal at the right rate.
Speak to an adviser at Deal Direct.
Call 0800 048 8828 today.
