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Self-certification (self cert) is a simple way of detailing your income without having to provide proof of income - you simply self declare what you earn.
Self Cert mortgages are designed for people whose income is difficult to assess using the standard methods adopted by most conventional mortgage lenders. The specialist mortgage lender will be far more accommodating and they appreciate that different working patterns require a more flexible approach.
Self Cert mortgages have become extremely popular with the changes in work practices in the last few decades; especially for those dependent on bonuses for a sizeable portion of their income or workers on short-term or part-time contracts.
Self certification does have its limits though - most mortgage lenders will only allow you to prove your income in this way if you want to borrow less than 75% of the property's value, so you will need to put down a substantial deposit. However, some mortgage lenders may allow you to borrow up to 95% on a self-certification basis.
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Independent Lending is a trading style of Vitty Alexander Financial Services Limited, which is authorised and regulated by the Financial Services Authority for pure protection, residential mortgages and general insurance business. We do not charge a fee for residential mortgage advice, however there is an administration fee for processing each of your standard residential mortgage contracts. The typical administration fee is £499, of which £199 is payable on application and the balance on completion. For impaired credit lending the typical fee is 1% of the mortgage loan of which £299 is payable on application and the balance on completion. For Self Certification Mortgages, the typical fee would be 1% of the mortgage loan of which £199 is payable on application and the balance on completion. For Buy to Let Mortgages a fee of 0.5% of the mortgage loan size applies, of which £250 is payable on application, with the balance payable on completion.
Trading Address and Registered Office: 4 Westbrook Court, Sharrow Vale Road Sheffield. S11 8YZ
Registered in England and Wales Number 5479920
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
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