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Self certification mortgages

Submitted by Mortgage Broker on Tue, 2006-08-01 13:28.

Obtaining mortgages can be problematic for the self-employment because lenders offer you a mortgage on the basis of firm evidence of regular earnings in the form of pay slips etc.

The self-employed are often asked to produce several years’ accounts in order to prove their credit worthiness, which is obviously a problem for the newly self-employed.

However, self-certification mortgages work on the basis of what you predict your earnings will be rather than proof of income. Sometimes an accountant is needed to endorse your claims though.

The downside is that you pay a higher rate because of the high percentage of business failure in the first few years. Self-certification mortgages also usually require a higher initial deposit for the property.

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Building Society Alliance and Leicester have unveiled a new range of mortgages including a self-cert deal and a buy-to-let mortgage.

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Self-cert suiting the freelance community

Freelance workers are becoming increasingly drawn to self certification mortgages according to the Intermediary Mortgage Lenders' (IMLA) Association.

The mortgage, that doesn't require consumers to produce pay slips or other proof of income suits freelance workers with fluctuating incomes.

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Neil Johnson of the Intermediary Mortgage Lenders' Association has expressed his concerns that many people fear taking out a self certification mortgage as they don't entirely understand the procedure.

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