Self Cert Mortgage Quote
Self Cert Mortgage Quote | Find One That Suits You
Self certification mortgage quotes work differently to mainstream mortgage quotes. The self cert mortgage quote works by looking at your past, looking at your potential and looking at the security you can put behind the loan. A self cert mortgage quote is required when the applicant is self employed, or works on a contractual basis and cannot provide the three months proof of income which is often required when obtaining a quote for a mainstream mortgage.
To be sure of a self cert mortgage quote you will have to state what you earn on a yearly basis, but you may not be asked to prove that you earn this amount. Some lenders require a declaration of what you can afford and will not ask for proof, while some lenders may ask for an accountant's certificate showing that your income is enough to make the repayments on the loan. A self cert mortgage quote may also come in the form of a fast track mortgage if you cannot prove your income*.
Some lenders, before they will provide you with a self cert mortgage quote, will ask for a reference pertaining to your current or previous mortgage, or a written reference from your landlord showing that you have always been able to pay the rent. Rarely does a self cert mortgage quote go above 80 per cent loan to value. This is because the lender does not make a check on your stated annual income so they are taking a higher risk in giving you the loan. Therefore, a self cert mortgage quote will generally go as high as 75 per cent loan to value, depending on the deposit you provide.
When you are getting your self cert mortgage quote it is important not to take on a loan that you will not be able to manage the repayments for. Although the self cert mortgage quote may be a slightly higher interest rate than for a similar mainstream rate, the customer should still have access to the same discounts, incentives and flexibility as a mainstream mortgage. Do not look for a self cert mortgage quote from just one lender. Mortgage lenders will offer different varieties of self cert mortgage products with different criteria. Some will require a number of checks to be required, such as with your employer or accountant, while others will accept your application with just a simple declaration that you have the ability to afford the payments.
* A fast track mortgage is available to some borrowers based on the strength of their credit score. A fast track mortgage is NOT a self cert mortgage. The strength of the credit score will depend on whether the lender will request proof of income or not.
