If you are self employed but do not have any details of trading accounts and can’t prove how much you earn, or you may work on a commission basis solely, work overseas or are an unsalaried director, you will find that it could prove hard to get a mortgage.  That’s where a self certificated loan will be for you.

Rather than supplying a lender with proof of your income (for example in the form of pay slips) you show your earnings to the lender on a straightforward form. Normally the lender will be happy to agree to this and will not undertake any further investigations.

Here is a run through of what information you will be required to give to the lender for a self certified loan:

• Give details of your earnings in the form of a “self declaration” of income
• Get an accountant’s evidence to confirm that your income is enough to manage the self-certificated loan or you may be required to furnish bank statements covering a short time giving the lender an insight into your gross earnings
• Details of an existing mortgage and your payment history would be very helpful as it will demonstrate to the lender that you always make prompt payments.

A self certified loan may carry a somewhat larger rate of interest.  Some lenders have self certified loan deals that can reduce your repayments or the interest rate over a period of time once they see you are a safe bet and are paying your repayments regularly.

Not everyone will find that a self certified loan is for them.   Lenders feel there is a far bigger risk in giving a self certified loan and therefore their interest rates are usually higher.  It is imperative that you are sure that you will be able to take on the monthly repayments.

If you are unable or unwilling to declare your earnings and are a United Kindgom homeowner, you might want to think about applying for a self certified loan. As this sort of secured deal can be located with many lenders throughout the UK , you will find it very hard to get the right self certified loan for you.   It will be time consuming and stressful.  That’s why we, at Mortgage-calculator.uk.com, are here to help by searching for you the market finding the most suitable self certified loan.

So let us do the ‘donkey work’ for you.  Just go to our ‘NO OBLIGATION QUOTE’ box on our home page, put in the value of the property you are considering mortgaging as well as the amount you want to borrow, press the ‘Search Tab’, complete the form by giving us details such as your name, address and email address, then click on the ‘get quote’ tab and you will be called back by one of our brokers with information about self certified loans that will suit your requirements.