Self Cert Mortgages

UK Self Certified Mortgage

It is normal for lenders to base their decision to lend money on the applicants past ability to pay any debts they may have already incurred. You would normally be required to produce at least three years of payslips. If you run your own business you would be required to provide, through your accountant, three years worth of accounts. There are, of course, people who fall between these two types and for them it is not as clear cut. A self cert mortgage is ideal for people who would find it difficult to assess their income in this way.

They may receive the bulk of their income through commissions or overtime. In this instance the lender will need to have proof from the employer that this level of income exists and is regular. There are also people who have more than one job and have multiple incomes that make up their yearly salary.

With a self-cert mortgage you must make a signed declaration of your income and the amount you are able to borrow will be based on this figure.

These mortgages represent a slightly higher risk for the mortgage lender and so the interest rate is higher than for a conventional product. As a direct result of more and more people having varying incomes, the interest rates are less prohibitive than in the past.

It is possible to move to a conventional mortgage if your circumstances change and a more regular income is predicted.

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