A Self-Certification mortgage is a relatively new lending option created for self-employed people or independent contract workers who can’t demonstrate proof of income. Before the introduction of this mortgage type people who were unable to supply risk-adverse lenders with the documentation regarding their regular income found it really hard to obtain a mortgage.

Self-Cert mortgages are also popular among salespeople and those who receive a huge part of their income as commission or bonus. Although you may have had high earnings due to commission or bonus for a long period of time, they are generally not taken into account by high street banks.

In addition, self-cert mortgages would be appreciated by those workers who start on a low salary, but whose income is likely to increase rapidly.

As for the self-cert mortgage amount, there is certain flexibility here because the lenders cannot control your income and you are free to borrow as much as you need. However, it is highly advisable to be honest and not exaggerate you income because if you borrow more than you can afford you may experience financial difficulties.

One of the main disadvantages is that the rates you'll be charged for self cert mortgage usually are not as moderate as they would be for other, more traditional mortgage types. Still, if you manage to pay a higher deposit you may be offered standard rates.


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