Guide to Mortgages
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Self Certified Mortgage

A Self Certified Mortgage is where the Lenders rely on the applicant to give information regarding their income without having all the relevant paper work to back this up, although credit checks and other information such as bank statements etc will be required.

Self Certified Mortgages are ideal for people who may have difficulty proving their income due to the line of work they are in such as, contractors and self employed. Because of this, getting a mortgage can seem a daunting task, but self certification allows these people to qualify for a mortgage.

Although you do not have to provide proof of earnings, you do need to afford the repayments, so remember to be realistic when calculating your income. Giving false and inaccurate information is a criminal offence and could result in a criminal record.

It is always worthwhile to check the mainstream mortgage lenders and deals first as they are usually offered at a more competitive rate. Self Certified Mortgages can have slightly higher rates as the Lender sees this mortgage type to be a higher risk.

Lenders don't check your salary but may want to see proof of your credit history by credit checks, bank statements or accountant records.

It is usual to borrow 75% of the property value although more is possible with different lenders. You still may have the choices to make as to whether your mortgage deal is variable, capped, fixed, discounted etc.

Download the Mortgage PDF Guide here - see our other free PDF guides here

Guide Contents

To Buy or to Rent
What is the process of getting a mortgage in England?
Getting mortgages in Scotland
The cost of buying a house
Different types of mortgages
Self Certified mortgage
Apply for a mortgage
Mortgage FAQ
Where to get more mortgage help

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