A self-certification mortgage (known as a ‘self-cert’ mortgage) is available to those who find it hard to prove their income. This may be due to self-employment, or having a job reliant on bonuses or commission. Due to irresponsible lending in recent years, where consumers were able to obtain self-cert mortgages for amounts far beyond their means of repayment, the lending criteria are now much stricter. However, if you are can prove that you are responsible with your finances, showing evidence that you have repaid loans and other debt in the past, you are in a good position for being able to take out a self-cert mortgage.
The fact that you will not have a standard method of proving your income complicates the mortgage application process somewhat, and SimplyFinance would recommend that you consult an FSA-authorised mortgage advisor with a particular expertise in the field of self-cert mortgages before deciding on a deal. Interest rates on self-cert mortgages are typically higher than rates for regular residential mortgages due to the increased risk for the lender, and an independent advisor will ensure that you get the best possible rate in the market for your circumstances. Please fill out the short form if you would like to receive a call back from an advisor within the SimplyFinance network.