A self certification mortgage is also known as a non-status mortgage. These are aimed at people on short term or part time contracts, or are dependent on bonuses as a segment of their income.
Self Certification mortgages are made for individuals who have an income that is complex to assess in the usual methods that most conventional mortgage lenders use. This allows you to declare your earnings yourself.
If you find yourself relying on bonuses, commission or seasonal work to create your income, then it may mean that you will have difficulties in being considered for a mainstream mortgage loan. You could be one of the many property buyers that could find an ideal mortgage through a specialist, even if you routinely fail credit scoring tests with other mainstream mortgage lenders. Even though the majority of self-certification mortgages are available to self-employed people, they are not only for them.
Self certificated mortgages may be perfect for:
Self Certification is a way that the amount a customer can borrow is decided upon how much they claim their income is in a signed declaration within the application form. With this type of mortgage, the customer does not have to prove the amount they earn on the basis of the accounts they can produce.
Even though there are thousands of mortgage products on the market, being self employed, or having an unusual income pattern you may find that it may be difficult getting a mortgage to suit you on the high street. You may be very financially secure but still find it difficult to prove a level of income that will suit mortgage lenders.
Some mortgage lenders have realised the situations people find themselves in whilst wanting to buy property and welcome customers that would benefit from a self certification mortgage. These specialist mortgage lenders appreciate that differences from the normal working pattern involve a more flexible approach.
Some mortgage lenders offer flexible mortgages in order to accommodate changes in the customers' income allowing the customer to declare their own earnings themselves without the need for audited accounts. It is not just be self employed people that can benefit with this self cert mortgage. Employed people who do not want to prove how much they earn by showing payslips or P60 could benefit by arranging a ' Self Cert ' mortgage.
Problem Mortgages Solved at Mortgageman.co.uk
Free poor credit mortgage help from the full mortgage market. Same day mortgage illustrations sent via email. Fast, efficient, comprehensive 24/7 service. Advice freely given.
Compare Re-Mortgage Lenders
Source The Market searches high street and specialist lenders to get your best buy mortgage. We are not tied to any lender. We are whole of market mortgage advisers.
Homeowners: Find Bad Credit Remortgages
Bad credit is a problem that faces many, you are not alone. We understand the impact of CCJs, self certification, defaults or arrears when finding a mortgage.
Compare UK Mortgages
Find the best deal for you by comparing over 8500 schemes from 1.9%. All you need is one site, one search & one minute. Why not take advantage of our expert, impartial & free advice today.
Save with a Low Cost Mortgage or Remortgage Online
All types of credit history. We guarantee competitive remortgage rates. Fast application process.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.