Self-Certified Mortgages for UK

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Self-Certified Mortgages UK

What Type of Self-Certified Mortgages Are Available?

The choice of self-certified mortgages is getting wider all the time, and self-certifiers now have almost the same range of choices as full status mortgage holders (those who provide complete proof of income).

Examples of types of self-certified mortgages include:

Another advantage of self-certified mortgages is that it is sometimes easier than usual to get a portable mortgage – one that can be moved from one property to another.

This is very useful if you are thinking of buying a house to do up, before selling it on and buying another.

Just as with all mortgages, there are a number of areas to check before you sign:

Early repayment / redemption charges
Speed of approval (some lenders can take several weeks)
Portability
Exactly what information the lender requires about your income and status
What the minimum deposit is (usually 10% or more)
Flexibility – can you overpay or take payment holidays?

A good independent broker can advise you on these areas, and make sure you understand the details of each policy.

Aren't Self-Certified Mortgage Interest Rates Higher?

Some lenders consider self-certification mortgages to be a slightly higher risk than full status mortgages, although there is precious little reason for this: Recent statistics showed that the number of repossessions on self-certified mortgages is no higher than for other types of mortgage.

There are a few differences, however:

Interest rates are very competitive on self-cert mortgages, but the best deals are harder to find than with mainstream mortgages.
Many specialist self-certification lenders will only deal with approved independent brokers, not direct with you.
The most competitive deals are often not available on the high street.
Even if you have a bad credit rating, competitive self-certified mortgages are still available through brokers.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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Value of Property	£
		(eg 125000)

Borrow How Much?	£
		(eg 92500)

Your Mortgage Type

First time buyer?		Yes No
Have you found property?		Yes No
Country
Bad Credit History?		Yes No

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