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Self Cert Mortgage

Self Cert (Self Certification) mortgages are offered to those who cannot prove how much they earn.

Lenders usually want to see a number of pay-slips or a statement from an employer to convince them that the borrower has the income to repay the mortgage. Read more...> 

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However, for self employed workers or people whose employment isn’t so clear cut, such as seasonal workers or commission-only sales people it can be a problem to obtain accurate documentation. This means that there is a group of people who may well have enough money to meet mortgage repayments but who simply can’t get a standard mortgage.

The self cert mortgage only requires the borrower to declare that they can meet the mortgage repayments.  You are certifying yourself how much you earn. Full evidence of income will not be required although the usual credit checks will be carried out.  The lenders see self cert mortgages as a slightly risky area as there is no proof of income and this is reflected in higher interest rates.

The self cert mortgage places the responsibility of predicting income onto the borrower.  You don’t have to be self employed to apply for a self cert mortgage anybody who would rather not prove their earnings can do so, but as mentioned the interest rates for a self cert mortgage tend to be higher than standard rates.