Self-certified mortgage
A self-certified (or self-certification) mortgage is designed for people whose income may be difficult to assess using the standard underwriting procedures that many banks or building societes employ.
Self-certified mortgages have become more popular as working habits have changed, especially where this may include income from several sources and differing employment statuses.
As well as those who are employed or self-employed, self-certifified mortgages can be particularly relevant to those on short or long-term contracts, part-time workers, employees whose earnings are commission-based, freelance workers, seasonal workers etc.
If you take out a self-certified mortgage, you can expect to pay a higher than normal interest rate, although this can be reduced if you are able to put down a larger than average deposit of up to 25%.
Select from the list below to find out more about the different types of mortgages or call us for a no obligation chat on 0844 346 3685.
John Charcol is not authorised to offer investment advice. We recommend you seek professional advice with regard to these topics if you believe they may affect you.
