True Self Cert Mortgages
True Self Cert Mortgages | The Real Deal Self Certified Mortgage
A few years ago people who were not able to prove their income were likely to have problems getting credit from banks and mortgage lenders, because they were deemed too high risk. However, those days are long gone and now people without the security of fixed payslips each month can still take out loans to finance home ownership.
That's thanks to true self cert mortgages, which allow borrowers to declare their income without having to prove it. True self cert mortgages are now offered by a variety of mortgage lenders, meaning the dream of home ownership is becoming a reality for many people from all walks of life.
Many people who can't prove their income are still viable customers for mortgages. People who are self-employed are just as likely to earn a decent salary as those that work for a corporation. You could own your own business, drive a taxi for a living or be a freelance designer, writer or hairdresser. All these people are already taking advantage of true self cert mortgages, meaning they can put their hard earned cash into their home.
However, you don't have to be self-employed to take out true self cert mortgages. These products are available to anyone that can't prove their income, for whatever reason. Some people, such as business consultants, have more than one employer meaning they can't always provide payslips. Others, like those working in sales, get commission on top of their basic salary, meaning the amount they earn each month could fluctuate. And some people are lucky enough to get their salary topped up from time to time with large bonuses. Many of these types of workers can't prove their income, and therefore may be suitable to take out true self cert mortgages.
There are many other reasons why you may not qualify for a conventional mortgage. You may have money invested in stocks and shares, or even earn some of your income abroad. Again in these incidences true self-cert mortgages could be your best bet to getting a foot on the property ladder.
So what are true self cert mortgages? Basically, with these products lenders don't ask the borrower for any proof of income. They simply ask them to sign a declaration stating their salary which they then take on a trust basis. While some self cert mortgages might ask to see some proof of income in the form of payslips, audited accounts or bank statements, true self cert mortgages don't ask for any earnings documentation to support the mortgage application, which is good news if you aren't able to provide any.
True self cert mortgages can cost a little more than a conventional mortgage because lenders deem the risks to be higher so before considering this sort of loan it's best to explore all your options and match a product to your circumstances. But with literally dozens of true self cert mortgages on the market, the chances are you'll find one that's right for you.
If you are unable to provide evidence of your real income to buy a home True self cert mortgages could be the answer, whether you own your own business, have more than one job or get returns from investments.
