Self-Cert Mortgages
Self-Cert Mortgages | No Longer The Domain Of The Self Employed
The changing nature of employment in the UK has fuelled the demand for self-cert mortgages. The growth in self-cert mortgages is largely because of lifestyle changes which have seen an increasing number of people choose a more flexible style of working, such as freelancing. There have also been an increasing number of people who work from home, part-time, on a contract basis or earn additional income from investments or commission. Millions of people work on a self employed basis in the UK who may have trouble finding a mortgage from a traditional high street lender and may need to search for self-cert mortgages.
Luckily, the demand for self-cert mortgages has been met by many lenders, some of them specialist. While just a decade ago it could be quite difficult to get a mortgage if you were self employed, or if you were unable to prove your income, today it is relatively easy providing you meet the required criteria. Lenders have introduced more competitive criteria for self-cert mortgages as an increasing percentage of the population have sought them.Some people still believe that self-cert mortgages do not offer the same the same choice as mortgages for an employed worker.
This is not true. Self-cert mortgages cover the full range of fixed rate, variable rate, buy-to-let and even commercial mortgages. While self-cert mortgages were originally the domain of the self employed they are certainly not limited to this occupation. Self-cert mortgages can be useful if you work on a contract basis, earn additional income from commission or investment, work seasonally or have recently set up in business.
They have also become increasingly popular because of the rising cost in house prices.
This has drawn to people to want to make use every piece of income they earn in order to get a loan big enough to afford a house. With a mainstream mortgage, lenders will commonly require you to prove your annual income.
However, for self-cert mortgages, you will be asked to declare your annual income but you will not be required to prove it. In many cases you will be required to sign a declaration stating that you can afford the mortgage repayments. Some lenders will take 
this a step further and get a statement from your employer or from your accountant saying that you can afford the mortgage.
Self-cert mortgages can be obtained in a number of ways. First you can go online and look for a mortgage on a lender's website. You can also visit an independent financial adviser who will look at the full range of options available to you. You can also find self- cert mortgages by visiting the high street branch of a bank of a building society. Once you have conducted the background research and considered the options available you will find that looking for self-cert mortgages is not as difficult as you may have thought. If you make use of the full range of resources available to you then you should find be able to find a loan to suit your needs.
