Mortgage Meadow - Self Certified (self cert) Mortgage help

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What is self certification?

General Information on Self Certification

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Self Certified (self cert) Mortgage help

Self Certification mortgages have helped answer a problem for people who are self employed or employed and have difficulty evidencing their income in the traditional way. This could be due to a number of reasons; you may have recently become self employed, you may be reliant on irregular income such as bonuses, commission or overtime, you may receive income from different income streams, or you may work from short term contracts or freelance.

Changes in work practices have led to more people either going self employed or adopting more flexible working patterns and income arrangements. This change has meant that lenders have had to invent more varied approaches to underwriting mortgages. Self certification is one of these new approaches. Self Certification is designed for people whose income is difficult to assess using the standard methods used by mortgage lenders. Self certification offers a means of helping these people get on the housing ladder where they would have previously been prevented from doing so.

There is a huge misconception that self certification mortgages are somehow “sub prime” or a “dodgy” way of obtaining mortgage finance. This is simply is not true, all mortgage brokers and lenders have to comply with Financial Services Authority principles of responsible lending. This means we have to fully evidence that the mortgage you take is affordable for you and that the terms of your mortgage have been fully explained to you. If we are found in breach of this principle we could lose our authority to trade. If we let you over commit to a mortgage then ultimately you could lose your home. It is therefore not in anybody’s interest to recommend a mortgage that is not absolutely suitable for your needs.

We have created this help area to give you the facts about self certifcation mortgages, so you are totally aware of what self certification means and how it works. We belive after reading this help section you will be in a much more informed position to decide whether self certifcation is right for. Please click on the links on the left for more information.