Self Certification Mortgages
Previously lenders have been cautious about offering mortgages to those who were self employed and so provided specialist mortgages known as self certification mortgages. Self cert mortgages were typically available to people who were unable to verify their income, as no proof was needed. All you needed to do was to declare your income rather than provide evidence with accounts and payslips. Although self cert mortgages have now effectively been removed from the UK market, you can still get good rates on your mortgage if you are self employed.
The End of Self Cert Mortgages in the UK
Throughout the financial uncertainty of the last few years self-certification mortgages got a bad name, as they were accused of allowing easy borrowing and causing a house price boom. Following changes to the law this product is no longer available from any UK financial provider. Lenders are now checking for affordability and evidence of income. For many self employed people this change felt like the dream of owning a home had ended.
The Financial Conduct Authority (FCA) Standpoint
The FCA has determined that lenders must verify the income of any mortgage applicant and assess whether the new mortgage is realistically affordable. As a result all lenders in the UK have ceased to offer Self Certified loans and mortgages.
However, alternatives do exist to assist those who are self employed and wish to obtain a mortgage. There are a number of excellent alternatives to self certification mortgages available on the UK market. There are mortgages that don’t require 3 years of self-employment accounts for example.
I am Self Employed, Where Can I Get a Mortgage?
Whether you’re a first time buyer, self-employed or if you have a poor credit rating, we aim to get a mortgage decision to you in just 1 hour. What’s more we will handle your application for you from start to finish allocating a dedicated case manager who will liaise with you every step of the way. We will help make the overall mortgage process easier and hassle free.
We work on your behalf, not the lenders, to select the very best deal to suit you, chosen from thousands of deals on offer from every lender in the Country. If you need the new equivalent of self cert mortgages, have a poor credit rating or you’re looking to remortgage we can help.
Even if you have CCJs, defaults, mortgage arrears or a poor credit history we can help.