Self Cert Loans – Special Lending For The Self Employed
Even as recently as a decade ago being self employed was a distinct disadvantage when you went to get a loan in the United Kingdom. UK Lenders just did not like it that they could not ask for that pay stub as proof of employment when you wanted to get a mortgage or other secured loan. Thanks to self cert loans that problem has been resolved for the self employed.
As often happens with change, the market dictated it. More and more people are leaving their jobs behind and becoming entrepreneurs and firms are hiring contractors rather than taking on more full time staff in record numbers. Lenders had to introduce options such as self certification loans or risk losing a vast market.
These self cert loans basically let you state your income without having to provide any pay stub. Some high street lenders but primarily loan specialists offer self cert loans. Of course, with anything that decreases the preparatory verification and increases the risk for the lender there are disadvantages to the borrower, generally in fees or interest paid.
The self cert loans are no different. The catch is...
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