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Self-cert mortgages can be a huge help to self-employed borrowers or anyone who needs to stretch their finances so they can afford the home of their dreams. But experts warn that self-cert deals can be controversial. They donít suit every borrower and if you donít know exactly what you are signing up to you may face some serious problems later on.
So hereís our simple guide to what self-certification mortgages are, who should take them out, what they can offer and what you should watch out for. Itís independently researched and written and it aims to help readers get the right mortgage for their perfect home. Despite a lot of bad publicity in recent years self-cert loans arenít all bad. But you do need to understand exactly what you are getting before you take advantage of them.
Neil Simpson is a former Personal Finance Journalist of the Year and writes regularly on property, mortgage and insurance issues for the Mail on Sunday and many other publications.