Self Cert Mortgage

Are you self employed! Self Cert Mortgage suits people who cannot take a regular mortgage for a variety of reasons. The reasons may be income from different sources, irregular earnings and so forth. A Self Cert Mortgage is one where the borrower can confirm the income without an independent verification.

1. Working overseas and hence not paid in UK pounds
2. Working on EBT or similar schemes and have a contract about the scheme without your name
3. Ancillary work is paid in cash and is outside the normal contract
4. Presently contract rates are lower and hence would wish to use the previous rates.

The Self Cert Mortgage allows borrowing large amount of money with a self certification that the loan amounts are repayable. Through some lenders check with the accountant regarding repaying capacity of the borrower, generally no income checks are required. An amount of up to £1million can be borrowed through a self cert mortgage.

Interest rates of the self cert Mortgage are higher. But during recent times the interest rates have become considerably low due to inflow of new lenders in the market. These self cert mortgages require deposits of 10 – 15% of the loan amount.

A Self Cert Mortgage generally is available with minutes of application with Id as the only documentation. The charges are normally the usual brokers fees associated with the mortgage that the borrower has to pay.

The Self Cert Mortgage is the simplest way of borrowing with only an Id proof required. There are many lenders in the market offering loans to those in need.