UK Self Certification Mortgage

This is a mortgage where a borrower states their income and signs a confirmation of their ability to repay a loan, without having to provide evidence such as accounts, payslips or bank statements. Consequently, interest rates on such mortgages are often higher than standard Full Status mortgages.

There are millions of people in the UK who are self employed or have working styles which differ slightly from the norm. Whether you have a good or bad (adverse) credit history, help is available and you can be sure of getting the best deals. an advisor will take the time to shop around, ensuring you get the most suitable solution for your requirements and situation.

Historically lenders in the UK have taken a cautious view of the self employed, however a number of lenders can provide a solution for the self employed through Self Certification Mortgages.

You make a declaration as to what your income is, but you do not need to provide any proof. You simply state what your likely income will be, rather than providing documentary evidence such as accounts, P60s or payslips. A Self Certification Mortgage is an option if you are self employed and, or cannot provide three years proof of income. While some self cert mortgages lenders will ask for no proof at all of your income, others may ask for an accountant’s certificate stating that your income will service the loan. A lender may also ask for bank statements which cover a particular period so they can look at gross income.

Usually a self certification mortgage is only given to the value of 75% to 85% of the property, so you will have to be able to find the rest of the money for a deposit. Some self cert mortgages will have higher interest rates.

Full range of UK Mortgages: