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The death of self-cert mortgages

Published on 16th March 2009

With lending criteria becoming tougher by the day, it was only a matter of time before lenders started to pull out of the more risky products including Self-certification mortgages.

For many Contractors, self-certification mortgages have formed the backbone of recent house purchase history as they represented a convenient avenue to getting a mortgage for the freelancers. The latest news that mortgage giants Bank of Scotland (BoS) and BM Solutions (also part of HBOS) have pulled all of their self-certification mortgage products may have come as an unwelcome surprise to the contracting community, however all is not lost.

At ContractorFinancials, we have specialised in finding competitive mortgages for Contractors over the past 13 years and whilst a small minority of these have been Self-Cert products, we favour other options available to contract workers. Without permanent employment, decent accounts and unbroken employment record, you may struggle to get a mortgage on the High Street as many lenders will be turned off by your unconventional working patterns.

We have built strong relationships with those same lenders that would turn you down on the High Street and using our status as IFAs we are able to negotiate competitive mortgage rates based on your contract rate alone. Instead of Self-cert mortgages, we are able to recommend a wide range of alternatives and find you the mortgage that is tailored to your unique circumstances.

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