Self Cert Mortgages
Loans Given With No Proof Of Income
Self certification mortgages, or 'self cert' as they're commonly known, allow a borrower to obtain a mortgage without providing any proof of their income. They are useful for self employed people who don't have full accounts which can be used to show what they earn.
Higher Rates, Bigger Deposits
They present more risk to the mortgage lender, and so will generally have a higher interest rate than other mortgages offered by the same lender to those in employment, and a larger deposit is generally required.
Self Cert Harder To Find
Self cert mortgages are harder to find these days compared to the boom years of mortgage lending - as with all types of finance - but there are still deals available. You may, however, find it is more cost effective to draw up some proper accounts and have them signed off by an accountant, which will open up the chance to apply for a more mainstream, and cheaper, type of mortgage.
Site is for information only and does not constitute financial advice. E&OE.
Consult a mortgage advisor before taking any decisions.
