Status or Self Certified?

A “status” mortgage is generally the lowest interest rate and is likely to be your best choice if you meet the lenders criteria. The lender will want you to provide detailed evidence of your income as shown below.

A self certification mortgage allows you to declare to the lender that you can afford the mortgage payments without having to provide substantive proof of your income. Usually you will pay a small interest rate premium for a self certified mortgage.

Status

You can get the best rates on a new mortgage if you can provide detailed proof of your income. The lender will probably expect:

You have several years of accounts prepared by a recognised accountant or bookkeeper
That your tax affairs are up-to-date
You are happy to show the lender you bank statements as evidence of recent income

Self Certification

Self certification may be suitable for a self employed applicant if:

You started recently and you have yet to file any accounts
You don’t have an accountant
Your accounts are not up-to-date or were done some time ago and no longer reflect your income
Your published accounts aren’t acceptable to a lender

Get Help

Our advisers are used to helping the self employed review their finances to make sure a new mortgage will be affordable. It isn’t in our interests, or yours, to sell you a mortgage you cannot afford. Why not call us today to talk about your situation and what we can do to help? There is nothing to pay upfront and the advice is free.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The overall cost for comparison is 7.0% APR. The actual rate payable will depend on your circumstances. Please ask us for a personalised illustration. A fee is chargeable only on completion, typically 2% of the loan amount depending on your circumstances (subject to a minimum of £1,995 and maximum of £2.995). For a mortgage of £100,000 the fee would be £2,000. Early repayment charges may apply and will vary depending on the mortgage.

Adding existing debt to your mortgage will increase both the repayment term and the overall cost.