Self Cert Mortgages For The Self Employed

Attitudes towards mortgage lending have changed in recent years. The growing market of self employed – freelancers, contractors and consultants – has meant that mortgage providers have had to find a lending solution which gives them access to all that earning power. The old ‘nanny state’ attitude of always checking with an employer for how much a mortgage applicant earned was no longer fit for purpose.

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This increasing pool of well-heeled freelancers, contractors and consultants needed mortgages too… and they could afford them. So the self cert mortgage was born. However, self cert mortgages are no longer available in the current market place and all mortgage lenders are now checking for affordability and provable income – This income can come in a variety of sources and can include PAYE, dividends, share of net profit, allowances, investment income, pension income and much more..

Self cert mortgages are still available for buy to let mortgages where you are looking to buy a property for investment purposes but this article relates to residential mortgages and what used to be known and classified as self cert deals.

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Mortgages for the self employed are not ideal for everyone. But for the market they’re aimed at – the self employed, who are used to taking responsibility for their own finances they- do make a very good fit. A self employed mortgage is ideal for those whose cash flows do not fit into the usual models that mortgage providers use to assess suitability – for instance, those who rely on huge bonuses at the end of the year or for those who pay themselves an annual dividend from their business.

How do Self Employed Mortgages Differ from Other Standard Mortgages?

Well, with self employed mortgages, the lender will request proof of income which will invariably be different in its format than that of an employed person – this will be your accounts or your self assessment tax forms (Also known as SA302’s). The deals and rates you get offered as a self employed applicant will not differ to those of a standard mortgage as these mortgage rates will be dictated by the size of the loan you require and the size of your deposit or the equity you have within the property (Known as the loan to value). Quite simply, the bigger the deposit you have or the lower the loan to value you have will attract the more competitive deals in the market place.