Self-certification is a simple way of detailing your income as you simply self declare what you earn and the lender will not insist on seeing audited accounts or payslips. Most lenders will supplement this information with credit searches. If you are a home owner, you may be asked to supply your existing mortgage statements, and if you are renting the lender may ask for a reference from your landlord.
Self-certification mortgages can be useful for a number of applicants; perhaps you have non-traditional income, such as pension income, rental income, investment income or commission, or you may be self-employed. However, self-certification mortgages are NOT to be used in order to borrow more money than would normally be possible with a status lender. Remember, if you do not keep up repayments on your mortgage, your home may be repossessed.
Self-certification does have limits - most lenders will only allow you to prove your income in this way if you want to borrow less than 90% loan to value, so you will need to put down at least 10%. However, if you have 'non-traditional' income, this can be a simple way to raise the mortgage you need. us if you would like to speak with us about self-cert mortgages.
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