|
Self Certified Mortgage
Mortgages can often be a big problem for the self-employed or others whose income cannot be easily verified. However, some lenders are now willing to offer mortgages to individuals who are in this situation, on the basis that they effectively give their own approval. Although the percentage of the property value is usually limited to around 85% of the current value, this is still a lot better than no mortgage at all.
So called "self-certification" or "self certified" mortgages are designed specifically for those whose income is not easily verifiable:
* For self-employed applicants, where historic income information is not always available (eg three years trading accounts), or if there is a disproportionately high cost of providing income information (eg fully audited accounts for sole traders).
* For employed applicants whose income is irregular (eg bonuses, commission), or those with multiple jobs (eg run their own part-time business), or contract workers.
If you are in any of these categories and have found it difficult to obtain a mortgage through the normal channels, then you may need the help of a mortgage broker who knows the market and can source mortgages that may not be available on the high street.
For further information click here for independent mortgage advice and quotation.
NOTICE: A mortgage is a loan that is secured on your home and you also need to think carefully before securing any other debts against your home. Your home could be taken away by the lender and sold if you do not keep up the repayments on the mortgage or any other debt secured on it. If you are in any doubt, seek professional advice. These notes are offered as a general guide only and do not constitute mortgage or legal advice.
|
