SELF CERTIFICATION MORTGAGE

What is Self Certification?

This simply means that if you cannot provide proof of your annual income you can select to declare or certify your income yourself by signing a document on which you state what your income is and that you can afford the repayments on the loan or mortgage you are applying for.

If you have no proof of income then the option to self certify means you can still apply for a mortgage or home loan.

Self Cert mortgages or self certified mortgages are available to anyone in the UK who overall earns an adequate income and has the required deposit, but who is not employed on a salaried basis by a single employer.

Income for such an individual may come from a variety of different sources and what they earn will probably vary every month, so it will be difficult to prove their true earnings to a lender.

If you cannot easily prove your income for any reason at all then please give us a call. Our brokers specialise in finding and arranging deals with competitive interest rates for self cert loans or remortgage requirements and can help you decide which is the most appropriate deal currently available for your individual circumstances.

Why Self Certify?

When you apply for a standard residential mortgage a lender will normally expect to see details of your salary from your employer. If you cannot provide such details then you will not be able to apply even if you know you can afford the repayments. Therefore you will need a non standard or non status mortgage, which provides for self-verification of your income and your ability to repay.

A typical example of this would be someone who is self employed. They may not be able to get a standard mortgage but through self-certification would be able to apply for a specialised self employed mortgage.

Call us now if you work for yourself or a partnership and need a mortgage quote. We can put you in touch with a broker who should be able to help you whatever your current credit situation or financial history.

Who can Self Certify?

There really are a lot of different ways of earning an income and there is no reason why your particular method should stop you getting a mortgage especially if you are confident you can make the repayments.

A self certified mortgage should be available to you if you fall into any of the following categories.

• You are self employed
• You work on contract or a freelance basis, such as an IT contractor
• Some or all of all of your salary is earned thought bonuses or commission
• Your income is derived from more than one source or income stream
• You started a new business but do not yet have 3 years of accounts
• Your earnings are irregular or seasonal
• Your business accounts are optimised to reduce tax and show a small salary
• You are a company director and receive income through dividends
• Your income is mainly derived from investments
• You have a mix of salaried and part time employment

Even if you are not in one of the categories listed above you should still be able to get a mortgage without income verification. Just call us and one of our specialised brokers will check it out for you.

What is Available?

Typically you should be able to get a loan for 75% of the valuation price of the property you want to buy, although some lenders will go as high as 85%. This would mean you would only have to find a 15% deposit.

The interest rate you would have to pay would in most cases be just a little higher than you would expect pay for a standard mortgage.

The maximum amount you can borrow will be limited by your ability to repay and by the maximum borrowing limit for the type of mortgage, which will vary by lender.

You will be able to get similar discounts and flexibility as normal homeowner mortgages, including the ability to fix your interest rate for a period of time.