Selfcert Mortgages
Five Facts You Should Know About SelfCert Mortgages
Selfcert mortgages are a popular type of house purchase loan especially designed for people with unusual circumstances. While they aren't for everyone, they can be a real blessing to people struggling to take out a more conventional mortgage. So, here are five facts about selfcert mortgages that you need to know.
1. Selfcert mortgages don't require proof of income
Unlike conventional mortgages which require borrowers to prove how much they earn, selfcert mortgages can be taken out by people who aren't able to produce payslips, audited accounts or work contracts. That's because mortgage lenders simply ask you to honestly declare how much you earn, or how much you can afford to borrow. Instead of demanding proof, lenders that offer selfcert mortgages take your word on trust.
2. Selfcert mortgages are suitable for a range of different people
Anyone who can't prove their income should consider whether selfcert mortgages are for them. The most obvious example is self employed people. They might run their own business or just work for themselves as freelancers. Another classic example of people who opt for selfcert mortgages are those with more than one income stream. This could be because they have a second or even third job, or because their salaries are boosted by bonuses or commission.
3. Selfcert mortgages are available from high street and mortgage broker-only lenders
A lot of high street banks and building societies only offer conventional mortgages, but many also now sell selfcert mortgages. In addition, beyond the high street there is a whole host of financial institutions who lend to people unable to prove their income. That's a lot of choice, so when shopping around for selfcert mortgages the best place to start is a mortgage broker who has access to all the products across the market. That way you are most likely to find the best deal.
4. Selfcert mortgages come in all shapes and sizes
Just like conventional mortgages, selfcert mortgages are available with an interest rate that is fixed for a set period of time or a rate that tracks the interest rate set by the Bank of England. And you can also opt for a low rate with a larger arrangement fee or a higher rate with a lower fee. When you've made those choices, other factors to consider include how long you are tied into the mortgage, 
whether it is portable - i.e you can move it to another property - or whether you are able to make overpayments.
5. Selfcert mortgages can give you a leg up onto the property ladder
The Brits are a nation of home owners - there's nothing we like more than investing our money into bricks and mortar. And that's not just because we know that home is where the heart is - building up equity in a property makes good financial sense. And because selfcert mortgages are offered by a range of mortgage lenders, and attract some pretty attractive rates, even people that can't prove their income can get onto the property ladder.
So, now that you've learn five facts about selfcert mortgages, what's stopping you getting one?
