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?

With self-certification mortgages, there was no need to prove your income. You simply signed to confirm your annual earnings and that you could afford to meet your monthly mortgage repayments. 

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?

You might find that overseas lenders offer self-certification mortgages, but the FCA strongly advises against these. Outside the UK, there’s less governance over lenders which means less protection from unfair practices, high interest rates, hidden fees or other nasty surprises.

What are the alternatives to a self-cert mortgage?

The alternative to a self-cert mortgage is any other form of traditional mortgage. Self-employment won’t prevent you from getting a mortgage and all kinds of lenders are willing to accept applications from people who work for themselves or as freelancers or contractors, or from people running their own businesses.  If you’re concerned about self-employed mortgages, you can talk to one of our mortgage advisers – it’s our job to explore the market for suitable mortgage deals to suit people in all kinds of situations. The key step in getting a mortgage is proof of income. You will need documents that evidence your annual earnings – and your income can come from a range of sources. Mortgage lenders will accept some or all of the following:
  • 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.


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