Self certification mortgage

Self certification mortgages are available for clients who cannot verify their income as it may come from a number of sources, or they may not have been trading for long enough to have the required number of years accounts, or they may have a low basic salary but achieve bonus or commission payments or a regular second income. The lender will ask for details of the borrower's income, but in most cases, will not require seeing proof of total earnings. There are still some mortgage lenders who will need you to prove your employment status, such as an accountant's certificate or an employer’s letter.

Most lenders will supplement this information with credit searches. If you are a homeowner, you will be asked to supply your existing mortgage statements, and if you are renting, the mortgage lender will ask for a reference from your landlord.

Self certification mortgage products have limits. Most lenders will only allow you to borrow up to 85% loan to value (ltv), so you will have to put down a reasonable deposit. There are some lenders that will lend up to 90% loan to value (ltv), though these products are charged at a slightly higher rate compared to the 85% ltv products.

Need more help or advice?
Barket Financial Management will guide and help you find the best products and services to suit your requirements and circumstances. To discuss your options in more detail, please call one of our friendly team on +44 (0)1582 482333 or complete an online enquiry here.