Self Cert

A self certification mortgage applies for those who are employed but your income is derived from a number of different income streams, such as a basic salary, overtime, bonuses etc, or if you are self employed but your accounts are not up to date or they do not go back far enough for a conventional lender to base the lending decision on. It may be possible in some circumstances to declare your income to a lender without submitting proof of that income.

A self certification mortgage is designed more to suit self employed people. If you are employed you may need to justify the reason as to why you are seeking self certification.

You should only certify income that you genuinely expect to receive. The income multiples that lenders require still apply and the lender will maintain the right to either refuse your application or require some evidence of your declared income if there is an obvious discrepancy between your declared occupation and your declared income.

Not all lenders use income multiples to decide the maximum amount that they will lend you. Some use affordability calculations which could result in more being offered than under the usual lending rules.

It is very important to note that if you make false declarations and/or inflate your income on a mortgage application form you may not be able to afford your mortgage repayments. You may also face criminal prosecution for mortgage fraud. All applications will be subject to a feasibility assessment.

The overall cost for comparison is 7.6% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

If you require further information regarding Self Certification please call Telephone 0800 043 042 7