Charlton Foxcroft & Co Ltd for Self Employment
Self Certification
A self certification
mortgage is were you are able to declare your income without having to show substantial proof that you earn it. You may
want to consider this type of mortgage if you have some difficulty proving your income. Most lenders perceive self
certification as a greater risk and will often charge a higher interest rate.
- Self-certification may not be suitable for all circumstances
- Customers must always consider whether they can afford the monthly repayments
- Falsifying information is a criminal offence
Employed Self Certification
Most employed applicants will be able to prove their income by reference to their payslips and an end-of-year P60. However if you have additional income that is seasonal or contract work, casual labour, or were you receive erratic bonus, commission or overtime payments, then a self certified mortgage may be what you need. A personal mortgage advisor will advise you accordingly.
Self Employed Self Certification
Self certification may be extremely helpful for the increasing number of self employed in the UK. If you have a good track record with a minimum of 2 years audited accounts then you should consider a full status mortgage. If one of the following applies to you then self certification of your income may be better suited to your circumstances:- You have no trading accounts
- Your current earnings are not confirmed by your accounts
- You are in your first year of trading
Your home may be repossessed if you do not keep up repayments on your mortgage.
CharltonFoxcroft & Co. Ltd.