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Self Cert Mortgage » Self Certification Mortgage Rate

Self Certification Mortgage Rate

In times gone by, it was not unusual to expect to pay a higher rate of of interest on a self cert mortgage.  However, a combination of a couple of major factors and various other smaller ones has served to change this in recent years and the current circumstances allow you to get a very competitive rate of interest on this type of mortgage.

The first factor is that this type of mortgage is now quite a mature financial product and has gone well beyond its experimental period.  This means the large proportion of the mainstream financial institutions are now offering this type of product.  The other important factor is that as a whole, the mortgage lender market has become significantly more competitive in recent years.  So the combination of the entrance of the established players into this area and the fact that there are more players generally in the market as well has served to drive competition and the net result of this is that you now have more choice as to where to get your self certification mortgage and also you can expect to make your repayments with a very competitive interest rate.

There are also factors under your own control that would influence the rate you finish up paying as well.  The most important of these is having your own financial affairs in order.  Having a good credit rating, being able to produce accounts for the previous years and solid profit projections for the coming years will leave you in a position to take advantage of any negotiating room that may be possible in the deal.  If you don’t have your own financial affairs in order in this, the potential for savings may not be an avenue that’s open to you.

All in all, it’s important that have your own numbers together and then take advantage of the competition in the marketplace to secure yourself the very best possible interest rate available.