Self Certification Mortgages

Although self certification mortgages are no longer available, they were once very popular. This type of mortgage would allow you to state your true income but without the need to prove your income. Many self employed workers can find it difficult to prove all of the income they earn as sometimes they are paid in cash or simply because the account for the business have not been audited as yet and aren’t required for a set period of time. This would make it impossible for that person to prove the amount of income earned in a given year.

Lenders would either not request the proof of income or alternatively would accept other proofs such as documents provided confirming self employment rather than the amount that was actually earned. Unfortunately, due to the recent recession and statistics in these areas, these types of mortgages are no longer available but will hopefully come back on to the market at some point in the future.