Best Self Cert Mortgage
The Best Self Cert Mortgage - Easily Sort The Good From The Bad
A self cert mortgage is just like a regular mortgage - the only difference is that borrowers do not have to prove their income to the mortgage lender. These loans are ideal for self-employed people, those who have irregular earnings, or those whose income comes from more than one job. With around three million people in the UK classified as self-employed*, it's little wonder that mortgage lenders are bending over backwards to offer customers the best self cert mortgage deal. But when it comes to looking for the best self cert mortgage for you, there are a number of factors to consider.
Anyone that is unable to verify their income could consider a self cert mortgage. You may own your own business, have a second job, or derive part of your income from commission and bonuses. Perhaps you top up your earning with an investment, or work for a temping agency. Whatever your circumstances, there is a best self cert mortgage out there for you. But how to find it? Well, there are several factors to consider, so seeking specialist advice is a good place to start when looking for the best self cert mortgage.
First of all, you and your mortgage broker needs to consider what the best self cert mortgage is for you. A self cert mortgage is designed for people who can't prove their income. But the best self cert mortgage for you will depend on your exact circumstances - you may be employed but unable to prove your income, self employed, a first-time buyer or even have a bad credit history.
Different mortgage lenders offer different interest rates and criteria - and these might vary over time. So when looking for the best self cert mortgage, it's important to match your circumstances to the loan provider's criteria.
Most lenders won't ask for proof of income for a self cert mortgage, they will just expect you to state your income and they will take this figure on trust. But some may expect to see documentation such as payslips, P60, 
audited accounts or bank statements. Some might also contact your accountant or employer.
If you are self-employed then the length of time you've worked for yourself might be taken into consideration. And, the amount of money you are able to put down as a deposit will also influence which product is the best self cert mortgage for you.
The choice of self cert products is getting wider all the time, so people who can't prove their income now have almost the same range of choices as those that can - so it's important to make sure you get the best self cert mortgage for your circumstances.
*Source: According to the Office of National Statistics - http://www.statistics.gov.uk
