Self Cert Mortgage
For those who are self employed or make additional incomes that are not usually acknowledged by most lenders, a self certifying mortgage is a great choice.
Whereas most banks and lending institutions require very specific information about your income, a self cert mortgage allows you to state your own yearly earnings.
With this type of mortgage, you are typically not expected to provide any proof of income. As a consequence, interest rates are usually slightly higher and the down payment percentage is around 15% on self cert mortgages.
If you don't have enough documentation to prove your income, self cert mortgages are a viable option for you. What's more, you don't necessarily have to be self employed to qualify for a self certifying mortgage.
Even people who are employed, but do not have enough information to prove their total income can still benefit from this type of mortgage.
Additionally, in most cases a bad credit report won't affect your ability to qualify for a self certifying mortgage. This includes Country Court Judgements as well as outstanding mortgage arrears.
If you are willing and able to undertake the slightly higher interest rate and downpayment, a self cert mortgage may be the best option for you.
November 13, 2006
