You are here: Home > Mortgages > Mortgage guides
Self cert guide
Self certification mortgages are designed for the self employed or those
people who have multiple sources of income.
If you are self employed you know just what a pain it is collating all of your
paperwork together and chasing your Accountant just because you
need to apply for a
mortgage. Equally, those people who have multiple income
streams such as employed income, self employed, part time job,
property investments also have a hard job proving their true income.
The self cert mortgage doesn't need proof of your income so the whole process is
much simpler.
When you apply for the mortgage you simply declare what your total earnings are
from all sources. Some lenders will want to verify some simple
details with your Accountant, others don't need any further checks.
Self cert mortgages are available for purchase,
remortgage or
capital raising.
Not all lenders offer self cert mortgages so it would be best to speak
with a mortgage broker so they can research your best options. A large number of
self cert mortgage companies are subsidiaries of high street
lenders, as such they are only available if you go to a mortgage broker. Your
broker will be familiar with selfcert mortgages and can present your
situation in the best way to the lender.
The cost of a self cert mortgage is very slightly more expensive than that of a
normal full status mortgage so you will pay 0.25%-0.50% more on
your interest rate. However, many borrowers feel this is worth it due to the
simple application process.
Self cert mortgages are available up to 90-95% of the property value and can be
arranged as interest only or repayment. You will also have a
choice of fixed, discount or tracker rates depending on the mortgage company.
For more information, please complete our
enquiry form or call 0800 316 5756 and
speak to an adviser today.
Self certification mortgages mean that you do not have to prove your income. You
will therefore need to be sure that you can afford the
repayments on the new loan out of your actual income.
Bookmark with:
Facebook
Delicious
Digg
Reddit
Stumbleupon
