All about Self Cert Mortgage
Posted on 08. Mar, 2009 by admin in General
First of all just consider why are you getting a mortgage? Is it for buying property? What is a self cert mortgage? A loan of money just like any other loan, how would you get money? Would you go for another job or by taking it from family or friends, by selling some asset or use your savings?
A large number of lenders offer self cert mortgages to 95% of the property value, or its purchase price which ever is lower. You would fortunate to get this deal and 20-30% deposit would be reasonable in the longer run.
Self certified mortgage is a mortgage where no proof of income is required or a limited evidence of income is required by the lender. An example of self certified would be where a person has number of income sources and there are changes in them so there is no guarantee or evidence for income.
The best possible way of getting the self employed mortgage is to make copies of your previous income tax records. In this way a lender would get a reasonable amount of money that you earn each year. Generally the lenders require three years income history.