Self Cert
Self certification mortgages were introduced largely to cater for self employed people although there is no reason why an employed person can’t take out a self cert mortgage. Essentially, they are for people who may find it hard to prove their income, based on the fact that the applicant will be paying a deposit to their purchase or they have equity in their home (if they are re-mortgaging). The lender may then be willing to accept a declaration from the client stating their income.
There are many lenders who offer self cert mortgages; to find a lender and a product that suits you give us a call. Our decision not to charge a brokers fee means you really have nothing to lose.
The overall cost for comparison is 8.7% APR
The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
We do not charge a fee for mortgage advice. However, we do offer a purely fee based option of up to 1.5% of the mortgage amount.
Tips on Self Cert
- You should view our list of tips for buying a house or re-mortgaging in addition to the following hints and tips.
- Every lender is different but most will require a deposit of at least 10% for a self cert.
- It is illegal to falsify your income.
- Tips, bonuses and commissions can all be used to make up your income.
- The more deposit you have the more choice you will have when it comes to choosing the right mortgage.
- If you can prove your income then avoid self cert, you will normally have access to a bigger product range if you go "full status".
- Speak to an advisor first to find out your borrowing capabilities.
- If you are re-mortgaging, some lenders will still offer good incentives such as free legal fees and free valuations, these incentives can save a lot of money
