Is Fast Track Application my best option for Self Certificate Mortgages?

One of the benefits of self certificate mortgages is the ease with which you can apply for a mortgage. There is no need for proof of income so they do away with having to show payslips, letters for bosses and a whole raft of applications that take forever to fill out. Self certificate mortgages means quick and easy applications - but there is an even quicker way to apply for non status deals, and that's fast track. Fast track self certificate mortgages are mortgages that go through lenders' high-tech computer systems to give you a decision in principle instantly. It's truly mortgages in a blink of an eye - but is it the best option?

Fast track was developed by lenders of self certificate mortgages because they realised using credit ratings and in house affordability calculators to decide on mortgages could be done more efficiently and with more precision with a computer. The simple application is filled out and it is fed into the system, which then looks at credit scores alongside any information the lenders of self certificate mortgages may have on the borrower themselves, and it then gives an answer.

And it's safe. There were concerns several years ago on behalf of the Financial Services Authority that fast track led to sloppy applications of self certificate mortgages and sloppy service from brokers. But as a watchdog should do, it made sure the self certificate mortgages industry made fast track as tight as any other approval process. It also made sure the systems were up to scratch - and they were. Fast track is the utilisation of years of lending experience, coupled with the latest in forecasting technology.

The only difference between a true self cert application and a fast track is that the lender reserves right to ask for proof of earnings. Which is sensible - and if you are applying for self certificate mortgages you should be sensible too. Be ready to show documentation of work, whatever that may be, or possibly a letter from an accountant. There is no guarantee the lender of the self certificate mortgages will ask for proof while fast tracking your mortgage, but stay safe and be ready to show some evidence.

But does it give you the best deal? Well, fast track offers the same self certificate mortgages as the lenders would if the application wasn't fast tracked, it just means the process is faster. And this is the best choice for customers of self certificate mortgages who need their deals fast - maybe they are a buy-to-let investor who needs to buy while going is good, or maybe it's a non status borrower who has won a home in auction, but needs finance fast. Or maybe it's just someone who doesn't like to hang around for their mortgage. Whatever the borrower, if they want self certificate mortgages and they want them fast, then fast track is the best choice.