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How the lenders work out who to lend to

Lenders didn't always like the self employed as they couldn't always ask for pay stubs as proof of employment when asking for a mortgage or other secured loan.

Self cert loans resolved the problem for the self employed, the problem is now will they still be offered. With the market place being squeezed lenders are not so keen on self cert mortgages and more stringent rules and costs maybe an outcome.

Self cert loans let you state your income without having to provide evidence. Remember though that the law frowns on falsifying income on self cert loan applications and that over inflation of income is illegal. The key therefore is to be honest and borrow only what you need.

The problem with anything that decreases the early verification if income and assets and increases the risk to the lender means disadvantages to the borrower, generally in fees and interest. The borrower usually pays a large deposit and interest rates are higher.

How the lenders work out who to lend to could be through the borrowers affordability, emphasis on job title or credit history, bank statements or other financial paperwork. Remember the rule that the bigger deposit you pay up front the lower the interest rate will be for the life of the loan. The more money you put down the less money the lender has to risk.

Use of this article or exerts thereof without the prior permission of the author is unlawful and will result in prosecution, if you wish to use the article please contact info@selfcertmortgageuk.co.uk.

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