Are Self-Cert Mortgages Still Available?

Getting a self-cert mortgage from overseas 

You may find certain overseas lenders offering ‘self-certification mortgages’, where you can get a mortgage with no proof of income. This is a risky approach and the FCA has warned British residents against such loans. Interest rates tend to be higher than average and there are often hidden fees and costs. 

Speak to a UK Mortgage Broker before exploring risky options like this. Some mortgage lenders are surprisingly flexible and offer loans to the self-employed, people in older age, those with poor credit and many other situations. A broker like Total Home Loans can explain all the options and recommend a suitable way to achieve your property plans.

What are the alternatives?

The main alternative to a self-cert mortgage is to look at ‘traditional’ mortgage products. UK lenders are quite adaptable and even the main high street brands lend to the self-employed all the time. 

Mortgage lenders will accept all kinds of income as part of the affordability assessment, including:

• Rental income

• Pension income

• Investment income

• Small business salary and dividends

• Share of net profit

• Contractor day rates

The self-employed usually need to submit two to three years’ accounts, or recent self-assessment forms plus bank statements. Some lenders will allow just a single year’s accounts.