|
|
|
|
|
Self-Certification -
Self-certification is for clients who are unable to verify their own income for a number of reasons i e self employed with complicated tax affairs. It is not offered by all lenders and the loan amount offered is generally 85% with some lenders offering up to 90% loan to value.
Self Cert , as it is more commonly known, is considered by the lenders to be a higher risk than full status as they are not asking for proof that you can afford the repayments. As such the rates are generally higher with the rate increasing furtther, the higher the loan to value.
Most self cert mortgages are taken out by self employed applicants. However, employed applicants can still apply but the lender will want an explanation why they would choose to go self cert when they should get proof of salary from their employer via a wageslip.
|
|
|
