Self Certificate Mortgage with No Accounts or Proof of Income Required

If you are your own boss you might stand alone but you are most definitely not alone. The self-employed are widespread in today’s flexible, global workplace ranging from authors to IT contractors and business entrepreneurs. 

With independence, however, comes a price. Working for yourself can be a hard slog. It can be hard to prove your income – which is often irregular – and as a consequence you could have a hard time securing a mortgage.

Some experts estimate that three million people in the UK, or 10% of the working population, are self-employed. This figure shoots up to eight million when you include other people with unconventional incomes such as contract staff, freelancers, workers who don’t get computerised payslips and people who earn their crust through investments.

All these people with erratic incomes do not always have access to accountancy records or wage slips – mandatory evidence of your income when securing a standard home loan. If you can’t provide PAYE marked payslips or an accountant’s certification of your income, conventional mortgages may be unobtainable. 

With a self certificate mortgage, borrowers can just declare their income to a lender who will then carry out credit checks to assess your suitability. The decision rests around the confidence the lender has in the borrower’s ability to keep up regular repayments of the loan. 

Self-certify is the ideal solution for those who find it difficult to confirm their income in the traditional way required by conventional mortgage lenders, for example three years’ accounts or confirmation of income via payslips or a P60 etc.  A self certified mortgage is based upon stated earnings, without the need for accounts or payslip evidence.

Self-certification used to be an expensive way to buy a home. It was a byword for little choice, higher rates and expensive fees. Now there’s unprecedented competition between lenders. Rates have tumbled and it’s cheaper than ever before to get a self-certified mortgage. 

Self cert is now supported by an ever increasing number of mortgage lenders, including not only specialist lenders, but mainstream and even household names as well with discount, fixed rate and flexible mortgages available.

Simply complete our no obligation contact form to get a free quote.