Self Cert Mortgage

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Self employed? Irregular income? Consider a self cert mortgage

A self cert mortgage short for self-certified is ideal for the self-employed or anyone with an irregular income. Instead of payslips and P60s you simply tell the lender what you earn but the increased risk means you won't be offered a 100% mortgage.

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Not everybody has a regular income. Self employed people's income goes up and down, while sales jobs and other commission or bonus-based jobs can be very lucrative and very unpredictable. Most lenders won't take these peaks into consideration, so if your income isn't fixed then a self cert mortgage might be the answer.

Where a normal mortgage means providing the bank with payslips, P60s and so on, a self cert mortgage simply requires you to declare your earnings to the lender. Because there's no real proof that you'll earn what you say you'll earn, lenders are more cautious than they would be with a more conventional mortgage and you're unlikely to be offered more than 80% or 85% of the property value.

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