Self Certification Mortgages

Self Certification Mortgages are ideal for those that may have several different sources of Income and are often used by those that are Self-Employed; and those of us who are Employed. Even if you have a poor Credit Rating or simply looking to Re-Mortgage your property.

So exactly what is self-certification, sometimes referred to as a Non Status Mortgage.

A lender will usually need proof of your income, but sometimes, they will rely on your own assessment of income (‘self certification'). Self-certified mortgages were designed to cater for people who are self-employed, however it is also popular for Employed people who may have more then one source of income, Poor Credit, simply do not wish to produce wage slips and/or P60, or their income varies month to month.

This is unlike a Status Mortgage where Income will have to be proven by way of pay slips and/or P60. However, care must be taken to ensure that the Mortgage payments can be met and the monthly Mortgage payments are clearly explained to you and a clear Mortgage illustration is issued or a KFI as it is referred to.

Don't be tempted to overstate your income or you could end up with a Mortgage you can't afford, you could loose your home.

Unlike a Status Mortgage the LTV (Loan To Value or the amount that you can borrow) for a Self Certified Mortgage will be less then that of a Status Mortgage, the usual being a maximum of 90% of the valuation of your property. Some Lenders will accept the fact the builder will place a 5% deposit meaning that you only have to find a 5% deposit to make the full 10% required.

Interest Rates are only slightly higher then those of a Status Mortgage and both discounted, fixed and tracker rates are available. Rates will also depend on your Credit Rating and circumstances.

If you have a Poor Credit Rating we can still help but again the Rates of Interest will depend on your particular circumstances.

Call Abbey Finance on 0845-4567-847.

You may just be pleasantly surprised at the Rates on offer to you.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

SOLVING YOUR MORTGAGE PROBLEM SIMPLY

ABBEY FINANCE

0845-4567-847

Just click here to fill out our simple on line Mortgage Enquiry Form, it will only take a few moments.

enquiries@abbeyfinance.biz

Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE