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If you have been a self cert mortgage borrower for three years or more it might be time to see your mortgage adviser and you might be able to go prime.

Self cert was created because many people cannot show their full income to a mortgage lender. Maybe they have two jobs, maybe they rely on commission or maybe their job is bonus-based. Whatever the situation, a self cert mortgage was created where the borrower certifies that they earn a certain amount. The rates are higher because this is riskier for the lender and now in a post-credit crunch world, these loans are almost impossible to get hold of because of their riskiness and their associations with the US sub-prime mortgage crash.

But you might be a self cert borrower and may have realised that if you want a new loan or even a remortgage it's going to be very tough – that is unless you have been self cert for three or more years.

Because for lenders, three years is the magic number when it comes to self cert. Three years of accountant's books as a self employed or self cert person, coupled with a decent three-year self cert credit history means you have enough evidence to go prime. A lender will be satisfied that you have managed your income in such a way so as to be a good borrower for 36 payments or more and they will decide that you are unlikely to default on your loan in the future.

So you can go prime – this means lower rates, more leniency with loan to value ratios and it means you may actually be approved for a loan.

Talk to your mortgage broker about leaving self cert for prime. It might mean a smaller loan than you had in the past, and it might not mean a very cheap rate right now. But it will mean new credit, a new loan and the chance to get an even better mortgage in the future.

Keep up with the latest news and comments on Self Employed Mortgages at the Self Cert Mortgage Blog