Self Certified Mortgages - explanation?

babysaver

I spoke to a mortgage broker last night to try and guage how much I can borrow based on my income:

Gross £20230
Additional income from employer £3030 (this is shown on payslip as a temporary payment but I'm sure it will become permanent in the next 12 months)
Overtime £3500 (available all the time)
Child Benefit & Tax credit £1300

I'm looking to borrow about £100,000. He is looking at the figures for me and mentioned the possibility of self-certifying my income.

Can anyone explain what this means?

Thanks in advance

poopscoop

It means if you cannot prove your income you can self-certify it. It's what self-employed people do.

http://news.bbc.co.uk/1/hi/business/3478635.stm

babysaver

Thanks poopscoop. I can prove my income (as it's all shown on my pay statements) but I can't prove that the additional earned income and overtime are unlikely to change. Do you think I could self-certify that part? Sorry if I'm being a bit dim??

herbiesjp

Not really sure why self certified has been mentioned, as you rightly say you can prove most of the income. Not sure if this is a case of a lazy adviser.

I'm sure you could look at getting a "mainstream" lender to look at your case and agree the mortgage, thereby getting better deals.

It will all depend on the whole scenario however i.e. purchase price and mortgage needed