Self
Certification Mortgages - US
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Leading Self Certification Mortgages. Compare Self
Cert Mortgages. How To Apply for a Self
Certified Mortgage.
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A Self Certification Mortgage
is an option if you are self employed and, or cannot
provide three years proof of income. To get a
self cert mortgage you will be asked to declare
your income. Your lender shouldn’t then have to look
at your account. While some self cert mortgages
lenders will ask for no proof at all of your
income, others may ask for an accountant’s
certificate stating that your income will service
the loan. A lender may also ask for bank statements
which cover a particular period so they can look at
gross income.
If you have a
landlord or already have a mortgage then you can use
these as a way to show that you have always paid the
mortgage or rent.
Usually a self
certification mortgage is only given to the
value of 75% to 85% of the property, so you will
have to be able to find the rest of the money for a
deposit. Some self cert mortgages will have
higher interest rates.
There are a number of companies that offer competitive
self certification mortgages. Use one of our
free Self Cert
Mortgage Calculators to compare different
Mortgages.
Many self-employed people are
earning high salaries. But, if they want to buy a
home, they are likely to come across a big stumbling
block - standard mortgage lenders tend to be
extremely suspicious of anyone who cannot prove
their earnings via pay slips.
A self-certification mortgage is a
mortgage offered on the basis of you stating what
your likely income will be, rather than providing
documentary evidence. But you may have to ask an
accountant to back up your statement. If you have
more than two - and, in many cases, three years'
worth of accounts, then you should be able to apply
for a standard mortgage.
However, some self-certification
mortgages are better than others, and, if cash flow
is a problem, it's worth checking out those that
offer payment holidays and the facility to pay more
when you can. It may well be worth seeing a broker,
as they can explain any intricacies, but be sure it
is a reputable firm and regulated under the mortgage
code. Whereas standard mortgages typically offer a
95% loan to value, self-certification mortgages
almost always require a higher deposit: a loan-to
value of 90% and, more commonly, 75% is usually
offered.
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