self cert mortage

Tuscan

can anyone give me a quick run down as to what they are please and how they work..

cheers

_Andy_

Basically the idea is you don't need to prove your income so the need for payslips/accounts etc is negated.

This would (or shold) only be advised if there was a real need for it.

LTV will be restricted slightly.

mortgagemark_2

As Andy said only for use in relevant circumstances although many lenders will quite happily self cert an employed person who could easily prove their income (and the lenders wonder why people have not paid their mortgages !!!)

Some lenders will Self Cert but with proof of trading/employment but no proof of income figures. Others will "true" self cert with no enquiries but only up to certain loan to values. 85% is usual level for good credit applicants.

In summary you self declare your income with no proof required but ALL lenders have the rights to audit applications and check the information supplied at application stage.

Usually used for self employed / 2nd jobbers (non paye) or employees with additional bonus/commissions etc.

There are many lenders who offer self cert mortgages including high street names.

Hope this helps.

herbiesjp

Dont forget these self cert lenders reserve the right to ask for whatever information they want.

Are you looking at this as an option? Many people go down this route, when in actual fact there are lenders that will agree the mortgage full status (depends on circumstances, and what proof of income is available)