Self Certification Mortgage
Self Cert Mortgage - How do these mortgages work?
The loan part is no different from any other mortgage, it is the underwriting that is different. Normal Full Status mortgages are justified on the basis of having a Permanent Job, which is proved with payslips, P60 and normally a reference from the Employer.
If you are Self Employed a Full Status mortgage is justified with 3 years accounts showing sufficient taxable income. In these circumstances up to 95% might be available. Another way as to be found when there is no Permanent Job, or taxable profits have been minimised, or some other reason that causes there to be no provable income. |
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The Lenders who provide these loans take their security, not from payslips, references, accounts etc, but from the level of equity in your property. The maximum loan to value [LTV] is generally 85-95%.
Self Cert - The overall cost for comparison is 9.0% APR Rate correct as of 17/12/2008. The actual rate will depend on your circumstances. Ask for a personalised illustration.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There will be a fee for mortgage advice. Our typical fee is £595.