Money Outlet

Self Certification mortgages in the UK are also known by the terms “Self Cert” and “Non-Status”. The reason this type of mortgage exists is because lenders realised that there are people with monthly incomes that may be derived from multiple sources, thus difficult to prove. For example, self employed persons who may have varying monthly incomes or more than one job.

This mortgage type is available for most applicants whether they are fully employed or self employed. If your income does not fit perfectly into the “traditional” criteria for the underwriter then a self certification mortgage is a likely product for you.

They main feature to a Self Cert mortgage is that you are able to declare your income without providing proof, as this may be difficult to assemble. You simply “self declare” your income by detailing the sources without necessarily providing documentation or proof. If you fit any of the descriptions below, you may qualify for a self certification mortgage.

Criteria for a Non Status Mortgage:

• Employed: Regular income plus additional income, such as a second job or income from more than one source.
• Self Employed: Income may vary significantly from one month to another.
• Contract Employment: Income derived from seasonal or part time employment.
• Commissions: Most of your income may come in the form of sales commission which may vary.
• Unusual Incomes: Could be a combination of full time employment, landlord income, disability or any wide range of income types.
• Bonus Wages: Employment where large annual bonuses are awarded.
• Freelance Work: For example, designers may commission projects on a freelance basis.
• Any other type of income not mentioned above that may affect declarable wages.

Using specialist UK mortgage lenders and brokers is an excellent way to help you find the most appropriate self certification mortgage as they are sympathetic to how you earn a living. Yet another reason we recommend using a certified broker is that some lenders may have restrictions on non-status mortgages. For example, you may need to deposit a much larger sum than most traditional mortgages. Lenders will vary in this requirement and most likely you may need to deposit anywhere from 15-25% of the borrowed amount. Using a broker can help you search the market for the most appealing lender according to your circumstances. If you cannot afford to make a large deposit, then contacting an expert mortgage advisor could benefit you in both time and money saved.

Here at the MoneyOutlet we work with a vast network of UK mortgage brokers with special access to banks, building societies, and self certified mortgage lenders. Even if you suffer from bad credit, CCJ’s, mortgage arrears or filed for bankruptcy or an IVA? We can help!

We cater to all credit types and will connect you with CeMAP certified mortgage brokers eager to help you find the best mortgage for your needs. You safely and securely provide your requirements in the form above and we immediately begin searching 1000’s of low rate mortgages based on your specific needs. You’ll receive your free, no obligation quote without a credit check (important!).

Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available mortgage loans in today’s market no matter your credit status.