Self certification mortgages, are one type of loans (just as interest only mortgages uk are one form) wherein you yourself claim or approve your income level. You are not then forced or mandated to provide any usual documentation as well as any payslips or any other kind of documents and statements in order to confirm your income.

These self declaration mortgages, or self cert mortgages, were created in order to facilitate anyone who has a tough time giving any proof of their salaries, or those who have irregular work patterns, or who have additional benefits, commission and other payments which are special and quite hard to track in order to help them guarantee a mortgage. The kind of people who will benefit well from self cert mortgages are those individuals who are self employed or those who have not been in business for a minimum of 3 years, or those who have not or cannot produce any audit accounts for the past 3 years.

So, if you are one whose earnings fluctuates from time-to-time, for example in the case of sales employees, or those employees who get a substantial part of their income from commissions and extra payments, then this type of home mortgage loan type will be the best for you. Do remember too that you are not necessary to be independent to apply for self cert mortgages. Self cert mortgages are open to both in employment and self-employed workers.

The only problem with self cert mortgage loans is the truth that their interest rates will probably be higher. But, except that, self cert mortgages act just like other usual types of loans. They are also easily obtainable, and that lenders who offer self cert mortgages have grown all throughout the years.

If you are freelancer, and as I’ve stated, one whose income rises and falls, then self cert mortgages are the best forms of mortgages for you available.

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Posted by admin on February 2nd, 2012 :: Filed under Uncategorized
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