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.
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With a self-certification mortgage, you ‘certify’ your own income
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May be suitable for people who have difficultly proving their income
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Offered by a number of specialist lenders
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There are a range of competitive deals available
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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
Affordability Mortgages
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.