We can help you get the mortgage you need for the home that you want

Mortgage Calculator

Accurately calculate you monthly mortgage payments.

Use our Mortgage Calculator

Enquire Now

Contact us now for a free quote or simply for free mortgage advice.

Make an Enquiry

Self-employed now have little choice of mortgage products

Self certification mortgages are seen as only for the self-employed but this mortgage type is useful for anyone who cannot guarantee or verify an exact income.

Seasonal workers, freelancers or perhaps company directors who don't have fixed annual salaries are all eligible for this type of mortgage. There are no checks made on your financial status, income or employment record, other than the standard credit checks, so a good credit rating is essential. While they were initially targeted at the self-employed, they were also heavily utilized by employed applicants who exaggerated their incomes in order to secure larger mortgages. All of this was possible because of the lack of documentation required to support claims of applicants, which some mortgage brokers took advantage of in order to obtain business.

Lenders seemed willing to approve mortgages to most applicants despite the absence of evidence of their declared earnings. A number of applicants had impaired credit files and small deposits, a combination that would have excluded applicants from obtaining a mortgage from most lenders. The overall effect for these homeowners is they now have mortgages secured against properties that they can't afford or have fallen into negative equity. For the genuine self-employed there will be little choice of products when buying a new home or remortgaging.

The number of self-employed mortgages has significantly fallen with many small lenders of this product closing up shop. The larger lenders have tightened the criteria for the self-employed. One measure is to cap home loans to a maximum value and reduce the income multiples to more traditional levels. Therefore self-employed applicants who were the original targets for self certification mortgages must now pay over the odds for lenders issuing this mortgage product to homeowners who should have applied for standard products.

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.

Return to articles page

Get the home you want with Self Cert Mortgage
Please read these terms and conditions carefully as it is essential that you recognise the nature of the contractual relationships entered into when you use products / services promoted on the Self Cert Mortgage UK website.

Self Cert Mortgage UK is a trading style of Blue Egg Ltd.

  • Blue Egg Ltd is, for the purposes of these products and services, acting as an agent for third party suppliers. This means that you and the supplier enter into a direct contract and Blue Egg Ltd has no contractual liability to you in relation to that product.
  • Each supplier has their own terms and conditions relating to a product or service and it is vital that you familiarise yourself with those terms and conditions before proceeding to transaction completion.
  • As you are entering into a contractual relationship with the supplier you should address your queries and concerns with them directly. The contact details are provided on the website. Representatives of Blue Egg Ltd are unable to advise you on any products offered by third party suppliers.
  • Material relating to third party information, products and services is provided 'as is' without any representation or endorsement made and without warranty of any kind whether express or implied, including but not limited to the implied warranties of satisfactory quality, fitness for particular purpose, non-infringement of compatibility, security and accuracy.
  • In no event will Blue Egg Ltd be liable for any loss or damage including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from use or loss of use of, data, or profits, arising out of or in connection with the use of this web site and any material found upon it.