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Self cert Mortgages

 

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Self certification mortgages, also known as 'non status' or 'self cert' mortgages have become hugely popular due mostly to changing work practices in the last decade or so.

For some time those who are `self employed' have found it difficult to obtain a mortgage. This is because there income is difficult to assess using the standard methods adopted by most conventional mortgage lenders.

The statistics put the figure of self employed people at around three million. Add to this those who are working freelance and those working as temporary hires. They too can find it difficult to obtain a mortgage on the same grounds as the self employed.

What are the reasons for this difficulty?

 

 

The most basic reason is that the self employed person, for instance, may not have a stable income. They can earn a lot one month, and nothing in another. This increases the chances of a default or arrears.

Another reason is that income is from varied sources, thus making the computation of income difficult. A freelance worker may work for a number of people, each paying him/her different remuneration for his services.

This is how the self certified mortgage steps up to provide relief. Self-certification is the process by which the amount that a customer borrows is based on what they claim is their income as stated in a signed declaration in the application form, but where they don't have to prove it on the basis of their accounts and in which the customer is required to put forth no documents as proof.

Self-certification mortgages are for people whose income is difficult to assess using the standard methods adopted by most conventional mortgage lenders. They allow you to 'self declare' your earnings.

If you cannot prove your income or have incomes from various sources, we can help with a self cert mortgage which are available for both employed and Self Employed. We have access to the full range of self certification mortgages, including true self cert, were no contact is made with your employer or accountant. We can even help you if you have mortgage arrears or CCJ’s .

If you wish to discuss exactly how these mortgages work, do not hesitate to contact us.

Please complete our simple self cert enquiry form or speak to a mortgage adviser on 0151 428 5204 this service is free and does not place you under any obligation.

Self Cert Mortgages

To work out how much you will be able to borrow.

Use our

*Income Calculator*

*Mortgage Repayment Calculator*

 

Find out more....

 
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