Historically,
people who were unable to provide evidence of all their
income have often found it difficult to get appropriate
mortgages:
They
were offered mortgages that were too small
They
were refused completely
Self-certification
mortgages provide a solution to this problem for
many people whose full income cannot be guaranteed or documented.
Although
self cert mortgages, as they are known,
are often associated with self-employed people, in fact
they are available to people from all walks of life, regardless
of their employment status.
Self-certification
mortgages are just like regular mortgages except for one
thing:
You
do not have to prove your income
All
you have to do is provide a signed declaration of your income
and your ability to afford the mortgage you are applying
for:
Your
accounts will not be checked
You
will not have to prove your financial or employment status
The
only checks will be standard credit checks
Aren't
Self-Certified Mortgages Only For the Self-Employed?
No.
It's a common misconception that self-certified mortgages
are only for the self-employed.
In
fact, they are available to anyone who cannot or does not
wish to prove their full income, but would like to be able
to borrow an amount based on that income.
A
huge range of people are eligible for self-certification
mortgages. Here are a few examples:
Employed
people with more than one income – e.g. a part-time
business, or several part-time jobs
People
with income from investments or pensions
Seasonal
workers
Self-employed
Freelancers
and Contractors of any kind
Company
directors who are unsalaried
Workers
who are paid on commission only
Workers
whose annual bonus is a large part of their income
Temp
or agency staff, whose income varies and cannot be predicted
Self-certified
mortgages are extremely flexible and simply
require you to decide how much you can afford to pay each month
and how much you earn, in total, each year.
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