Self Cert Mortgages - The Basics<
Self Certification Mortgages are designed for people who cannot or struggle to prove their income self employed or employed.
Who can apply for a self cert mortgage?
A self certification mortgage can be applied for by anyone. In general terms, a self cert mortgage is usually for those who are self employed & employed, sub contractors, freelancers or paid by commission or bonus schemes.
People who apply for self cert mortgages often do not qualify for standard mortgages, as they have no proof of earnings. A self certification mortgage does not require you to provide documentary evidence of your income to the lender. If you fall into one of the categories below, you can look at a self cert mortgage:
- Paid by Commission or Bonuses
- New Start Up
- Paid mainly in Dividends
- Fluctuating Profits
- Self Employed
- Employed
- Non Status
- Bad Credit CCJs Remortgage
- Adverse Credit History
- Self employed and require a remortgage loan up to 90% of the property value
How is my income measured for a self cert mortgage?
All and any information regarding your finances is taken into consideration for your self-cert mortgage. This includes information on your current living status (i.e.: renting etc), current accounts, business accounts, business premises (if different to that of residency) and any additional income. Your total income will be assessed from 100% of all your sources of income. This is why it is imperative to have as much information documented as possible.
What are the mortgage rates for self cert mortgages?
The mortgage rates for self cert mortgages are not always higher than any other type of mortgage, the assumption is if you don't have traditional source of income you maybe judged by a lender as a higher risk customer for a mortgage. In the past you would have been charged a higher interest rate however in today's market this is not always the case. Not all lenders offer self cert mortgages, but we know the lenders that do and can help you to get the right self cert mortgage for you.
About Self Certified Mortgages »
Self Cert Mortgage Hints & Tips
»
» Self Cert Mortgage - The Basics
» The Benefits of a Self Cert Mortgage
» What you need for a Self Cert Mortgage
» Self Employed Mortgages
» Self Cert Mortgage FAQs
» Self Cert Mortgage Guide
» Self Cert Mortgage Resources
» Self Cert Mortgage Glossary
» Self Cert Mortgage - Why Use Us
» Self Cert Mortgage News
A Self Cert mortgage is ideal if you are self-employed or have have
difficulty getting a mortgage from high street lenders. Clickngomortgages.co.uk
mortgage brokers have access to specialist self cert mortgage lenders.
We know which lenders are best geared up to meet the needs of the
self-employed borrower. Whether your shopping for a fixed rate mortgage,
capped mortgage, discounted mortgage, tracker rate mortgage or flexible
rate mortgage.
Our mortgage calculator can quickly work out how much you could
save by remortgaging with clickngomortgages.co.uk mortgage brokers.
Tue, 09 Dec 2008 14:03:56
Comments
Self cert Mortgages & the FSA
We used to live in a society of tomorrow doesn’t matter, High Loan to value (LTV) loans, self cert mortgages and a focus on high growth and high risk sub prime lending which meant that some lenders lost sight of the risks they were taking. The market is seeing much of this lending now unravel.
Mon, 29 Sep 2008 12:57:42
Comments
Self Cert Mortgages to Blame
Self cert mortgages have been labelled as the reason for the credit crunch and the impending recession. Criteria for lending has been tightened and many self cert products have been pulled from the market.
Fri, 26 Sep 2008 11:03:57
Comments
The End of an Era for Bradford & Bingley and Self Cert Mortgages
With the nationalisation of Bradford & Bingley have we witnessed the end of self cert mortgages and buy-to-let and the beginning of safer, less risky lending?
Thu, 18 Sep 2008 14:27:19
Comments
Self Cert Mortgage Rate from Kensington
Kensington launch five year fixed rate deal to include self cert mortgages. Great rates on self cert mortgages, start with Click n Go.
Mon, 25 Aug 2008 12:31:25
Comments
Is the Credit Crunch affecting Self Cert Mortgage Lending?
Self cert mortgages are feeling the pinch in the credit crunch and so much so that many lenders have pulled their products from the market. To find a self cert mortgage deal now, you need to seek mortgage advice from a broker who has access to the whole market.
Wed, 20 Aug 2008 16:54:00
Comments
Self Certification Case Study - How NOT to apply for a Self Cert Mortgage
If you are thinking about applying for a self certification mortgage, then make sure you understand the process and the responsibility of a mortgage where you state how much you earn.
Mon, 14 Jul 2008 13:41:28
Comments
The Responsibility of a Self Certification Mortgage
We recently reported the story of a mortgage broker who was fined £10,500 for what was seen as fraudulent self cert mortgages, but who is responsible?
Tue, 01 Jul 2008 09:58:06
Comments
Self Cert Mortgages gone mad?
Have self cert mortgages gone mad with the 'liar loan' craze? With the number of products available to those looking for self certification greatly reduced on last year, are we looking at another sign of the credit crunch?
