Self Certification Mortgages

In order to obtain a self certification mortgage you will be asked to declare your income. This declaration means that the lender then doesn’t have to look into your accounts. The self employed, company directors, contractors and others find it hard to prove their income.

Historically lenders in the UK have taken a cautious view of the self employed, however a number of mainstream and specialist lenders have provided them with a solution: Self Certification Mortgages.

With a true self cert mortgage, you make a declaration as to what your income is, but you do not need to provide any proof such as accounts, P60s or payslips.

However, some self certified mortgage lenders could ask for an accountants certificate saying that your income will be sufficient to cover the loan, while others will not ask for anything at all. Bank statements which cover a specific lenght of time may be required, this is so the lender can see your gross income. If there is a landlord or are already paying a mortgage then these can be used to show that your have kept up repayments and have not defaulted. Self certification mortgages are only usually available up to the value of 75% to 85% of the property, this means you should be looking to fine the rest of the deposit yourself.

Be aware of the interest rate on your self certification mortgage as some are higher than others.

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