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?
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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.
Enquiring about a mortgage is easy.
All you need to do is complete the no obligation enquiry form and an adviser will contact you to discuss your requirements. - this service is free and entails no obligation on your part.
Mortgage solutions to suit you
These mortgage services are by Pavis Financial Manegment who are authorised and regulated by the Financial Services Authority for mortgages. They do not charge a fee for residential mortgage advice; however there is an administration fee for processing each of your standard residential mortgage contracts. The typical administration fee is £499. For impaired credit lending the typical fee is 1% of the mortgage loan. For Buy to Let and Commercial Mortgages a fee of 0.5% of the mortgage loan size applies of which £500 is payable on application with the balance payable on completion.
We offer a full advice & recommendation service in all cases in order that you can make an informed decision with us about your mortgage needs.
To enquire simply complete the brief confidential
To work out how much you will be able to borrow click on calculators.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.
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