Are self-cert mortgages still available?
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Are Self-Certification Mortgages Still Available?
As Mortgage Brokers, people often ask us about self-certification mortgages, often known as self-cert mortgages, yet these products haven’t been available from UK lenders for more than a decade. People see them as an easy way to get a mortgage deal, especially for the self-employed, but we can find you much safer ways to buy a home.
What are self-cert mortgages?
Why aren't they available?
This type of product was removed from the market in the wake of the credit crunch. The financial crisis in 2007 came from ‘subprime’ lending, where unscrupulous financial providers offered credit, mortgages and loans to people who couldn’t always afford them.
Self-certified mortgages made this even easier – there were no checks on the applicants’ income. After the credit crunch, mortgage lenders began assessing affordability for all potential clients – which is why we must now prove income for all mortgage products.
Can I get a self-cert mortgage from overseas?
What are the alternatives to a self-cert mortgage?
- Salary and dividends
- Share of net profit
- Investment income
- Rental income
- Pension income
How can a Mortgage Broker help you?
Looking for self-cert mortgages just isn’t necessary in today’s mortgage market, and an experienced Mortgage Broker like Vivid Mortgages will help you find the most suitable type of mortgage and lender for you, supporting you through the mortgage application process and beyond.
Some self-employed borrowers worry that it will be difficult to prove their income, but as long as you have been in business for 12 months or more and have a reasonably good credit rating, it should be straightforward for you to get a mortgage.
Contact us today for a Free no-obligation initial consultation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Carly Breathwick CeMap
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