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Self Certified Mortgages
There are more than three million self-employed workers in the UK, many
of whom will experience difficulty getting a mortgage from a
conventional high-street lender. Individuals who work on short-term
contracts can also find it difficult to provide a lender with a history
of consistent income.Self cert mortgages (also known
as non status) can be the solution for people
who have the income but not the evidence to prove it.
A self certified mortgage allows you to declare your income on the
application without having to provide the usual documentary evidence such as bank
statements or company accounts. Instead the lender will take your word
for it and simply undertake a credit check.
However self certification mortgages should not be
regarded as a means to be
dishonest or to over state income on an application form in order to achieve
a bigger loan.
It is the self employed who benefit most from a self certified
mortgage, as their earnings are irregular and they do not receive a
set income each month so do not meet normal lending criteria.
Self certification mortgages are available in all interest rate options
including fixed rates, capped
rates, variable rates, discount rates, tracker rates etc. and they are
available for all different types of mortgage from first time buyer,
to buy to let.
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