Self cert mortgages
Self certification mortgages, also known as ‘non status’ or ‘self cert’ mortgages, have shot to popularity thanks largely to changing work practices in the last couple of decades that have left a large number of people on short term or part time contracts, or dependent on bonuses for a sizeable portion of their income.
Self-certification mortgages are for people whose income is difficult to assess using the standard methods adopted by most conventional mortgage lenders. They allow you to ‘self declare’ your earnings.
Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a mainstream loan. Many customers who go on to be excellent mortgage customers with specialist lenders routinely fail credit scoring processes with mainstream lenders. While most self-certification mortgages are also available to the self-employed, they are not exclusive to them and some of the following groups also opt for this type of product:
Self-certification is the process by which the amount that a customer borrows is based on what they claim is their income as stated in a signed declaration in the application form, but where they don’t have to prove it on the basis of their accounts.
A better choice of ‘self cert mortgages’
There are dozens of mortgage lenders offering thousands of mortgage
products. Even so, if you are one of the UK’s 3.3 million self employed, you
may still have a problem finding a suitable mortgage on the high street.
Mainstream banks and building societies will not necessarily offer the self
employed borrower the best deal – if they offer anything at all. They prefer to
cater for the needs of the majority who just happen to be in standard full time
How to receive your free mortgage illustration
Experienced, qualified advisors who arrange the best mortgages available handle all enquiries. They have access to every UK mortgage lender and will only approach the lenders who can offer you the best deal, saving you time and money.
To receive your free mortgage illustration, you just need to enter some basic information into one of our online enquiry forms.
Either way there’s no obligation, no credit checks will be performed without your consent and there are no brokers fees to pay. Your advisor will reply within 24 hours with illustrations of the best mortgages available from the whole marketplace.
Or if you prefer, you can call a fully trained mortgage advisor on 0845 490 0419. It will only take a few minutes of your time today but could save you thousands of pounds in interest payments and will eliminate any worries you may have about getting the best deal possible.