Self Certification Mortgage Information
A Self-certification mortgage (also known as a self cert or self certificate mortgage) is a mortgage where no proof of your income is asked for by the lender. Basically, self certication mortgages require the borrower to certify that they can afford and have the required funds available in their bank to meet the monthly repayments.
If you are self employed, a company director, contract worker or freelancer it is likely that your income is minimised for tax purposes, you may also be unable to provide three years trading accounts. As a consequence it can be difficult to secure the mortgage you want.
Self Employed workers make up nearly 15% of the UK workforce. Infinite Mortgages gives you direct access to specialist lenders in the UK who offer mortgages specifically designed for the self employed.
Self Cert Mortgages Continued...
With a self certified mortgage you do not have to provide accounts, payslips or other proof of income, but instead you simply certify that you have sufficient income to service the repayments. You could even qualify for up to 95% of the purchase price.
Many lenders provide a slightly varied form of self certification mortgage called a 'non-status' mortgage. (see mortgage glossary?)This is where the borrowers income is not stated when the application is made.
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