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The Mortgage Helper2, Furze CourtWickham Road Fareham, Hampshire PO16 7SH Tel: 08451 300977 |
| Wednesday 19 November 2008 |
Self Certification
If your income comes from a number of different sources or if you are self employed and your accounts are not up to date or they do not go back far enough for a conventional lender to count them, it may be possible to declare your income to a lender without submitting proof of that income.
This type of loan usually works best for self employed people. You may need to justify your need to self certify if you are employed. Please telephone us if you are unsure. You should only certify income that you genuinely expect to receive. The income multiples that lenders require still apply and the lender will maintain the right to either refuse your application or require some evidence of your declared income if there is an obvious discrepancy between your declared occupation and your declared income. Nevertheless, this type of product can be very useful in some situations. Not all lenders use income multiples to decide the maximum amount that they will lend you. Some use “affordability” calculations which could result in more being offered than under the usual lending rules. Everyone’s circumstances are different which is why it is best to use the services of a good broker - such as us The overall cost for comparison is 7.2% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Remember your mortgage is probably your largest financial commitment and here at THE MORTGAGE HELPER we want to ensure that you get the right one for your circumstances.
Mortgage advice is provided THE MORTGAGE HELPER LTD (TMH), a subsidiary of BDS MORTGAGE GROUP LTD which is authorised and regulated by the Financial Services Authority. No. 301646. We may charge a fee of up to 2% of the advance that will depend on your personal circumstances. A typical fee would be 1%. For example, a loan of £200,000 would attract a fee of £2,000.
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