How
Much Can I Borrow with a Self Certifying Mortgage?
Self-certifiying
mortgages are intended to solve the affordability
problem for people who can't prove their full income
and have previously been offered too little by conventional
lenders. For example:
Salesmen
whose earnings are mostly commission – commission
and bonuses are often ignored by mainstream lenders.
Self-employed
people whose accounts are optimised for tax, showing
an apparent profit that is much less than their
income.
Employed
people with their own profitable part-time business
The
income multiples for Self-certifiying mortgages
are usually the same as for full status mortgages
– anything from 2.5x – 4.5x.
Self
certifiying mortgages are not designed
to be a way of borrowing more than you can afford
– they simply allow people to borrow the amount
they know they can afford.
Where
Can I Get A Self-Certifiying Mortgage?
The
self-certification mortgage market is a little more
specialised than the mainstream mortgage market,
and many of the most competitive specialist lenders
do not have a high street presence.
Instead,
these lenders deal through approved independent
brokers who are able to search the market
for the most competitive mortgage for each borrower.
Although
there are some high street lenders who offer self-certified
mortgages, they are not able to provide the choice
of policies offered by the specialist lenders.
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