Compare self cert mortgages
Self cert mortgages might look like they come with a licence to lie. However, that's not the case. Millions of people in the UK work on a self-employed or freelance basis and some of them are doing very well indeed. However, it's not always possible to state an accurate income figure that meets the criteria of a normal mortgage. With a self cert mortgage you don't have to worry about income multiples, which often cause a problem with normal mortgages where you can only usually borrow up to 3.5 times your annual salary and need to provide payslips, bank statements and P60s to prove your income. However, with a self cert mortgage you do generally need to provide a large deposit, in the region of 25 per cent and declare what you expect your income to be accurately.
Do I need a good credit history for a self cert mortgage?
Your credit history is valuable to you and can help you get lower bills by ensuring you have access to the best self cert mortgages and other financial products. It's a good idea to monitor your credit report at all times. CreditExpert offers you a way of accessing your credit report and correcting mistakes, amending out of date entries and generally keeping on top of it. If you don't have a good credit history, you're more likely to be declined or only offered a self cert mortgage with a higher interest rate.
Bills that remain unpaid can result in default notices that appear on your credit report, it might not even be your fault, it could be the result of a cheque that went missing on the way to a credit card company or even fraudulent activity. Lenders want to ensure the products that have the best interest rates, such as the best self certified mortgages, are made available only to creditworthy customers. If you use LowerMyBills to help you find a self cert mortgage now, your own money could go further and make it easier to ensure you don’t miss payments and fall into default.
If you're struggling to find a mortgage lender that will accept you, do a bad credit mortgage comparison with LowerMyBills. If you have checked your credit report with CreditExpert and need a self certified mortgage, LowerMyBills can show you the best self certified mortgages when you compare mortgages.
Can't I just exaggerate my income on a normal mortgage application?
You need to provide accurate and auditable income figures on a normal mortgage application or you're breaking the law. Self certification mortgages are not about exaggerating your income, they're about declaring an income you don’t have payslips and P60s for. If you're self employed, are building a business that's already successful, but might have less than a full year of accounts, or have just started contracting or gone freelance, a self cert mortgage could be the way forward for you.
Experian® - the company behind LowerMyBills - also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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