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Self Cert Mortgages

People who receive irregular pay have problems proving their income when applying for mortgages. The best way to prove irregular pay is by tracking it through the year, and self cert mortgages provide a method to document evidence of income. The self cert mortgage helps these people to show their income through bank statements and even mortgage statements if they have a current home. Irregular pay can be the result of having income from self employment, a position such as sales where commissions are received, or corporate positions where substantial commissions and bonuses are paid on top of a salary, and self cert mortgages help to document these irregularities to qualify for mortgage loans.

The typical borrower who has regular employment and hourly or salaried income without bonuses or commissions is required to provide proof of employment going back 3 years to prove their income. This process is much easier compared to the tracking that must be done for self employed people or paid employees who have variances to their pay. Self cert mortgages have higher interest rates than the standard interest rates of other mortgage loans, and require a substantial deposit in order to be approved, 70 – 80% of the value of the home that is being purchased.

Although self cert mortgages have higher interest rates, there are many to choose from, and it is still possible to find a comfortable interest rate to suit your needs. People can find the right tools and help they need by consulting a professional. Potential people should consult the expertise of a mortgage broker for their professional advice and to map out a specific plan for their self cert mortgage that not only fits their needs but also their budget.

People may look into the self cert mortgages option to meet their needs. It may be the answer people are looking for in order to get approved for the mortgage they need.