Self Certification

A term used in mortgage lenders for the process of not checking income against bank statements or P60s. See also non-status mortgage.

Self-certification (self cert) is a simple way of detailing your income without having to provide proof of income - you simply self declare what you earn.

Self Cert mortgages are designed for people whose income is difficult to assess using the standard methods adopted by most conventional mortgage lenders. The specialist mortgage lender will be far more accommodating and they appreciate that different working patterns require a more flexible approach.

Self Cert mortgages have become extremely popular with the changes in work practices in the last few decades; especially for those dependent on bonuses for a sizeable portion of their income or workers on short-term or part-time contracts.

Self certification does have its limits though - most mortgage lenders will only allow you to prove your income in this way if you want to borrow less than 75% of the property`s value, so you will need to put down a substantial deposit. However, some mortgage lenders may allow you to borrow up to 85% on a self-certification basis.

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