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The Case for Self Certification Loans

Oct 16, 2007
Heres a basic scenario thats repeated around the country every day:

You have been renting an apartment for more than a decade. The walls are cracked, the flooring is hideous, and the heater tends to quit working at the most inopportune moments. Black mould has invaded the crevices of your bathtub tile, and youre not sure whats growing in the corner of your closet floor amidst the dirty shag carpet. However, your landlord has made it perfectly clear that she will not invest money in cosmetic changes or repairs, nor will she allow you to do so on your own.

As a result, you desperately want to move out and stop the renting cycle; however, you are faced with what seems to be a big problem. You work out of your apartment as a self-employed performer. Though you have been able to eke out a living in this artistic field, you dont exactly have pay stubs and have to declare income on your annual taxes. So how can you entice a financial institution to loan you the amount needed to buy your own place

This scenario may sound a bit on the dire side, but its actually quite common and can be overcome thanks to self certification loans!

Self cert loans are perfect for anyone looking to own his or her own digs, but who is self-employed and therefore without annual income verification from a third-party. These loans allow for those who work for themselves to essentially self declare how much theyll make annually or how much they expect to make; thus, they dont need any official pay stubs for a bank or lender to seriously look at them as a borrower.

Of course, some self-employed persons choosing self cert loans do opt to ask for the assistance of a professional accountant or financial planner. This can be money wisely spent, by the way! The accountant or financial planner can basically verify that the borrower is going to most likely make a certain amount of money per year; having a second verifier enables the lending institution to be more confident in issuing self certification loans.

Yes, self cert loans do carry with them higher-than-usual interest rates, but thats understandable. Because the customer is essentially on the honour system, the financial institution is taking a bit of a risk with self certification loans. Consequently, with risk come higher interest rates.

However, most persons who enjoy borrowing with self certification loans arent deterred by the interest rates associated with the self certification loans. They are simply elated to be able to finally own their dream home, apartment, condo, townhouse, or other dwelling

No, these loans arent for everyone but they just might be the perfect solution for you. Why not check out self certification loans today The time has never been better, and interest rates are lower than theyve been in years, thanks to international competition for borrowers. Get on board with self certification loans and become the homeowner youve always wanted to be.
About the Author
James Copper is a writer for http://www.wise-loans.co.uk where you can find out about self certification loans
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