Self-certification Mortgages
With a self-certification mortgage, you 'certify' your own income, stating what
your annual income is, rather than providing payslips as evidence.
This type of mortgage may be suitable for you if you have difficulty proving your
income but are in a position to meet the monthly repayments. For example, you may
be self-employed, work on short-term contracts, rely heavily on bonuses and commissions
or you may have income from more than one source.
- With a self-certification mortgage, you ‘certify’ your own income
- May be suitable for people who have difficultly proving their income
- Offered by a number of specialist lenders
- There are a range of competitive deals available
- You must be able to repay the mortgage
- Whether you require a self certification or a mortgage based on affordability, Pink
Home Loans may be able to help you
The overall cost for comparison is
4.9% APR. The actual
rate available will depend upon your circumstances. Ask for a personalised illustration.
On the other hand your declared income may fit one of the lenders affordability
calculators. The amount you can borrow is based on your net disposable income rather
than a multiple of your gross salary, e.g. 3x gross salary.
These types of mortgages are offered by a number of specialist lenders. Initial
interest rates may be higher than mainstream mortgages because self-certification
mortgages are regarded as carrying a higher risk.
If you are looking for advice on the type of mortgage that would be suitable for
you, please contact us.