Lockhart Grey Financial Planning Ltd

In many instances people may not be able to prove their income, for whatever reason.  Self-certification is where people have sufficient income to afford a choice of mortgage but cannot prove some or all there declared earnings. Applicants must self-certify their declared annual income level.

Self-certification mortgages were created to allow borrowers to self-declare or self-certify their earnings.  Originally, self-certification mortgages or self-cert mortgages were purely for the self-employed who could not provide traditional evidence of three years’ income.

Self-certified mortgages are designed to cater for people who are self employed and also those employees with irregular or unpredictable income. Indeed, many individuals could be eligible for a self-cert mortgage, for example those in seasonal jobs, for people working on succession of short term contracts, IT contractors or maybe sales people getting a high proportion of their income through commission would also be considered.

The key feature of self-certification mortgages is that the borrower does not have to give the lender proof of income; you just declare your earnings and the lender may accept this.

A self-certified mortgage is typified buy the borrower putting down a larger deposit and having to endure a slightly higher interest rate.  Lenders will typically let you borrow up to 75% of the value of the property however at Lockhart Grey Financial Planning we have access to a huge array of mortgage lenders who supply self-certified mortgages and it may be possible for you to borrow up to 80-85% loan to value on a self cert basis

If you are looking for a bad credit self-cert mortgage or a poor credit self-cert mortgage or re-mortgage on a self -certified basis then Lockhart Grey Financial Planning are able to source a lender and product that will suit your self-certification mortgage needs. Your mortgage finance will depend on your own financial situation

With Lockhart Grey Financial Planning’s Mortgage Service it’s never been easier to own your home. We can guide you through the self-certification process explaining exactly what happens at each stage and in a language you understand. We can help you in dealing with an estate agent, provide an experienced solicitor and will help you through every step to completion via our experienced processing team.

To discuss self-certified mortgages further please fill in our quick enquiry form, or call us for a free, no obligation, consultation. You may also find our mortgages glossary useful to explain some of these terms.

Remember it is in lenders’ interest to provide you with a mortgage, as long as they do not feel you are stretching yourself.  They want your business.  A mortgage is generally a lower risk to them, compared to a personal loan, or a credit card, as they always have the house to “secure” the loan against if you are unable to make your payments.