UK Self Certification Loan

A Self Certification Loan is an option if you are self employed and, or cannot provide three years proof of income.

With a Self Certification Loan you will be asked to declare your income yourself, your lender will not ask to look at your accounts as proof of earnings. Basically, under the terms of a self-certification home mortgage loan the borrower is not required to provide actual evidence of what they earn, but simply certifies to the fact that they can afford to make the home loan repayments. You may be asked for an accountant’s certificate stating that your income is sufficient to service the loan. Some loan providers will ask for a few bank statements covering a period stated by them, so they can look at gross income.

Use any means available to you to prove that you are of less risk to a lender, the more ways you can find to prove you are not a poor payer the better for you. If you have a landlord or already have a mortgage then use these as proof of punctual payment. Most self certification loans carry a higher interest rate so you should be prepared to pay this.