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Self Certification Mortgages Free Help and Advice
Self Certification Mortgages or non status mortgages are mortgages ideally suited to company directors, contract workers or the self employed. They are a mortgage product specifically designed for those individuals who have experienced difficulty in obtaining a standard mortgage by dint of not being able to prove their income.
Many banks and building societies take a cautious view of those with such circumstances, and for such individuals, Self Certification Mortgages are the ideal mortgage product. |
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Why Self Certification Mortgages?
Self Certification Mortgages are offered without the necessity of providing proof of income, existing mortgage statements, bank statements or audited accounts. This makes them ideally suited to the likes of the self employed or anyone who can afford a mortgage but cannot prove their income. They allow the individual to declare an income they may not be able to prove without the necessary documentation.
Who are Self Certification Mortgages Ideal for?
- The Self Employed
- Company Directors
- Contract Workers
- Seasonal Workers
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- Those with a poor credit rating
- Those with CCJs
- Discharged Bankrupts
- Those with Mortgage Arrears
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Self Certification Mortgages Advice
The best advice for anyone seeking a Self Certification Mortgage is to seek professional help from a specialist mortgage broker or advisor. They will have experience in dealing with mortgage products tailored towards the likes of the self employed and company directors, and be able to guide such individuals towards specialist lenders who offer more flexible products than the standard mortgage.
Would a Self Certification Mortgage be Ideal for You?
In addition to the self employed, company directors and contract workers, Self Certification Mortgages are suitable for many individuals such as those who cannot produce the necessary 3 years accounts required by traditional lenders, or who perhaps have county court judgements or a bad credit rating. They are particularly suited to those who have recently become self employed and have no accounts, or perhaps someone who has mortgage arrears on an existing mortgage. Sometimes income is from numerous sources and therefore difficult to quantify, or perhaps it's seasonal and so doesn't fit the standard requirements of a more traditional mortgage. For any such individual, a Self Certification Mortgage might be the answer to their mortgage problems.
In Summary
In summary, Self Certification Mortgages are based on an individual's ability to pay rather than the traditional proof of income required for standard mortgages. Lenders who specialise in Self Certification Mortgages are likely to require a slightly higher deposit and a marginally increased interest rate. A specialist mortgage broker will advise the best way to proceed.
