Some people have a difficult time qualifying for mortgages because they do not have enough proof of their actual income. Freelancers, self-employed individuals, and those who work off of commissions or bonuses often experience this problem. While they have more than enough money to be able to pay a mortgage, the usual required proofs of income, such as pay slips, are not available. Unless they wait a certain number of years and can submit their tax documentation, they cannot qualify for a mortgage. Mortgage self certification is one way around this problem.
With mortgage self certification you will be able to provide verbal confirmation of your earnings. You may need to provide some proof of income, but a proof of total income will not be necessary. Of course, it may be tempting to lie about your income in this situation, but doing so will make you guilty of a criminal offence. You may need to provide documents such as your current mortgage and bank statements to help verify what you state as your income. more
Should you think that mortgage self certification is not the right thing for you and you would prefer to go for a more standard mortgage, please visit our partner site Polar Mortgages where you can find a wide range of mortgages and a competitive rates checker that ensures you wont pay too much.
If you have had a difficult time getting your mortgage approved because you do not have pay slips to submit, you are not alone. In fact, estimates indicate that around 15% of all adults in the UK are self-employed. This means that there are many people in the same situation that you face. They have no pay slips to offer a mortgage lender, yet they want to buy a home.
One option to consider when in this situation is to apply for a mortgage with mortgage self certification. Mortgage self certification is a mortgage structure that allows you to predict your income, rather than prove it with the standard documents. These mortgages are not standard mortgages, and therefore can be harder to find. Not all lenders offer mortgage self certification. If you are able to find a mortgage provider that does offer this structure, you will find that the mortgage is more expensive as it carries higher interest rates than a standard mortgage. more
