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Self Cert MortgagesWhat is a Self Cert Mortgage - do you have to be self employed to qualify?If you are unable to show your earnings due to being self-employed, a seasonal wage earner, or anyone with irregular earnings such as a contract worker or commission-based employee, or in salaried employment with a supplementary source of income, an unsalaried company director, or varying other reasons - a Self Certification mortgage could be the best option for you. A self-cert mortgage will allow borrowers to certify their own earnings without having to supply documentation, such as wage slips. You can apply if you are employed or self employed.
About 14% of the UK population is self-employed and numbers are growing - making this mortgage a popular choice. The market is becoming more competitive and deals are therefore improving. Some of our lenders use the same standard variable rate as they do for other mortgage borrowers. Most types of Self-Cert mortgages - Self Cert Variable Rates, Self Cert Fixed Rates, Self Cert Capped mortgage, Self Cert Flexible mortgage etc. are available. No proof of income When applying for a self cert mortgage you will be required to state your expected annual earnings. The mortgage will be offered on the basis of your likely income rather than you having to provide any documentary evidence. Self certification mortgages used to require a higher deposit of up to 25%, but now some lenders can offer up to 90% loan to value. Self Cert mortgage lenders will usually lend up to three and a half times declared income or two and three quarter times joint income. However, with a deposit of 25% or more a Self Cert mortgage lender may be able to offer a greater income multiplier on your declared earnings. Business accounts which are often planned to minimise taxable income can unfortunately affect the ability of borrowers to raise cash based on what they actually earn. Often standard lenders will only consider net profits and ignore important aspects such as dividends or predicted profits in a growing enterprise. The Brokers we send your enquiry to will take all these factors into account. A Self Certification mortgage application asks simply for a declaration of income on which no checks are made. Self employed
Self Certification can also be the answer if the business you own or part-own has some bad debts, although you personally have a good credit history. Professionals beginning their career on a low salary, but whose incomes rise rapidly can also benefit from Self Certification mortgages, allowing them to choose the property they know they can well afford. Hints and tips on starting your own business
- why not become your own boss? A Self Cert mortgage may allow payment holidays which can be important to seasonal workers, or those with fluctuating incomes. Flexible Self Cert mortgages allow early repayment of all or part of the mortgage for those who receive lump sums over the mortgage period. They can also allow underpayments and the flexibility to receive further advances for those times when income is not so forthcoming. You just need to sign a declaration confirming that your income is as stated.
"When I was told by the estate agent my offer would only be accepted if I could complete in 3 weeks I didn't hold out much hope. I have 2 different jobs as-well as being self employed part time, and didn't see how a lender could get all the information they needed in time. I was contacted by a broker within a couple of hours as a result of my enquiry through the UK remortgage site and he explained how Self Certification could speed up the mortgage process. As a result all I had to provide was proof of ID, sign the mortgage forms, and the valuer visited the property 3 days after my initial discussion with the agent. - I moved in 2 days before our original deadline."
"I run my own cleaning business and over the past three years I've re-invested a lot of profit back into the company in order to help it grow. Unfortunately that left me with a relatively small 'take home' pay showing in my accounts even though this year I'm drawing substantially more in salary. By self certing my income, I was able to get the mortgage I needed with the minimum of hassle. There was the minimum of paperwork and the whole process was very quick."
For more information on Self Cert mortgages just complete the fast track form below and we'll get someone to contact you as soon as possible to discuss your requirements. Remember, there is no obligation and the service is free... no matter
what your circumstances, whether you are in employment or self employment,
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Our
lenders specialise in Self Cert mortgages, unlike the high street banks
and building societies - who tend to favour the full-time employed who
can prove their earnings via pay slips. If you are running your own
business why should you be considered a greater risk than an employee?
Financial
self-assessment allows prospective borrowers to raise cash on their
real earnings, and enables homebuyers who cannot produce audited accounts
to obtain a mortgage. 
Starting
your own business can be a prime time to apply for a mortgage. You may
need extra space to run your business from home, or decide to finance
your independent venture other than with a business loan from a bank.
Self
Cert Example A 
Self
Cert Example B
Find out moreTHINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE
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You may be required to pay a broking fee, The overall cost for comparison is 7.5% APR. The rate is variable and based on a usual case, including fees of £2,000. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. If you are thinking of consolidating existing borrowing, you should be aware that you will be increasing the term of the debt and increasing the total amount you repay. Information on this site must not be construed as legal or financial advice on specific matters. All information is a public resource of general information, which is intended be accurate, complete and up to date but is not guaranteed to be so. The accuracy, completeness, fitness for purpose or currency of any content is not warranted or guaranteed. Your use of information on the Web Site or materials linked from the Web Site is at your own risk. All content, information copyright loansite.co.uk 2001 - 2007