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Self certified income mortgage
What is a ‘self cert’ mortgage?
These days not everyone works PAYE; many people are self-employed, or work in a non-conventional way. Self certification mortgages are a response to this fact. They enable access to a mortgage by simply signing a declaration that monthly repayments can be met, with no proof of income required.
Who is eligible for a self certified mortgage?
In essence, you are eligible for a self cert mortgage if you are unable to prove some or all of your income.
For example, this might be because:
- You are self-employed and cannot produce accounts
- You have an irregular income
- You have multiple sources of income
You are also eligible for a self certified mortgage if you are in regular employment.
How much can I borrow using self certification?
You can borrow up to 90% of the purchase value of a property with a self cert mortgage.
Are self certified mortgages flexible?
These days, yes. There are fixed and discounted variable rate self cert mortgages available, and with some self certification mortgages it is even possible to make overpayments and manage the mortgage to your advantage. Self cert mortgages can also offer competitive interest rates.
What do I do next if I am interested in self certification?
Expert independent advice is essential if you are thinking of a self certified mortgage. Self certification is a specialised area of the mortgage market, and not all deals and options are available on the high street.
Contact our independant mortgage advisors on 0845 643 9920 for an informed and impartial consultation, with no obligation.
