Self-certification
(self cert) is a simple way of detailing your
income without having to provide proof of income
- you simply self declare what you earn.
Self Cert mortgages are designed
for people whose income is difficult to assess
using the standard methods adopted by most conventional
mortgage lenders. The specialist mortgage lender
will be far more accommodating and they appreciate
that different working patterns require a more
flexible approach.
Self Cert mortgages have become
extremely popular with the changes in work practices
in the last few decades; especially for those
dependent on bonuses for a sizeable portion
of their income or workers on short-term or
part-time contracts.
Self certification does have
its limits though - most mortgage lenders will
only allow you to prove your income in this
way if you want to borrow less than 75% of the
property's value, so you will need to put down
a substantial deposit. However, some mortgage
lenders may allow you to borrow up to 85% on
a self-certification basis.
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