Self certified mortgages

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Self certified mortgages are increasingly popular with a broad range of borrowers, particularly the self-employed and those with non-traditional means of income.

First Mortgage searches the whole of the UK market to find the self certified mortgage deal. We won’t charge anything for our service.

What is a self certified mortgage?

Working practices have changed significantly in recent years, with many more people now self-employed, contracting or drawing an income from several different sources. A self certified mortgage is tailor made for people who are unable or find it difficult to prove their regular income. It’s a popular choice for all kinds of borrowers, including freelancers, unsalaried company directors, part-time employees and contractors. Most lenders will only ask you to sign a declaration agreeing that you can afford the loan repayments, however, as advisors it will be necessary for us to assess affordability and to do so we will ask you to provide reasonable evidence of your earnings.

PLEASE NOTE: Although the Lender may not require evidence of income, we will require evidence so that we can establish affordability of the mortgage. We will not give advice or process a loan where we cannot evidence sufficient income to meet the mortgage commitments.

Is a self certified mortgage right for you?

There are many pros and cons to self certified mortgages. To decide whether it is suitable you should consider the following points:

 Accounts, payslips and statements are not required to be approved for a self certified mortgage

 You can arrange a self certified deal at any rate type that you would find with traditional mortgages, including fixed, capped, tracker and discount

 Due to extra risk for the lender, self certification usually has higher interest rates than traditional mortgages

 Suits a broad range of borrowers, including people on multiple incomes, part-time employees, bonus-reliant income, people who receive much of their income from shares and investments, contractors, and freelancers

 If your current income doesn’t reflect what you expect to earn in the near future, you can self-certify to take that into account

 Usually requires a larger deposit than comparative mortgages (generally, the higher the deposit, the better the interest rates)

Call us on 0845 603 1525 for a FREE consultation and mortgage quotes with one of our friendly and experienced team. We are happy to discuss your situation and help you choose the best option.

More mortgage and property reading:

UK Government Consumer Information | BBC Your Money | Financial Ombudsman Service | Financial Services Authority | Council of Mortgage Lenders

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