Self Cert Remortgages
46There are many reasons why people look to re-mortgage. The most common reasons are as follows; To save money, debt consolidation, capital raising, better service and marriage or relationship break ups.
Saving Money
The majority of re-mortgage applications are purely to save money on the existing monthly mortgage costs. Switching to another lender with a more attractive interest rate will accomplish this.
When switching mortgages it is important that all costs are taken into account otherwise you may end up saving a few pounds per month to realize that the total costs outweigh the savings.
Costs such as redemption fees, valuation fees, arrangement and legal fees should all be considered. A quality mortgage broker will take these costs into account when considering a re-mortgage for you. Our approved panel of mortgage brokers will ensure that the re mortgage is worthwhile and if it is found that this is not the case they will advise you of their findings.
Relationship Separation
When a relationship breaks up, usually one of the partners will want to keep their property, and in order to do this they will need to re-mortgage to remove their partner's interest off the mortgage deeds. This can be done via the self certified route, subject to meeting lenders criteria.
Debt Consolidation
Debt consolidation is now a more frequently used reason for a self-cert re-mortgage and is an acceptable to most lenders. Some lenders on the other hand, if they see a pattern of debt consolidation, may decline an application - but rest assured there are many others who will accept it.
Capital Raising
Capital raising for almost any reason is acceptable to the majority of lenders. Most lenders will entertain this within their lending criteria and up to their maximum loan amounts subject to property valuation and income.
Better Service
This isn't a common reason for re mortgaging but it does happen when existing lenders don't reward applicants for loyalty, or when the clients existing bank wont offer their existing customers the same deal as new applicants or that the service received isn't acceptable.
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- Self Cert Mortgage Centre
The best self cert mortgage for you will depend on your circumstances - you may be employed, self employed, have a bad credit history or just cant prove your income. - Financial Services Authority
The independent UK body which regulates financial services. - The Council of Mortgage Lenders
The trade association for the mortgage lending industry who's members account for around 98% of UK residential mortgage lending.
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