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Self certification, self-cert mortgages, mortgages with no proof of income, self-employed* without accounts, self-certify your income – headlines like these leap out of nearly all mortgage advertisements these days.

But what really is self-certification? Does it mean a road sweeper employed by the local council can claim to earn 100k a year and therefore get a mortgage of around £350,000? Who should apply for a self-cert mortgage?

The definitions of self-certification of income vary from one lender to another, but broadly speaking if you can prove your income historically (from accounts or P60s and wageslips) you do not need to self-certify your earnings (although you may automatically qualify for a ‘fast track’ mortgage or re-mortgage offered by some high street lenders for loans of 75%-85% or less).

Self-certification mortgages are normally most appropriate for those people who are either self-employed*, employed on contract, have income from different sources or whose income is made up of a low basic salary with high performance based commission and bonus earnings. In short, almost any situation where income cannot be proven to the satisfaction of a lender’s underwriters (using standard criteria), but where the applicant is happy that the required monthly repayments are affordable both now and in the future.

Different lenders apply different rules for self-certification mortgages. Some will conduct validation checks (where they write to an employer or accountant for confirmation of employment/self-employment without asking for confirmation of income), others merely conduct reality checks (whereby they compare the income stated on the application with the occupation to see whether it truly is realistic for a road sweeper to earn £100,00 per year!). Other lenders operate a ‘true self-cert’ facility where no such checks are made.

So if you need to self-certify your income, whether you are looking to purchase a property or require a re-mortgage on your present home – we can help! The next step is to either telephone us free on 0800 542 7720 or complete the enquiry form by clicking the link. One of our fully qualified mortgage consultants will then contact you to arrange to discuss your requirements in detail.

To view our Initial Disclosure Document please click here.