self certified

There are a number of reasons why a self certified remortgage may be the best option for you. Self certified remortgages allow you to borrow money without providing proof of income:

Ordinary people in the UK often receive income from a variety of sources such as bonuses, overtime, and investments, and as this income may be unpredictable, proving it can be quite difficult. Although many high street lenders will not fully consider these additional sources of revenue when assessing affordability, a number of specialist lenders will do so.

Alternatively if you are self-employed with less than three years accounts, self certification may be your only option.

Even if you have recently become self employed it may still be possible to remortgage onto a better deal. When remortgaging, especially considering the rises in house prices that have been seen in recent years, it is quite possible that you will have sufficient equity in your property to qualify for a self certification remortgage: non status mortgages are generally available to those with at least 10% equity in their properties. If you have significant equity it may even be possible for you to borrow additional money.

Our clients receive advice on all aspects of the self certification remortgage market, and quotes from the full range of lenders: not all lenders offer self-certification, and those that do may have very different criteria, so it makes sense to speak to specialist advisors to work on your behalf and find the deal that best matches your situation.

Self certified remortgages are very popular with self employed people, overseas workers, and anyone with a non-traditional means of income. They allow you to declare what your current or projected income is without documents such as payslips, bank statements or accountancy forms. It’s a common choice for all kinds of borrowers, including freelancers, unsalaried company directors, part-time employees and even people with bad credit history. All you have to do is sign a declaration agreeing that you can afford the loan repayments.

Is a self certified remortgage right for you?

While self certified remortgages might suit a wide variety of borrower, there are pros and cons that you should consider before making a decision:

Accounts, payslips and statements are not required to be approved for a self certified remortgage

You can arrange a self certification deal at any interest rate type that you would find with normal mortgages, including fixed, capped, discount and tracker

Ideal for people on multiple incomes, part-time employees, workers on a bonus-reliant income, contractors, freelancers and people who receive much of their income from shares and investments

If your current income doesn’t reflect what you expect to earn in the near future, you can self-certify to take that into account

Because of the extra risk involved, self certification carried higher interest rates than many other types of mortgage

Usually requires a larger deposit than comparative mortgages (the higher the deposit, the better the interest rates)

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