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Borrower's credit score.

When wondering if you measure up to a self cert mortgage criteria the lenders aren't thinking at all.

They use affordability calculators which are complex computer systems that look at a borrower's credit score alongside hundreds of different equations and permutations. Testing how the borrower has dealt with debt in the past and then speculating how they may do so in the future. When all said and done and the complicated maths has been calculated by the computer it will either be a simple yes or no and they will lend to you or not.

With self cert mortgages the standard deposit is 15% of the final price, though a 25% deposit would lower the high interest rate that self certified mortgages typically have. The minimum deposit would be 10% but at such a low deposit with such a high-risk mortgage, few lenders would lend. Lenders may require some proof of your income in the form of credit checks by verifying your bank statements, references or providing your existing mortgage statements. Compare quotes from several lenders and choose one which suits your budget and requirements.

A self certified offset mortgage combines the benefit of declaring your own income with the freedom of an offset mortgage allowing overpayments, lump sum payments, underpayments, and payment holidays.

A self cert offset mortgage is designed for people who find it difficult to prove their income. These include self-employed people, freelancers, contractors and commission only workers. You certify your income is enough to repay the mortgage without having to prove your income or your financial and employment status. Self cert lenders may perform a standard credit check and you may need to prove your identity to comply with anti-money laundering laws. Some lenders will not want any verification though and a self cert mortgage is great for people with an unpredictable income and cannot obtain a traditional mortgage.

Use of this article or exerts thereof without the prior permission of the author is unlawful and will result in prosecution, if you wish to use the article please contact info@selfcertmortgageuk.co.uk.

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