Self-Certification Mortgage
Due to self-certification mortgages coming
into the non-standard column of things you will find that
only a handful of the markets lenders will offer products
to cater for you. However, the market is heating up as
far as competition goes, and thus deals are starting to
pop up that make the situation better for finding a good
deal. But you are still going to be paying more, but if
trends continue the way they are it will soon be the case
that the self certification mortgage market is as flooded
as the other eras of mortgage lending.
Currently around a fifth of the UK population
is self-employed, and it is predicted that, over the next
10 years, there will be about 3.2m in this position.
Numerous self-employed people from various trades are
earning big money. But, if they want to utilize that cash
to buy a home, they are likely to come across a big stumbling
block - standard mortgage lenders tend to be extremely
apprehensive about lending to anyone who cannot prove
their earnings via pay slips.
The self-certification mortgage is offered
on the basis of someone declaring their own income, rather
than providing documentary evidence. But there may have
to be the involvement of an accountant to back up the
statement. If you have more than two - and, in many cases,
three years' worth of accounts, then you should be able
to apply for a standard buy-to-let mortgage.
