Self Cert Offset Mortgage | Is it the Right Mortgage For You?
A self cert offset mortgage is one of the hundreds of offset mortgage deals now available. Self-cert mortgages are mortgages where people state the details of their income without having to provide accounts. This is common with self-employed people or people with variable income such as those who get most of their income from bonuses or commission. Contract workers may also fall under this banner. Workers of this type can benefit from the flexibility that a self cert offset mortgage brings. It's worth noting, though, that it's against the law to overstate your income.
A self cert offset mortgage will usually have higher rates than standard offset mortgages and lenders may have lower limits on the amount of the loan required. However, there are a few lenders that will offer a self cert offset mortgage to those who want the best of both worlds: no need to prove their income and all the flexibility that you get with offset mortgage deals. So, who offers a self cert offset mortgage?
Self Cert Offset Mortgage Deals
Bristol and West offers a range of self cert offset mortgage deals. The mortgage rates are between 5.8 per cent and 6.34 per cent, at a loan to value of up to 90 per cent for a maximum loan of £500,000. The overall cost for comparison is 6 per cent and 6.6 per cent APR. Interest is charged daily, there's a free valuation and a £300 rebate. Arrangement fees are £399 and there's no higher lending charge on two of the three self cert offset mortgage deals. Early repayment charges do apply in some cases. The Bristol and West Easyflex self cert offset mortgage allows overpayments, underpayments, payment holidays and the facility to borrow back money already repaid.
Standard Life Bank also offers several self cert offset mortgage deals, at 75 per cent loan to value and interest rates of between 5.6 per cent and 5.7 per cent APR. Interest rates are tiered, so that they reduce over the first five years of the mortgage. On current rates, the Freestyle Flexible 180 would start at 5.9 per cent and end at 5.4 per cent. These rates are variable and may change. The Standard Life self cert offset mortgage allows drawing on repaid funds, overpayments and payment holidays. There is no higher lending charge and the mortgage is portable*.
Self Cert Mortgages Through Specialist Firms
Other self-cert mortgage deals are available through companies that deal only with brokers, so you'll have to visit a professional offset mortgage broker if you want to take advantage of them. One such self cert offset mortgage provider is Kensington Mortgages. The offset mortgage is available at 90 per cent loan to value for purchase or remortgage, with fixed discount rates of between 5.69 per cent and 5.79 per cent for two or three years. Borrowers with a self cert offset mortgage can overpay, draw down the overpayments, make under payments and take payment holidays. There is no higher lending charge**.
The Mortgage Business offers a self cert offset mortgage through its Flexi85 scheme. The self cert offset mortgage is available up to 85 per cent loan to value for purchase and remortgage and is also available to first time buyers up to a maximum loan of £300,000. Overpayments, underpayments, lump sum payments and payment holidays are all permitted, and money can be drawn again subject to the overall borrowing limit. There are no early repayment charges. The APR for this self cert offset mortgage is around the 7 per cent mark. Arrangement fees vary, but start at £399***.
With these lenders and more in the self cert offset mortgage market, self-employed people and other self-cert candidates have a range of deals to suit most circumstances.
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