Self Cert Mortgages

Self Cert mortgages were first introduced around a decade ago for people who could not easily prove their income. Also known as self-cert and non-status mortgages they were originally designed for self-employed people but are now often the best choice for people who have a large part of their income in bonus or cannot prove their income.

Are you one of the following:

About 15% of the UK population works on a self-employed basis, and many more have incomes that are commission based or irregular. Many self-employed, contract and commission-based workers are earning excellent money. However, many high street and other lenders are reticent about lending to you if you cannot prove your earnings via pay slips.

If you are self-employed and have more than two or three years self employed accounts it is likely that you can get a standard mortgage. If not, a self cert mortgage will be the only way forward. This type of mortgage works on your potential earnings, rather than your actual earnings, enabling you to self declare without having to prove your income via standard means.

Self-certification mortgages are a non standard type of mortgage. With the increase in competition in the mortgage market over the last five years non-standard circumstanced individuals have benefitted from better rates. Although your rate will be above prime standard mortgage rates it will be pretty good.

Self Certification deals differ in what they offer. If you would like increased flexibility then you can look at a mortgage that offers payment holidays and the opportunity to overpay when you are earning particularly good money.

If you are looking to secure your mortgage or remortgage finance, would like some advice, or just want some quotes, fill the form on the left or click the button below-