Self-Cerification Mortgages

Do I need proof of income?

Many self-cert mortgage and remortgage products do not require applicants to prove their incomes by way of payslips or financial accounts. Some products and lenders do require some proof of income, however, so it is wise to speak to an independent mortgage advisor before applying for a self-certification mortgage.

Self-certs were originally designed for mortgage applicants who have trouble proving their incomes. This includes the self-employed as well as people who receive income by way of commissions and bonuses. Some evidence may exist for these types of income which can help with mortgage applications but sometimes there is no evidence apart from bank statement showing deposits.

Many self-certification mortgages and remortgages therefore do not require any proof of income at all. Instead applicants are required to declare their incomes on the mortgage application form. It should be noted that although proof of earnings may not be required it is still considered mortgage fraud for an applicant to make false statements regarding their earnings. Mortgage fraud is a serious offence which can result in hefty fines and prison sentences so applicants should ensure they aren’t exaggerating their incomes on self-certification mortgage applications.

Due to the wide variety of lenders and products for this type of home loan it is a good idea to seek professional advice from an independent mortgage broker before applying for a self-certification mortgage. An independent broker will be able to offer advice on the entire UK market for self-certification mortgages and will be able to use specialist software to help find the right product for your needs.

If you would like more information on self-cert mortgages submit your details through our online form to Contact a Mortgage Broker today.