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SELF CERTIFIED MORTGAGES
Self-certified Mortgages options explained.
Self-certification is a simple way of detailing your income especially if you are self-employed as you simply self declare what you earn and the lender in most cases will not insist on seeing audited accounts.
This is how a self-certification loan should work, but there are still some lenders who will need you to prove your income in other ways, such as an accountant's certificate. This is a document signed by your accountant to say that your income is sufficient to service the loan requested. You may also be asked to produce your business bank statements for a set period so the lender can look at the gross income you have received.
Most lenders will supplement this information with credit searches. If you are a homeowner, you will be asked to supply your existing mortgage statements, and if you are renting the lender will ask for a reference from your landlord.
Self-certification has limits - most lenders will only allow you to prove your income in this way if you want to borrow less than 75% loan to value, so you will need to put down a substantial deposit. However, some lenders may allow you borrow up to 90% on a self-certification basis and therefore it is worthwhile getting good advice and the right mortgage product.
More about Self Employed Self Certified Mortgages
There are over 3 million self-employed people in the UK accounting for almost 11% of the total working population making an estimated £93bn contribution to the UK economy each year.
(Source ~ national STATISTICS)
There are also many others who are either on short term contracts such as IT Consultants, Engineers, Agency Nursing staff, Teaching support staff, who are on irregular incomes and paid by way of contracted time schemes or with bonuses and commissions.
(Source ~ national STATISTICS)
Therefore many who can be identified in this way who are seeking a mortgage can meet with so many barriers and as a result feel frustrated at having been turned down and turned away through outdated lending practices.
A number of lenders are now awakened to the reality of the employment market in the UK and will now assess matters in a more enlightened manner realising that 'one size does not fit all'.
Mortgages which are 'self certified' have become the answer to those who are more likely to fit the category of self employed or contracted and has considerably helped to solve the problem of rejection when applying for a mortgage.
For a fuller assessment of the mortgage market please contact MIDAS FINANCIAL who will be able to provide you with suitable mortgage information without any obligation.
Contact us by phone 0844 800 1137 or ENQUIRY FORM or CALL BACK without any obligation and see how we can help.
