Mortgages

Self Certification Mortgages

House For buyers who are self employed or not able to prove your income in the usual way in the UK

Self Certification Mortgages are for those who are self employed, own a controlling interest in the company they work for, commission only earners or when income is from other sources such as investments or pensions and want a mortgage. When you are in this category , you may not be able to prove your income in the usual way. A self certification mortgage allows you to state your own income without providing the mortgage lender with the usually required payslips, P60s or even accounts. Self Cert Mortgages are relatively new and rates can vary depending on your circumstances.

There are a number of different lenders offering self certification mortgages so let an experienced Self Cert specialist advisor find you the most suitable product, whatever your circumstances as well as give you friendly, impartial help and advice.

House Through our relationship with leading mortgage lenders in this markert we have access to many semi-exclusive deals, and with their expert knowledge will look to find you the right product at the right price, you can take advantage of this expertise, for FREE!

If you are new to self certification, then we have put together a useful collection of information for you below. However you may know exactly what you have in mind and would like to have one of our self cert mortgage experts offer you a Free, No Obligation, Quotation. Then all you need do is click our enquiry button complate our short form and let us find you the right mortgage for your circumstance.

Information for those seeking a Self Certification mortgage.

What is a self certification mortgage?

A self-certification mortgage also commonly referred to as self cert or a non-status mortgage is a mortgage offered to you on the basis of you stating to the lender what your income is, rather than you having to provide actual documents proving your income. Depending on the lender your accountant may be required to send a letter to verify your statement.

If you are able to provide 2 - 3 years worth of accounts, then you should be able to apply for a standard mortgage where you will be able to get more preferential rates.

What do I need to privide?

House Many lenders will ask you to self declare what you earn and the lender will not normally insist on seeing audited accounts. Some lenders however who will need you to prove your income in other ways, such as an accountant's certificate, where the accountant declares what you have been earning, the accountant can be laible for declaring the wrong amounts so will only state the earnings they are aware about. You may also be asked to produce your business bank statements for a set period so the lender can look at the gross income you have received.

Nearly all lenders will ask to see 6 months of your personal bank statements and may supplement this information with credit searches to guage your credit score. If you are a home owner, you will be asked to supply your existing mortgage statements, and if you are renting the lender will ask for a reference from your landlord, this enables the lender to see that monthly payments have been made on time every month.

What is the most I can borrow LTV (loan to value)?

Some lenders will accept just 10% deposit hence a LTV loan to value of 90% but other lenders in this market require a greater deposit between 15 - 25%. Normally the greater the deposit the more competitive your interest rate will be.

Will I pay a higher rate for a self certification mortgage?

Yes - Self cert mortgages carry a higher rate of interest than standard mortgages because statistics show most businesses fail within the first two years of trading. So if you were to be left with heavy debt there is a possibility you could lose your home.

However, not all self cert mortgages are the same and some offer a flexible option where you can take payment holidays or make overpayments when you want to.

For a no obligation quote all you need do is click the banner below to complate our short enquiry form. You will then be contacted by one of our advisors by telephone to provide you with your FREE quote.

Get Your Free Mortgage Quote Here