Mortgage Information

Mortgage Types

Self Certification Mortgages

Self certification mortgages have been arround quite along time and designed predominantly for those people who are employed as contractors or are self employed.  The purpose of self certification mortgages is for you to declare what your earnings are but don’t have to prove the actual figures.

Why should I consider a self certification mortgage?

A self certification mortgage may be the only option for you as some lenders may not be able to offer you a traditional mortgage based on your working lifestyle.  Many people nowadays do not have regular monthly incomes and if they do these can fluctuate, some people are very dependant on large bonuses or performance related financial incentive, which means they can at times have large sums of money at their disposal.  Lenders usually use methods for calculating what you are able borrow and how much of potential risk you may be.  In these cases you are more likely to turn to a specialist lender who is able to specifically cater for these groups of people.

How much can I borrow with a self certification mortgage?

With a traditional mortgage based on regular monthly earnings the lender can apply their borrowing formula and lend you approximately three to four times your annual salary, however with a self certification mortgage lenders can offer you between 75-85 percent of the value of the property.

How can I apply for a self certification mortgage?

Many people turn to a specialist broker or a company online for these types of mortgages; however some high street lenders are now offering this type of mortgage product.  If you would like more information or need to apply for a self certification mortgage then complete our mortgage enquiry form below and we will put you in touch with a FSA regulated mortgage broker.