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Self Certified Mortgages Free Help and Advice
Self Certified Mortgages (or self certification mortgages) are ideally suited to company directors, contract workers or the self employed. They are a mortgage product specifically designed for those individuals who experience problems in obtaining a standard mortgage by dint of not being able to prove their income. Many lenders take a cautious view of those with such circumstances, and for such individuals, Self Certified Mortgages are the ideal mortgage product.
"Self Certified Mortgages are not the ideal product for everyone, but for Company Directors, Contract Workers or the Self Employed they are the ideal mortgage product." |
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Why Self Certified Mortgages?
Self Certified 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 Certified Mortgages Ideal for?
- Company Directors
- Self Employed
- Those with CCJs
- Contract Workers
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- Those with a poor credit rating
- Seasonal Workers
- Discharged Bankrupts
- Those with Mortgage Arrears
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Self Certified Mortgages Advice
The best advice for anyone seeking a Self Certified 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 lenders who offer more flexible products than the standard mortgage.
Would a Self Certified Mortgage be Ideal for You?
In addition to the self employed, company directors and contract workers, Self Certified 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 Certified Mortgage might be the answer to their mortgage problems.
In Summary
In summary, Self Certified 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 Certified 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.
