Self Certification
Self-certification mortgages
are available for clients who cannot verify their income
as it may come from a number of sources, or they may not
have been trading for long enough to have the required
number of years accounts, or they may have a low basic
salary but achieve bonus or commission payments or a
regular second income. The lender will ask for details
of the borrower's income, but they will not require to
see proof of total earnings.
Fortunately many lenders now offer a mortgage product
designed specifically for this market. Known as a self
certification mortgage, borrowers can declare their
earnings themselves and only need to provide a credit
check or references from a bank.
This is an ideal solution for many borrowers, although
self certification mortgages do have a couple of
drawbacks, such as higher interest rates than standard
mortgages. Many lenders will also require that borrowers
have a substantial deposit saved.
It is important to be careful when declaring your income
not to overstate how much you earn. By stretching
yourself you may be unable to meet the repayments and
risk losing your home.
Please complete our simple online
enquiry form
today and we will contact you with a free
no-obligation quote, so what have you got to lose?
The overall cost for comparison is 7.5% APR. The
actual rate available will depend upon your circumstances. Please ask
for a personalised illustration.
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