All of you who are self employed, generate an income but cannot show enough proof of your income such as salary slips, sales, payment of regular constant amounts , have you wondered how you could get a loan mortgage? Self cert mortgage or self certification mortgage is the answer.
Though Self Cert Mortgage is primarily opted for by self employed people, but is not restricted to that category alone. There are also many who do part time jobs or odd jobs without fixed salaries. People with income from investments or pensions, Seasonal workers, artists, Freelancers and Contractors of any kind, Workers who are paid on commission only, temporary or agency staff, whose income varies and cannot be predicted – can all apply under the various self cert mortgage schemes floating in the market.
As such, these individuals are unable to complete documentation of their full income and they often find it difficult to provide Banks and Lenders with enough evidence of all their income. In turn, in most cases, they are refused loans and mortgages through conventional banks. Nearly 15% of UK’s population is self employed. A self cert mortgage is the solution to this problem. For this unique type of financial product, all you need to do is declare your revenue and specifications of your loan required to your financial lender. No proof of income is required for a self cert mortgage. This one single feature makes it distinctive from other loan products available.
Self-cert mortgage is just like a regular mortgage, the most important factor here is that one does not have to prove their income. All one has to do is sign a declaration of income and ability to afford the mortgage they are applying for. Account checking or proof of financial and employment status are not given top priority.
Self-cert mortgage fit under the so-called non-standard banner. As the source of income is not regular or cannot be monitored by the lenders, self cert mortgage might attract slightly high collateral. You need to thoroughly secure yourself by making sure the repayments you agree upon with your creditor can be comfortably met with your present day income. Self cert mortgage is also commonly known as non-status mortgage.
You can apply online to obtain your loan. Applying for mortgage loan online is simple, convienent and efficient way of getting your loan approved. You can even take advice from their financial experts on how to get your self cert mortgage at the best interest rate, terms and conditions to suit your needs.
