Self Certification Mortgages

The Self Certification Mortgages are for those whose income is not regular. If you are a freelancer, or have a seasonal job or earn on commission basis, you can opt for this kind of mortgages.

The Self Certification Mortgages are different from standard mortgages. While you are opting for a Self Certification Mortgages you might be required to make a higher deposit and there also might be a higher rate of interest.

If you want to opt for Self Certification Mortgages you might be required to state how much you earn. You might not be required to prove it but the lender may require your business bank statements to check your income. This information is followed by credit searches. If you have been making your payments on time, it would be easier to get the mortgage. If you have a home you might be required to supply your Mortgage statements and if you pay rent, the lender may ask you to obtain a reference from the landlord.

There are limits that are set to Self Certification Mortgages. You might be eligible for this mortgage if you want to borrow less than 85 to 90% loan to value. In this case you might not be required to make a substantial deposit. Some lenders however lend more than 90% loan to value but these charge a higher rate of interest.

It is recommended that you do some research before settling for any mortgage from any lender. It is imperative that you seek expert advice before you opt for Self Certification Mortgages.