Self employed individuals and those with variable incomes from a variety of sources can benefit from mortgage self certification. However, not all lenders offer mortgage self certification. To find a lender that does, you will need to do some digging. Also, not all lenders offer the same mortgage terms. Here are some of the lenders that do offer mortgage self certification and their current mortgage terms.
Coventry Building Society is one of the UK lenders that offers mortgage self certification. They require their applicants to have an income of more than £15,000. They do not require wage slips or any tax return documents. The maximum loan to value of the property is 85%. The current APR for a self certification mortgage from Coventry ranges between 7.8% and 7.5%. Coventry Building Society offers first time mortgages, mortgages for those who are moving home, and remortgages to those who need mortgage self certification.
Alliance & Leincester offers a two-year fixed rate mortgage at rates that are near prime. After the two-year fixed period the mortgage becomes variable. The maximum loan to value is 80%.
Bank of Ireland also offers mortgage self certification. They offer this loan scheme up to 90% loan to value, and they also offer remortgage products. Bank of Ireland requires 12 months of self-employment for this type of mortgage, but they do not require accountant or employer documentation. The rate for a basic self certification mortgage with a loan to value of 85% is 6.25% for three years.
The Bristol and West self certification mortgage offers a 5.95% rate with a maximum loan to value of 75%. The rate on this mortgage is fixed for five years. After five years, the rate changes to a variable 7.34% rate. This makes the APR 7.2%.
The Cheshire Building Society offers a self certification mortgage with a 5.80% fixed rate for two years. This changes to the standard variable rate, which makes the overall APR 7.4%. They also offer a five-year fixed rate self certification mortgage with a 5.94% fixed introductory rate.
While this is not an exhaustive list of lenders that offer mortgage self certification, the list does give you a good idea as to what is available. Again, be sure you understand the loan terms on any loan you are considering. Take some time to shop around for the best deal, and choose the mortgage that best fits your unique situation.