Self-Cerification Mortgages: Glossary

Bonus - a sum of money received in addition to a normal salary or wage usually to reward an achievement.

Company Accounts - a set of documents prepared by an accountant showing incomes, expenses, assets, liabilities, and profit and loss details of a company.

Company Director - an individual who is appointed as a director of a registered company.

Commission - a sum of money paid as remuneration for a completed sale.

Expenses - an amount of money paid out.

Income - an amount of money earned.

Net Profit - all incomes minus expenses and tax.

P60 - a document given to an employee at the end of a financial year showing total salaries and wages earned and taxes and other deductions subtracted at source.

Payslip - a document detailing salaries and wages earned by an employee and sums of money (such as income tax) deducted at source.

Proof of Income - any documents proving an individual’s earnings.

Self Employed - a situation in which an individual sets up their own business in order to derive an income as opposed to being an employee and receiving a salary or wage.

Self Certification Mortgages - a type of mortgage product designed for workers who have trouble proving their income such as the self employed and company directors.