What are Self Certified mortgages?
Are you self-employed or do you have an irregular income due to a range of different circumstances? You may be a contract worker with a variable income or a freelancer, you may be a seasonal wage earner, a company director, and you may even be employed but have an irregular take home pay due to commissions or bonuses and overtime.
You may have recently become self employed and have no accounts or your book keeping might not be up to date making it difficult to prove your salary.
If any of these or similar circumstances apply to you then you may be experiencing difficulties obtaining a mortgage.
However this need not be the case. You may need a non-status mortgage with no proof of income. These are known as self-certification mortgages or self cert mortgages. We are specialists in this area and are here to help!
A self-cert mortgage allows you to verify your earnings without having to supply proof of income such as payslips or fully audited accounts. This means you can declare your own earning and have a self-declaration mortgage. By using the services of a specialist mortgage broker you can get access to some of the exclusive deals that are not available on the high street.
Can I get a Self Certified Mortgage?
If you fall into the non-status category then you may ask the question - how can I be approved for a loan if I can’t prove my income? The answer to this is - you provide your income and ability to repay the mortgage to the lender.
As such, you must be as honest as possible when telling lender your income because you will be required to pay the non-status mortgage loan back and the last thing you want to do when buying a new home is over extend yourself to the point of not being able to make your monthly obligations.
Self certified mortgages are available to most people, not just the self-employed. You can usually borrow up to 75% of the value of your property but with a self cert or non-standard mortgage you can borrow up to 90% or 95%.
As with any other financial commitment you should be realistic about repayments. If you choose a shorter repayment term then you will save on interest but your monthly payments will be more, whereas if you extend the repayment time the monthly cost will be less but it will cost you more in interest in the long run.
We Will Find You the Best Self-Cert Mortgage Deals
