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Self Certification
OVERALL COST FOR COMPARISON IS
8.2% APR - ACTUAL RATE AVAILABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. PLEASE ASK FOR A PERSONALISED ILLUSTRATION. RATE CORRECT AS OF
28/03/2008.
Many people have problems proving their full income. This may be because you are paid commissions, have more then one job, have investment income or maybe your income is derived abroad.
If you are self employed you can have particular problems proving your income either because you do not have enough years accounts or maybe you have used all the legal methods available to minimise your tax liability.
Types of Self Cert Schemes Self cert schemes can be grouped into four types:
Fast Track Some lenders offer the option of self certifying your income as a way of speeding up the application process.
Generally they will allow this if there is a large enough deposit, normally at least 25% deposit.
While in most cases the lender will make no checks, they do though reserve the right to check your income if they wish.
This may be because of a large loan size, lower credit score or if they feel that the stated income is not reasonable.
In these cases you state your income and the lender will take the figure on trust. They will though contact your accountant or employer or they may want to see your self-assessment forms (with the figures blanked out) in order to check that you have been in self employment or in your current employment for the particular lenders minimum required period.
Sometimes lenders will ask your accountant to confirm that they think you can afford the loan.
There are a number of schemes available where the lender will not make any checks on your income or employment. These schemes can be particularly useful if you do not have an accountant or if your income is derived from a number of employments or other sources.
A small number of schemes do not ask you to state an income at all. Instead they ask you to declare that you will be able to make the mortgage repayments.
Ability to Make Repayments Whichever self-cert method you choose, you must always remember that you are responsible for making the payments on your mortgage.
Interest rates are low at the present, but they could rise. So you should always be comfortable that you will be able to still make the repayments if they were to rise.
If you fail to make repayments on your mortgage your property could be repossessed.
Max Loan to Value: 90%*
Because the lender is taking a higher risk in lending to you without confirming your income, the maximum loan to value for self cert mortgages is 90%.
*Higher lending charges may apply.
A lower loan to value will usually mean lower interest costs. So an 85%, 80% or 75% loan have progressively lower charges.
Best Self Cert Schemes Obviously the best self cert scheme for you will depend on your exact circumstances. We can help you to find the best scheme. Simply complete our no obligation enquiry form FREE PROFESSIONAL HELP There is no obligation and you can get our help to arrange your mortgage. Whether you:
Want to be pre-approved for a loan Need to arrange a loan quickly Are looking for the best schemes on the market Need to know how to get a large enough loan Have had problems getting a mortgage elsewhere
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Self Employed 
