Self Certification Mortgage
We have independent
access to every Building Society, Bank and Specialist lender in the
market. We don't charge fees for arranging your mortgage so why not let
us research the market for you?
CLICK HERE
for
Self Certification Mortgage and Re-mortgage quotes emailed to your pc
Self Certification of
Income
Self Certification of Income means that the
lender does not ask for proof or check your earnings but accepts your own
declaration of income.
Self Certification
Mortgages can be helpful to both Self Employed and Employed home buyers
who for a variety of reasons are not able to evidence their earnings.
Self Certification Mortgages are available to up to 95% of a property
value and for First Time Buyers as well as Existing mortgage holders dependimg
on your circumstances.
Who needs a self certification mortgage?
>> If you don't
have 3 years accounts
>> You have not been running
your business for long enough
>>Your accounts do not reflect your true
situation
>> You are employed on salary
plus commission or bonus
>> You have several jobs or
sources of income
>> You work as a contractor or
commission only
How do they work?
There is no need to provide proof of income, the lender will accept
your statement of earnings or your assurance that the repayments are
affordable in the long term.
Don’t
forget, because the lender is not making any formal checks on your
income IT IS YOUR RESPONSIBILITY TO ENSURE
THAT THE MORTGAGE REPAYMENTS ARE AFFORDABLE THROUGHOUT THE TERM OF THE
LOAN.
WHAT CHECKS WILL THE LENDER MAKE?
Normally
the lender will want to confirm that you are genuinely self employed or
employed as stated.
The
lender will speak to your accountant to confirm that you are self
employed for a year or more but will NOT ask for income details.
If
you don’t have an accountant you will need to prove that you are self
employed normally by submitting Inland Revenue documents such as Self
Assessment forms etc.
If you are employed the lender will
speak to your employers to confirm employment only.
ARE THEY EXPENSIVE?
If you have a clean credit history then the interest rate is likely to
be a little higher than normal rates. This reflects the lender's
perceived extra risk.
WHAT IF I HAVE HAD CREDIT PROBLEMS?
Self Certification Mortgages are available for most
circumstances including those with credit problems, lenders will charge
higher rates to compensate for the higher risk associated with this
type of lending.
TO GET A QUOTE OR FIND OUT MORE Contact Us for help with your mortgage
|
