subject: Knowing Self Cert Mortgages [print this page] Self cert mortgages are one type of home loans wherein you, yourself declare or certify your income level. You are not then required or mandated to provide any usual documentation as well as any payslips or any other types of documents and statements in order to prove your income.
These types of loans for purchasing a home, were created in order to help anyone who has a hard time giving any proof of their incomes, or those who have irregular work patterns, or who have bonuses, commission and other payments which are seasonal and quite hard to track in order to help them guarantee a mortgage. The type of people who will benefit well from these loans are those who are self employed or those who have not been in business for a minimum of 3 years, or those who have not or cannot produce any audit accounts for the past 3 years.
So, if you are one whose income fluctuates from time-to-time, such as in the case of sales employees, or those employees who get a huge part of their income from commissions and bonus payments, then these are the best for you. Do remember too that you are not required to be self-employed to apply for this type of loan. These home loans are open to both employed and self-employed workers.
The only problem with these types of loans is the fact that their interest rates will probably be higher. But, other than that they work just like other conventional types of mortgages. They are also readily available, and that lenders who offer self certification mortgages have grown all throughout the years.
If you are self-employed, and as I've said, one whose income fluctuates, then self cert mortgages are the best types of mortgages for you out there.
