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Mortgages for the Self Employed
A UK self certification mortgage (self cert) is a mortgage that allows you to declare how much money you earn from your self employment/employment. The self certification mortgage was first introduced around about 10 years ago.
UK Self certification mortgages were introduced in order to assist small businesses and firms acquire a mortgage. A UK self certification mortgage is not only for self employed persons but also for others that earn money irregularly. People who are in seasonal employment, i.e. (Christmas workers) or earn on a commission basis, such as sales reps will be able to benefit fully from a UK self certification mortgage.
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More About UK Self Certification Mortgages
One of the main ways a self certification mortgage differs from other mortgage types is that you may be asked to put down a higher deposit. You may also end up paying a higher interest rate on your mortgage Finance. The minimum deposit usually begins at 5%-10% of the properties value. When first applying for a self certification mortgage you may be asked to provide the lender bank statements, this will give the lender an insight into your transactions, how much you have coming in, and your outgoings.
The lender will make use of your bank statements to verify your gross income for the year. If you are taking a UK self certification mortgage on a second property you may be asked to provide mortgage statements from the mortgage on your primary property. When it comes to a UK self certification mortgage you may or may not be asked for proof of how much you earn, this depends on the lender and your circumstances, but remember, it is mandatory that you do not lie about your earnings or how much you make from your self employment, and avoid exaggeration for your own benefit, lying to achieve the mortgage may land you in serious trouble with the financial services authority, also exaggeration will leave you struggling to afford the mortgage repayments, at worst you could default and suffer repossession.
As a broker we have access to the entire mortgage market within the UK, we can source you a lender to match your circumstances. As the mortgage market becomes more positive we have seen a few lenders become more flexible with regards to self employed clients who have been trading for at least 1 year. In these circumstances, we can offer terms up to 75% LTV provided that the client has a chartered or certified accountant who is able to complete a certificate regarding historical earnings and also a projection in relation to future trading.