Self Certification Mortgage UK

A self certification mortgage in the UK is available to the self employed, employed, first time buyers and those with a bad credit history.

If you are self-employed, you may simply not be able to prove your income; you've no formal or recent accounts or accounts prepared by a professional. A slightly larger deposit is required to reduce the perceived risk from a lenders perspective. You may also be a self-employed, or employed person, who has some buy to let or investment properties.

Do you fit in any of the following categories? Then a self-certification mortgage UK may be the one for you:

• Self-employed;
• Short-term or part-time employees;
• Employees on a bonuses or commission system;
• City of London workers or other who get a large bonus annually;
• Company directors who are unsalaried;
• The low-salaried with other material assets or income which they depend on for for future payment;
• Those with seasonal earnings;
• Those with more than one, low, income;
• Contract workers;
• Freelancers;
• In short, those without official documentation of regular income.

Self certification mortgage uk enquiry

What you can afford is calculated on you and your partner's annual income, but lenders will also take into account second income, pension, bonuses, and commission i.e. any legitimate extra ongoing income.The lender will normally require self certified applicants to have a minimum deposit of 10-30%. Only a small number of lenders will lend up to 90% LTV (loan to value) on a self-certification mortgage. The bigger the deposit you are able to put down, the better terms you will get.

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Variable rate deals in which the payments made by the borrower will change in accordance with the SVR (Standard Variable Rate). Capped rate deals are the same as fixed rate in most ways, however, there is a set capped rate, and if the variable rate of interest goes below this, then the client will pay according to the lower rate. For a fixed rate self-certification mortgage in the UK you can pay back the loan with an interest rate which does not change over a certain amount of time i.e. it is not affected by the changes in base rate. In discounted rate deals there is a set SVR (Standard Variable Rate) interest rate from which the lender will deduct a certain percentage.