Self Certified Mortgage
Self-certified or self-certification mortgages are designed for people whose income may be difficult to assess using the standard underwriting procedures that many banks or building societies use.
Self-certified mortgages have become more popular as working habits have changed, especially where income is from several sources. If you take out a self-certified mortgage, you can expect to pay a higher than normal interest rate, although this can be reduced if you are able to put down a larger deposit.
Getting a mortgage where you cannot demonstrate a set regular monthly income, can be difficult. There are nearly 4 million self employed people in the UK and this figure is on the rise(Source: The Treasury 2005). The majority of these people will require credit at some point and some may not be able to prove their income by the normal means used by lenders. Many of these people will then have a need for a self certified mortgage.
As well as the self-employed, self-certified mortgages can be particularly relevant to those on short or long-term contracts, part-time workers, employees whose earnings are commission or bonus based, freelance workers and seasonal workers
At Mortgage Meadow we have strong links with a large number of lenders putting you in a better position to secure a self certified mortgage than by you searching the market alone. We are experts, so can find you the most suitable mortgage to fit your circumstances. We can talk through deals with the decision-makers in person and explain to them your situation. Having this relationship with lenders means that they can take an individual view on your particular circumstances and are more likely to agree the loan as a result.
For more information on Self Certified mortgages, please speak to one of our advisors now. Alternatively visit our help area which contains more information on self certification mortgages.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.2%APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
| Type | Initial Rate | Duration | Subsequent Rate | Overall Cost for Comparison | Early repayment charges | Incentives |
| Tracker Rate | 5.89% | 31/01/2011 | 6.74% | 7.1% APR | None | None |
| Fixed Rate | 6.19% | 31/01/2011 | 6.74% | 7.2% APR | 5% of the loan to be paid until 31/01/2011 | None |
| Fixed Rate | 6.39% | 31/01/2012 | 6.74% | 7.2% APR | 5% of the loan to be paid until 31/01/2012 | None |
| Tracker Rate | 6.69% | 5 years | 7.00% | 7.3% APR | 2% of the loan to be paid within the first 3 years then 1% to be paid for the next 2 years | None |
| These pages are a summary of information and interest rates currently available to Mortgage Meadow. These products are subject to other criteria that may or may not mean they are available to you, depending on your individual circumstances. For a more accurate figure please contact Mortgage Meadow for a personalised illustration or use our online mortgage assistant. APR is calculated based on a £100k capital and interest mortgage over a term of 25 years, and figures are correct at the time of going to the Internet in October 2008. Information for this table has been taken from the Trigold Mortgage Sourcing system. | ||||||
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