Self Certified Mortgages
Self Certified Mortgages - Read the facts Not the Fiction
Self certified mortgages aren't as complicated as they sound. They are simply a type of house purchase loan that allow borrowers to self certify their income. In layman's terms, all that means is that you sign an honest declaration of your salary, which the mortgage lender accepts on trust. You don't have to produce proof of your income because mortgage lenders can 'underwrite' self certified mortgages based on the income you have declared.
So, unlike regular mortgages, where borrowers are required to produce payslips, P60s, bank statements or even audited accounts, people taking out self certified mortgages just need to sign a declaration.
With self certified mortgages, no further questions are asked. Depending on your specific circumstances, the mortgage lender may carry out electronic ID, residence and credit checks, but it won't demand any proof of income.
Where can I find Self Certified Mortgages?
There are dozens of self certified mortgages on the market - it's just a question of knowing where to look. 
The first thing to consider is whether this type of loan is for you.As a general rule, self certified mortgages can be suitable for anyone that can't prove their income. So, you could be self employed running your own business, or work on a freelance basis.Alternatively, you might have more than one job, or take home extra income through bonuses and commission. Whatever your reason for not being able to prove your income, the chances are that you could use self certified mortgages to get on or take a step up the property ladder.
The second thing to think about is how much you need to borrow. This will depend on the property you are buying and your deposit. Some mortgage lenders have minimum and maximum amounts of money that they will lend you for a mortgage. But the good news is self certified mortgages have come on leaps and bounds since the old days, when borrowers were limited to small loan amounts often on a high rate of interest. These days, self certified mortgages are similar to regulator house purchase loans. The biggest difference is really the fact that lenders offering self certified mortgages don't expect borrowers to prove their income. It's that simple.
How can I find the best product for me?
With so many people now relying on self certified mortgages to get on the housing ladder, it's little surprise that many mortgage lenders have got in on the act and now 
offer home loans to people who can't prove their income. There are a lot of different products to choose from, so you are likely to find that a mortgage broker can help you find the best product for you. As well as making sure you get the best deal on rate, a broker will talk you through any application fees, the terms and conditions of your mortgage including whether you will be charged if you decide to pay it off early, whether the product is portable. Most importantly, a broker will tell you what if any documents you need to supply to the lender.
Self certified mortgages could help you realise your dream of owning your own house, even if you don't have a regular income or can't prove your salary.
