Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

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Estimated property value?   Are you a first-time buyer? YesNo   Do you need to self-certify your income? YesNo   Have you: Had a CCJ or Default registered against you? Missed one or more secured loan or mortgage payments in the last 12 months? Been declared bankrupt or had an IVA? Proceed to step 3.

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First name: Last name:     Phone number: Alternate phone number:   E-mail address: Date of birth:   --12345678910111213141516171819202122232425262728293031--JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember----1941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989   First line of current address: Current postcode:     Based on your requirements we have selected the FSA regulated broker Broker Name to help you with your enquiry. Please click SUBMIT to confirm that you are happy for them to contact you by telephone/e-mail.

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Compare Self Certification Mortgages & Save

Self Certification mortgages in the UK are also known by the terms “Self Cert” and “Non-Status”. The reason this type of mortgage exists is because lenders realised that there are people with monthly incomes that may be derived from multiple sources, thus difficult to prove. For example, self employed persons who may have varying monthly incomes or more than one job.

This mortgage type is available for most applicants whether they are fully employed or self employed. If your income does not fit perfectly into the “traditional” criteria for the underwriter then a self certification mortgage is a likely product for you.

They main feature to a Self Cert mortgage is that you are able to declare your income without providing proof, as this may be difficult to assemble. You simply “self declare” your income by detailing the sources without necessarily providing documentation or proof. If you fit any of the descriptions below, you may qualify for a self certification mortgage.

Criteria for a Non Status Mortgage:

• Employed: Regular income plus additional income, such as a second job or income from more than one source.
• Self Employed: Income may vary significantly from one month to another.
• Contract Employment: Income derived from seasonal or part time employment.
• Commissions: Most of your income may come in the form of sales commission which may vary.
• Unusual Incomes: Could be a combination of full time employment, landlord income, disability or any wide range of income types.
• Bonus Wages: Employment where large annual bonuses are awarded.
• Freelance Work: For example, designers may commission projects on a freelance basis.
• Any other type of income not mentioned above that may affect declarable wages.

Using specialist UK mortgage lenders and brokers is an excellent way to help you find the most appropriate self certification mortgage as they are sympathetic to how you earn a living. Yet another reason we recommend using a certified broker is that some lenders may have restrictions on non-status mortgages. For example, you may need to deposit a much larger sum than most traditional mortgages. Lenders will vary in this requirement and most likely you may need to deposit anywhere from 15-25% of the borrowed amount. Using a broker can help you search the market for the most appealing lender according to your circumstances. If you cannot afford to make a large deposit, then contacting an expert mortgage advisor could benefit you in both time and money saved.

Here at the MoneyOutlet we work with a vast network of UK mortgage brokers with special access to banks, building societies, and self certified mortgage lenders. Even if you suffer from bad credit, CCJ’s, mortgage arrears or filed for bankruptcy or an IVA? We can help!

We cater to all credit types and will connect you with CeMAP certified mortgage brokers eager to help you find the best mortgage for your needs. You safely and securely provide your requirements in the form above and we immediately begin searching 1000’s of low rate mortgages based on your specific needs. You’ll receive your free, no obligation quote without a credit check (important!).

Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available mortgage loans in today’s market no matter your credit status.

Published on September 22, 2007

Darling's Budget Report Highlights

Chancellor Alistair Darling delivers his first Budget Report yesterday. Highlighted in this article are some of the main points... Read More
March 13, 2008

Lending Falls Again Says CML

The amounts borrowed by first-time buyers and home movers continue to drop as the credit crunch takes further grip on the UK mortgage market. Remortgage activity is on the increase as many switch from fixed-rate deals to tracker mortgages in anticipation of further base rate decreases from the Bank of England... Read More
March 12, 2008

Interest Rates Kept At 5.25%

Yesterday, 6th March, the MPC decided to keep the base rate at 5.25 per cent. This decision was to be expected as the Bank focuses on the pressures of rising inflation and a slowing economy. Analysts are predicting another cut to 5 per cent to happen in May unless economic conditions weaken substantially. Whilst some feel the MPC shouldn't wait too long before the next cut, many agree with yesterday's decision... Read More
March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008

Mortgage Criteria Becoming More Difficult

Mortgage borrowers are once again being hit with more criteria from lenders as the credit crunch becomes solidified in 2008. Not only have 100% and 125% mortgages been pulled from the shelf, now many lenders require a minimum of 10 per cent deposit in order to qualify for credit. It is now highly recommended to save as much as possible for your deposit and improve your credit history before applying... Read More
March 3, 2008

Read all Mortgage Articles

Personal Mortgage Centre - Tips & Information

• Mortgage Basics
• Remortgaging - The Basics
• Reasons to Remortgage
• Interest Only Mortgage - A Quick Guide
• Home Information Packs (HIPs) - A Brief Explanation